<p>The limit I was talking about was the Federal gifting max, it used to be 11k/yr/person, maybe more now. I don’t think there are state limits, but there is likely a limit on how much you can use towards a deduction on your state taxes. Somebody please correct me if I’m wrong, I’m not sure if states vary in this aspect.</p>
<p>By far the most common are the parent owned, because a smaller % of parent assets are counted towards the EFC than for the student.</p>