With a $200,000 a year income and one in college, you will not get FA from Emory. The good news is that if your son/daughter can get into Emory, there are likely other schools out there that will give him/her some merit.
My daughter got into Emory with FA for year one (two in college) but no merit. Her FA was going to disappear as soon as her sibling graduated. She was able to get a very significant merit award from Lehigh.