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Reply to "Irrevocable Trusts impact on FA?"
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[quote=Anonymous][quote=Anonymous]The FAFSA no longer asks explicitly about family trusts but the CSS profile does. Who is the trustee of the trust(s)?[/quote] As a follow up, if someone died and the parent became the trustee of the trust, then I’d report it on the CSS profile as a parental asset. It’s not the beneficiary’s, like so many people on here are claiming. That’s just legally incorrect. The parent should only report the amount that is in agreement with the trust rules, not the total value. If the money is locked up and can’t be distributed, it’s as good as not there. Just remember these docs are a snapshot in time. If neither of the parents are the trustee(s), then don’t report it at all. That’s the legal answer. I have no idea what all these people are screaming about. It should all be there in the trust docs, assuming the trust exists and is currently funded. That’s a big assumption.[/quote]
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