Family benefactor offering help with college tuition I’m not sure if this is the right place to post so apologies if not. We are parents of a high school junior in the US who will be applying to college. He is a fantastic student, 4.0, top 2% of his class in a large, competitive school, lots of clubs, activities, and volunteerism. Our AGI is around $125k annually. We have less than $10k in savings…

Benefactor paying off mortgage vs. giving money to us to pay it off. Texas. Have about a 110k left on home mortgage. Father in Law recently liquidated some assets and has offered to take on the loan with no interest. Is there a difference between him paying off the loan directly from his bank vs him wiring us the money to pay off Chase? Does gift tax/exemption apply to both? In Texas. Mortgage is held by Chase. …