| By Anotherdad3 (Anotherdad3) on Monday, October 13, 2003 - 05:45 pm: Edit |
Have sold a rental house this year and income will look abnormally high for our first FAFSA. A financial advisor suggested that we look at annuities to invest the proceeds to reduce our EFC. Does anyone understand this? Is it legal? I want to get as much aid as possible without doing anything illegal!
| By Rachel2 (Rachel2) on Tuesday, October 14, 2003 - 12:04 am: Edit |
Annuities, I think, are considered like retirement accounts and are not considered to be assets that count against your EFC. There are different types of annuities, but generally they are not the best investments. They have high fees and when you do access the money it is taxed at a higher rate than capital gains. There is a lot of informaiton online about annuities, and the best person to advise would be an accountant or someone who sells annuities, usually insurance salesmen. I don't think they are illegal, especially because the fafsa profile dont ask about annuities.
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