Reply to Irrevocable Trusts impact on FA?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]People are conflating what OP can afford vs what her children can afford.

The estate is not the child’s asset. It’s in trust: not an asset.

Good luck OP. Their windfall shouldn’t mean you have to pay more than you would have had to. If you were planning to pay/ that is. 
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Not true.  It’s set up to pay for education. [/quote]

It sounds to me like there is a trust where $ will be transferred to kids at 25 - where parents are NOT the trustees.  The trust "allows" for certain $ to be taken out before 25 with approval of the trustee.  just because education and medical needs are two areas in which the trustee could consider releasing funds before age 25 does NOT mean the trust is set up for education and medical needs.

It is the parents decision to send their kids to private school and the parents should proceed as if they themselves will pay for the private school.  The family should apply for FA.  Whether or not the trustee will approve to pay the remainder is the decision of the trustee. If not, the parents are on the hook.  Paying for private school is a parental choice, not the choice of the child.

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