Inheritance windfall/High assets - LOW income

MattsMomFL
Mon, 19 May 2008 12:57:12 +0000

Well, currently we don’t even have enough income (only last week I was considering taking off health insurance as it eats up 25% of husband’s check, and we don’t go to the dr anyway because we haven’t been able to afford the $1k ded or 30% co-pays - I am still paying off pmt plans for last year’s visits). We seriously need to keep this money intact for retirement - there has been no money to contribute to 401ks beyond the 2 1/2% that is matched by employer - so there is a whopping $12k in 401K now). And, there is college for daughter who will likely have to go the private school route, and then there’s grad school for son to be prepared for. I would have S go to UF in a heartbeat before having to pay close to full COA for a private - there are just other priorities and UF is a great school.

But, if there were a way to legally work within the system, shelter the money as a growing non-liquid asset (a house that would also have the effect of eliminating mortage pmts and thereby increasing available income) - that would give me extra money now and not effect eligibility for financial aid, plus protect the inheritance in an asset that would grow in value over time, plus put a permanent roof over our heads.