Author Topic: FAFSA and helping older parent  (Read 790 times)

meandmyfamily

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FAFSA and helping older parent
« on: June 28, 2021, 10:18:44 AM »
My older kids will be a senior and a junior this year and I need to fill out our first FAFSA in October.  My Dad had asked me to be on an account recently just in case he needed me to help him with paying bills ect. due to some life changes.  I was just thinking that this might be a problem on the FAFSA.  It is not my money but they may not see it that way.  Any suggestions?

Botany Bae

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Re: FAFSA and helping older parent
« Reply #1 on: June 28, 2021, 01:15:22 PM »
My mother's bank advised we get a durable power of attorney instead of going the joint route. I can still handle banking stuff for her, but our assets are not intermingled. There are many reasons to go this route -- it protects the parent's assets in the event you are sued/go bankrupt, as well as ensuring their money isn't counted as your money for income-based stuff like FAFSA.


meandmyfamily

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Re: FAFSA and helping older parent
« Reply #2 on: June 28, 2021, 01:47:59 PM »
Thank you that is what I need to figure out how to do!