I met with a new advisor today who had gone over my situation. He wants me to take equity out of my house and purchase a private pension plan. According to him the private pension plan will escape reporting and can be set up in a way to make monthly payments to me to help fund college. He said that I would be able to qualify for more money under this scenario.
The private pension plan would be placed with an insurance company and he said that there were no fees involved, but the insurance company would pay him a commission. How can the insurance company afford to pay him commissions if there are no fees in the product. This sounds awful similar to my first college advisor. I think I will take it upon myself to do the college planning. Would anyone have any great books on this topic that they would suggest? Thanks