Tuition can be purchased in terms of years or units, either as a one-time lump sum or through monthly installment payments.

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The quick and easy answer is to set up a buy-sell agreement to have her make installment payments over a series of years.

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He is never going to be able to pay off his credit card bill in full while making his car and TV installment payments in the same month.

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Founder Anthony March, who also runs the National Private Annuity Trust, says he's got a legal way to make the installment payments largely tax free: The seller transfers the asset to March's charitable "foundation" and gets back payments.

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The purchase may be made outright (lump sum) or through a series of deferred (installment) payments.

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Options include an installment sale that spreads payments over a number of years or a "like-kind" exchange, a tactic in which an investor swaps assets instead of selling them, says Kogod's Mr. Kautter.

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