<p>OP here. Thanks for the thoughtful advice. Let me clarify something, though. My post headline is "Legitimate ways … " I’m not looking to hide anything or defraud anyone, and I assume the information shared here is offered in the same spirit.</p>
<p>The UTMA has no stated purpose, formal or informal. My son is the second-generation owner of this stock; you could describe it as an inheritance. To use it for his education is certainly appropriate, but he’s under no obligation to do so. When the UTMA was established, this vehicle of transferring the stock was a good idea. </p>
<p>Of course, when the UTMA was established, you could still “work your way through college” in our state. You could! A summer job and a campus job would cover tuition. Live with mom and dad, and you could graduate debt-free. Who can do that now? Four years of undergrad and then grad school today – I don’t have to tell you how much that can be. </p>
<p>I expect that the UTMA account will indeed be spent on his education, but I’d like to stretch those dollars as far as possible. Legally. We are certainly fortunate to have this money. I am also thankful for the gift of his good health and his many talents. </p>
<p>Anyway, this forum is so great for provoking new ways of looking at an issue/problem. Thank you for some creative ideas that are worth investigating. I think that the idea of having him pay off my mortgage is probably a can of worms. (And, sad to say, even with the influx of his funds, the house would be worth less than it was five years ago.)</p>
<p>As to FAFSA and Profile, anyone who has filled out these forms in the past knows how arbitrary the whole thing can be. If you have several children in college at one time, you get advantageous treatment. How is that fair to only children or children four years apart in age? At least there have been recent efforts to make the FAFSA more equitable for people who operate their own business.</p>
<p>But we live in a society that is based on the notion of common rules, and those rules I obey. (Said while gritting my teeth …)</p>