Michael Chen

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“Dear parents, do not fill out FAFSA & CSS until you fully understand the very complicated rules of financial aid and IRS tax.”  I can help you avoid the deadliest mistakes in apply for college financial aid.

Parents, do you fit into any of the financial situations below?

  • High income with high assets
  • High income with normal assets
  • Low income with high assets
  • Didn’t get or only got some financial aid after you submitted FAFSA/CSS

Parents, when you fill out FAFSA “as is”, for sure, you cannot get college financial aid.

Our suggestions:

(1)   If your family income is over $300,000 and you only have one child or two children four years apart, you should focus on saving taxes by setting up a Family Foundation.

(2)   For the rest of families, please don’t fill out FAFSA with an “as is” financial situation

You should listen to a financial aid professional’s audio to understand the basic rules of financial aid, then position your family’s net income, MAGI, and net assets accordingly. 

President Bill Clinton said, “When we make college more affordable, we make the American Dream more achievable.”

Here are examples of successful cases that my company has handled.

Case 1:  Family income over $300,000

An engineer’s family, after exercising its stock options (RSU), had income over $400,000.  After setting up a Family Foundation, they saved $50,000 each year in taxes and then could use the $50,000 for their retirement and their children’s college.

Case 2:  High income with normal assets

An IT engineer’s family had a W-2 income around $200,000.  As most parents, they never thought they would qualify for financial aid.  Through our FinAid tax planning, they have reduced $100,000 of their net AGI income.  Each year they receive $40,000 financial aid and also a $34,000 tax refund.

Case 3: Low income with high assets

A business owner with 5 rental properties had filled out the FAFSA on their own and their application for financial aid was rejected.  After getting planning help and guidance from us, their child received $30,000 financial aid from UCs and saved $120,000 over their four years of college.

Consult with us to avoid making mistakes.  We are the #1 financial aid and tax planning specialists!  Our email is: michaelchencfp@gmail.com and our telephone number is: (408) 246-6900.

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