Of course. But affordable can change mid-stream based on life choices.
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The point is though…those choices are typically in your control (at least the ones we have been talking about on this thread.)
The college admissions process is complicated and intense enough without inserting the possible tax consequences an SO might have should they move in with you.
I agree with tsbna to keep it as simple as you can, and make sure to choose an affordable school. That might mean having some tough conversations with your kid while building the list…better now than later. It can be difficult for some kids to get an acceptance only to be told it isn’t affordable.
Just my way of saying all might benefit from focusing on the task at hand. It’s not possible to prepare for every possible situation that might arise over the next four years. That also speaks to choosing an affordable college to start with.
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Finances are only ONE piece of the picture. You have to consider what YOU and SO want long-term and what changes do & don’t make sense. I agree that insurance can be different when a place is owner-occupied vs occupied by a tenant, plus tax implications of sale are different and the clock starts to run when a person no longer uses the place as their primary residence.
I agree it makes sense to understand FAFSA & other college financial aid metrics so you aren’t surprised by them. Good luck in moving forward.
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OP- I applaud you for trying to get ahead of all of this. I would say that most CPA’s/accountants that I know that work with individuals on tax preparation would likely not be too helpful with the variables you’re describing. It’s out of their area of expertise (especially financial aid) AND they aren’t typically asked “can you map out for me a few possible models with the following scenarios”. Will selling the Microsoft stock you inherited from your Mom trigger a capital gains tax bill? That they’re good at. The lifestyle stuff? Maybe.
I would suggest playing around with a few NPC’s with a few different scenarios as a way to build your own decision-making confidence. And if you discover that right now you aren’t actually going to get much need based aid- then that’s a solid thing to learn. Unless you are already living very close to the edge, knowing that “lifestyle A” gets you $500 more in aid vs. “lifestyle B”- well heck, you aren’t going to suggest that your kid picks a school for $500, right?
If you have specific questions, there are a lot of financially savvy people on here. And being able to plan for both the best and worst cases is pretty empowering.
Good for you for taking the bull by the horns!!!