You are talking about a gift with no strings attached. What you described upstream was putting YOUR money in the grandparent account and then using it to pay a contractor for YOUR work.
Please understand…this isn’t a gift. It’s your money.
Clearly, you are looking for a way to shelter YOUR money from the financial aid departments. This is dishonest, and colleges frown on dishonesty.
Thumper is right. The scheme you outlined would have you taking money that was drawn from a HELOC and temporarily transferring it to a trusted relative while financial aid forms are completed and until the money is needed to pay for your renovation expenses. That’s not a gift, which requires no strings attached and no expectation that you will retain control over the funds that were gifted.
MODERATOR’S NOTE: Please do not respond to @FunnyScreenName again. Hijacks are not permitted, nor are discussions of illegal schemes.