@BelknapPoint would you lease explain the whole gift thing again. My understanding is these parents can give this $100,000 GIFT to this family…and all they need to do is complete a form because it is over the annual limit.
Regarding financial aid…
This $100,000 in equity will be included in the formula IF the schools use home equity in the calculation equation. It doesn’t matter what YOU view this as. Fact is…you alone (house is not co-owned by others) own this home…it’s your equity.
For Profile purposes…this might need to be listed someplace…but if the gift is happening in 2019, that won’t be until the 2021-2022 forms are submitted.
@Mom2aphysicsgeek its very possible this family does not WANT to put the grands on the deed. Maybe they are trying to spend down their assets. Maybe they don’t want to have to deal with Probate or have any other issues if the grands die. Maybe the grands don’t want this asset in their name.
@tapiocaspider you also want to check how primary home equity is handled at these generous schools. Some don’t count it…at all. Most cap the amount in some way if they do count it. You could see if the net price calculators have primary home equity on them. If so…run the NPC with and without the home equity. See IF there is a difference and how much.
And lastly…consider this gift as an investment in your future. This larger home in a more expensive area will likely have a better resale value over time. Consider it as a fabulous way for these grandparents to help YOU for the future.