Posted on: 03rd Jan, 2010 03:37 pm
I am planning on going back to school. I would like to apply for grants and student loans. I was planning later in life to deed or trust property that I currently own to my two children.
I have heard that because I have this property that it might penalize me in terms of grants or student loans.
I am open to giving the property to my children now, in order to qualify for loans or grants for my education.
What options and how do I go about it?
Thanks in advance for your prompt attention to this very important matter.
Judy Ritsema
I have heard that because I have this property that it might penalize me in terms of grants or student loans.
I am open to giving the property to my children now, in order to qualify for loans or grants for my education.
What options and how do I go about it?
Thanks in advance for your prompt attention to this very important matter.
Judy Ritsema
Hi Judy,
You may transfer the property to your children now with the help of a quit claim deed. You may even add a life estate clause in order to safeguard your interest in the property. This will help you in staying in the property until death. However, before transferring the property to your children, I would suggest you to contact your lawyer. He will let you know the pros and cons of the deal.
Thanks
You may transfer the property to your children now with the help of a quit claim deed. You may even add a life estate clause in order to safeguard your interest in the property. This will help you in staying in the property until death. However, before transferring the property to your children, I would suggest you to contact your lawyer. He will let you know the pros and cons of the deal.
Thanks