I have an irrevocable trust formed over 10 years ago for the benefit of my five children. I want to create five 529 Plans where I am the owner and each of my five children is the beneficiary. I want the contribution of $300,000 to each of the five 529 plans to come from the trust which has liberal provisions allowing use of the trust's funds for the children's education. Can I be the owner and the trust be the donor? Would the contribution from the trust be subject to gift tax? The trust filed a gift tax return when it was initially formed and funded years ago. I would not be subject to gift tax because I am not making the contribution, correct?
