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This is my first time using this service. I submitted a question and thought someone was going to call me, but I haven't heard anything. I'm trying to understand the tax and financial aid implications of my children inheriting a trust from their grandparents vs. the trust going to me so that I can help them out in the future. They all have several years of college left. Does it matter if the funds are put in a trust or in a 529 educational fund? Does that affect how the money is taxed when withdrawn or whether it counts as income for them which would impair their ability to get financial aid the following year? Can someone please call me to discuss this at ***-***-****? Thank you. Vicki ******

Submitted: 3 months ago.Category: Estate Law
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Customer reply replied 3 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 3 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer reply replied 3 months ago
What do you mean "Send you the service offer(s) so we can proceed"??? I haven't received a call or an email and the waiting time was supposed to be 8 minutes and it's been over 2 hours. The system told me that there were two estate lawyers waiting to talk to me... I'm beginning to wonder if this is a scam.
Answered in 1 day by:
4/4/2018
Estate Lawyer: DamienJD, Attorney replied 3 months ago
DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 5,074
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney.

Approximately, how much is the dollar amount of the inheritance? Also, when did the grandparents die and/or put the money into the trust?

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Customer reply replied 3 months ago
Thank you fir responding.My mom is still alive and the money is in a living trust for her. Her 24-hour care is quite expensive & she has no long-term care insurance. The house that my mom & I live in is also in the name of the trust. The primary home is not considered an asset for FAFSA- does that change if it is in the name of a trust for me or split into a trust for my children & myself vs owned by me personally?The value is hard to estimate as my mom is still using the funds. It could be about $1 million dollars (including the House my mom & I live in). Would $50,000 going toward each child negatively cause them to pay more for college than if the assets were all mine and I helped them pay for loans after college?
Estate Lawyer: DamienJD, Attorney replied 3 months ago

If the property is in the trust's name and then is transferred to you or your children, then it would appear that new asset would be considered for FAFSA. It would appear to me that any assets in the name of the student or parent would be taken into consideration. If the money is transferred from the grandmother's living trust to a trust wherein the beneficiaries are the Mother or children, then any income from that trust or discretionary principal could be considered also.

Separately, any money put into a 529 plan could be beneficial due to potential tax deferrals or nontax distributions.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 3 months ago
Thank you for your response. It answered some, but not all of the questions I asked. I appreciate your help. I've contacted others to understand more fully the impact of parents assets/income vs. students assets/income relative to eligibility for financial aid. I didn't feel that the overall service was great. The advertising made it sound like I would talk to someone in minutes, but the response was at least a day later. The "person" who asked if they could help me when I got to the site was evidently a program that didn't respond to my remarks, but just sent canned answers and forwarded me to pay for a subscription. It sounded like the program was available for $5 for a trial period and then when I wanted to talk to someone, asked for $65. I know these aren't your issues specifically, but I'm not sure where to provide this general feedback. Perhaps you can pass it on to the people who run the site. I'll give you 3 stars, but the site 1 star at the most.
Estate Lawyer: DamienJD, Attorney replied 3 months ago

Thanks for your feedback. You are right that experts on this site do not know of the advertisement or payment structure. Customer Service is the proper entity to provide feedback. I can forward your response to them.

I am happy that you believe that I at least got the job done. If you need anything further on this question, just let me know.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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