I actually went through the same situation as you, and things worked out well in the end. If you're talking about financial aid, I assume you've filled out the FAFSA for your sister & will be doing so for yourself too. Check out http://www.finaid.org/calculators/finaidestimate.phtml (I assume that works, I didn't bother trying to put in my numbers since I'm too busy) and play with the numbers, see what kind of aid figures you get back. Hope that helps!
Thanks a lot! That is tool is very useful and I'm sure will come in handy soon. Also it is good to know someone else successfully went through this problem Thanks
So my advice is not to take any tax advice or money management advice from a forum like this (serious advice comes from professionals). Take your 100 bucks a day and go see a good accountant. It might go something like this, but I am no expert - Figure out what type of company to set up i.e. corporation, LLC, LLP etc. Contact CJ to see if your mom can move the account to her new organization. Have the accountant work up a legal pathway for the money to not profit your mother. If it profits you, you do not need college financial aid and you should be proud of that.