Reply to Irrevocable Trusts impact on FA?

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[quote=Anonymous][quote=Anonymous]Hey I got news everyone - it's the professionals push that we should subsidize FA with the fund.  Not us.  That's why I'm asking!

Seriously - $1M is not a lot of money.  If we tap it for 6 yrs of school + college, they have very little at age 25.  The question is whether we should tap it for education at all given that we are receiving FA.  The banks tell us we should most definitely protect the money as much as possible but still use it if it takes the pressure off us financially as there is actually a reason we receive FA. Even with FA, we struggle.  It's not like we are millionaires.  I like how you all think it's our money but it isn't.  We would really like our kids to benefit as much as possible with it. However it's education and kinda the definition of benefit at this time.  I think if any of of you were in this our position you would be wrestling with whether to use it on education or not, it's much easier to sit in judgement, I get that.

And to the idiot that wonders ow I know my kids are beneficiaries since I was estranged from my mom - hey Sherlock - as guardian of the beneficiaries, I'm legally bound to be told. You are a moron for even asking this question!  We do have to find a 3rd party Trustee long-term once the estate is settled thus we are not in control of any of this money but hey, according to these "professionals," we should leverage the fund to our benefit as a family.

I will no longer be reviewing this thread as none of you have experience obviously.[/quote]

You decided that paying for private school was worth it and were making it work, with a lot of financial aid, even though it was tight. Now you want to argue that the trust funds should be preserved for your kids when they turn 25 and not used for their current education? You should use that money to cover the FA you are getting. Maybe even a portion of what you are spending so that things are not so tight for you. It doesn't have to pay the whole amount but your kids should not be getting FA when they have one million dollars waiting for them.

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