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<p>the inheritance in an asset that would grow in value over time, plus put a permanent roof over our heads.>></p>
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<p>Well...this is supposedly a good time to buy....but there are some folks out there who will tell you that real estate has not been a good asset that has appreciated in value over time. Depends where and when you bought.</p>
<p>BUT I do think that securing your longterm security in housing is something that should be discussed with your financial person. If nothing else, you'll have secure roof over your head!!!</p>
<p>thumper1, has a good strategy. Although we did not receive inheritance, but had assets, we took loans and used the assets to pay the interest on the loans. This preserved assets and cashflow with the option of paying cash, or paying off the loan. As it turned out, our loans had interest rate reductions and the loans became increasing cheaper to maintain and payoff. </p>
<p>Take care of all insurance needs and living needs first, because you do not want those problems to arise when there is no cash. </p>
<p>For this type of money, get 3+ opinions, even if you have to pay for the service. Investigate why the different opinion is different-it may be the cheaper or the more expensive option. In either case you would eliminate the one or the two.</p>
<p>One thing to be cautious of - not all financial advisors are experts on financial aid and FAFSA. Make sure the one you talk to does know his financial aid stuff. Things like trusts to not protect assets from FAFSA and there have been postings on CC where financial advisors have not been aware of that.</p>
<p>Boy, you certainly want your cake and eat it too. 700k is a huge sum of money! So spend some of it on your child's education. Your income may not be high, but your assets are huge, so stop whining about hiding the money and spend some of it.</p>
<p>Well, this is getting even more complicated, if you can imagine that. Bulk of assets is in trust set up in another will from another person in 1971 (!) and accountants are now exploring the tax implications (if any) from it passing to me directly as contingent beneficiary of that will. It may be awhile before anyone is interested in answering my college financial planning questions, but I'll keep you posted. </p>
<p>I love all the ideas and will explore each and every one - thank you!</p>
<p>Bogart, I have every intention of contributing to my kids' education. Chill.</p>
<p>I have not read all the intervening posts, but did notice the family home is a farm. You should really check whether that is even sheltered in FAFSA; seems Curmudgeon has some schools that viewed it as an asset rich business not a family home. Farms may have no income, but still have tons of assets.</p>
<p>If it were my one and only shot at a retirement funding, I would be tempted to suggest Bright Futures for UG and spend the money on grad school. I would not blow $200k on a private when it is the only windfall you are likely to ever receive.</p>
<p>The family farm is actually a wholesale plant nursery, and other than a tractor mower, there are no other farm assets that I depreciate. There will actually be another windfall, but not for many years. Irregardless, I would not blow $200K on UG with UF being paid for already (thru a prepaid plan as well as Bright Futures).</p>
<p>I agree with whomever said earlier that it is odd they would specify black lung benefits but not mention gifts/inheritance/etc .</p>
<p>I would caution you about calling FAFSA, I had a question earlier this year and the first 2 people I spoke with gave me the wrong (and a totally lame one!) answer; I knew they were wrong and asked for a supervisor.</p>
<p>If I were you I would ask finaid depts at some of the schools you have researched for your son. You don't have to tell them who you are, just tell them you are a prospective student- ask how they expect to see an inheritance handled. Ask what they add back in from taxes (some FAFSA schools ask about homes & cars & add back business expenses, so you have to ask each one)</p>
<p>$700k for a one time shot for some one who earnes less than $30k is not necs such a huge amount. I don't fault MML for looking at using legal and ethical principles of financial aid and tax planning to maximize potential benefits from an expensive school. If she is up front with them (not lying about it) and she can structure things to minimize the affect- for example counting the asset but not as income) and benefits, isn't that why they have the rules?</p>
<p>That was actually me, the OP, who mentioned Black Lung Benefits as being incongruous to inheritance on Worksheet B. </p>
<p>Thanks for the heads up re the FAFSA folks. I'm generally skeptical of competence as a rule, so I approach most things of this nature with a raised eyebrow. </p>
<p>I think calling the prospective schools as a prospective parent of a student is an excellent way of getting a feel for where they stand. </p>
<p>And, yes, I realize $700K can disappear very quickly when income is so low. There can easily be a "lottery" mentality, that I'm old enough gratefully, to steer clear of. </p>