College Discussion - View Single Post - What a CPA is told to tell clients for financial Aid

taxguy · 05-06-2008, 05:30 PM

Allmusic notes,"I think the best advice, to piggyback onto Taxguy's, is to spend like crazy all the years ones kids are growing up, encourage them not to have jobs or budget money, basically buy lots and have plenty of debt, and then there will be BIG financial aid rewards"

Response: WEll I do understand your sentiment. However, you can accomplish the same thing by placing your money in investments that aren't considered assets such as paying off your home debt, life insurance cash value etc.

Nikkiil, I am NOT giving this advice. This is what an older continuing profession education program gave. I am simply the messenger. I don't believe that asset redirection ( shifting to exempt assets) is illegal or immoral. The advice of reducing debt is NOT to be able to take on more debt. It is to quality for need based financial aid,which is hopefully grants.

Shafting savers and benefiting spendthrifts is immoral in my opinion. I am simply noting what is legally available. If you don't like this information, don't do it! Others would be glad to benefit from these ideas, and you can feel morally superior.....and ......poorer!

05-06-2008, 05:30 PM	#9
taxguy Senior Member Join Date: Aug 2004 Location: Rockville, Maryland Threads: 279 Posts: 4,319	Allmusic notes,"I think the best advice, to piggyback onto Taxguy's, is to spend like crazy all the years ones kids are growing up, encourage them not to have jobs or budget money, basically buy lots and have plenty of debt, and then there will be BIG financial aid rewards" Response: WEll I do understand your sentiment. However, you can accomplish the same thing by placing your money in investments that aren't considered assets such as paying off your home debt, life insurance cash value etc. Nikkiil, I am NOT giving this advice. This is what an older continuing profession education program gave. I am simply the messenger. I don't believe that asset redirection ( shifting to exempt assets) is illegal or immoral. The advice of reducing debt is NOT to be able to take on more debt. It is to quality for need based financial aid,which is hopefully grants. Shafting savers and benefiting spendthrifts is immoral in my opinion. I am simply noting what is legally available. If you don't like this information, don't do it! Others would be glad to benefit from these ideas, and you can feel morally superior.....and ......poorer! Last edited by taxguy : 05-06-2008 at 05:40 PM.