What is your opinion of this LEGAL scheme to get free college?
Wealthy parents have been voluntarily giving up guardianship of their own children so that their children can qualify for need-based college aid. It's legal.
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Heartlander · 80-89, M
It happens on the other end also. Older adults give their $$ to their children so they can qualify for Medicaid to cover long term care, which isn't covered by Medicare.
Financial advisers even advise such as a way to preserve family savings. Give your kids your money early, long before the possibility that you or your spouse may need to go to a nursing home.
For every government entitlement there's an industry that finds ways to take advantage of that entitlement, even for those who weren't the intended beneficiaries of those entitlements.
Here's another twist ... VA benefits that didn't cancel income tax deductions. That is, you get the tax free VA education $$ AND you get to deduct the cost of the training.
Financial advisers even advise such as a way to preserve family savings. Give your kids your money early, long before the possibility that you or your spouse may need to go to a nursing home.
For every government entitlement there's an industry that finds ways to take advantage of that entitlement, even for those who weren't the intended beneficiaries of those entitlements.
Here's another twist ... VA benefits that didn't cancel income tax deductions. That is, you get the tax free VA education $$ AND you get to deduct the cost of the training.
4meAndyou · F
@Heartlander Those are some nasty schemes. All ways to defraud the government.
My own mother hired a lawyer to look into ways that she and her father didn't have to pay death taxes. My grandfather incorporated all his children, which is legal but avoids death taxes, and my mother homesteaded her house to avoid losing it if she were sent to a nursing home. Once her house was sold, she split her money between me and my brother with the understanding that we would pay for her nursing home with it. All of those things were legal.
My own mother hired a lawyer to look into ways that she and her father didn't have to pay death taxes. My grandfather incorporated all his children, which is legal but avoids death taxes, and my mother homesteaded her house to avoid losing it if she were sent to a nursing home. Once her house was sold, she split her money between me and my brother with the understanding that we would pay for her nursing home with it. All of those things were legal.