Reply to ISO advice on whether to fill out the FAFSA form - 529 in grandparent's name FBO the grandchildren

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Reply to "ISO advice on whether to fill out the FAFSA form - 529 in grandparent's name FBO the grandchildren"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think you need to have a heart to heart conversation with your mother. 3 educations is expensive and you need to know if/when you will have to contribute. Are you an only child? If your mother requires skilled nursing care, does she have the money? At $450,000 you will not receive any federal money. [/quote]

+1 The secrecy seems really weird. She set these up for her grandkids. You need to understand, in advance, what the budget is. Does she understand the penalty she will pay if she decides she wants this money for her own expenses?[/quote]

Yes, she's aware of the 10 percent penalty.  (She's very savvy about everything financial -- she had a long career in that world.)  That's why I was surprised that she would mention wanting to possibly use that money.  I think she has enough money to take care of herself long-term (and still leave a legacy), but she is of the view that talking about finances is gauche.  So I always just kind of wonder.[/quote]

Interesting. Sounds like a little bit of Emily Gilmore going on here. Not talking about numbers, but talking about "taking care of it".

My kid is a senior.  He got merit aid at several places ranging from $1800 to $30,000.
There is a grandparent funded 529 that could help, but it is under $10,000. The grandparent passed and it was very difficult to access the account due to people being reluctant to share actual numbers and specifics. We did fill out the FAFSA and CSS forms.

You just never know when someone's generosity can wear thin, even if they have the best of intentions.

Your mom is kind of saying, "I have anxiety that I won't have what I need when get older, and I have done this huge thing to lessen your burden".

I wonder if you can reassure her that your future plans (when your kids fly the coop) include being there for her, in ways that she needs (financial, physical, emotional...).
She may be witnessing other friends who are feeling/being abandoned.

Can you set aside a small account for long-term care, and if she doesn't need it, you have it for your own future?[/quote]

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