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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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My sister and I inherited our parents' home and bank

Customer Question

My sister and I inherited our parents' home and bank account. Both are in our names an we both have children approaching college (Fall 2017). We will be beginning the FAFSA process and don't want these assets to negatively affect our chances of obtaining as much aid as possible. The home (valued at approximately 200K) is not a rental property and is currently empty as we empty it to sell it and the bank account isn't large (approximately 40k). Can we make these assets "disappear" for the purposes of FAFSA? Can we place them into an LLC or another vehicle? The assets are in Massachusetts and both my sister and I live in Connecticut.
Submitted: 1 year ago.
Category: Legal
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Is the probate still open?

Customer: replied 1 year ago.
No probate is not open.
Expert:  Dwayne B. replied 1 year ago.

Just so I'm clear, and because many people use the wrong terms when referring to deaths and wills and probate.

Was a probate opened through the court to handle your mother and father's estates? Did your mother and father leave a will? When did they pass away?

Customer: replied 1 year ago.
No probate was required for the home since it was in my and my sister's names at the time of my father's death. My mother had passed years earlier and never on the deed for the home. The bank account was only in my father's name and I was named as beneficiary and therefore no probate.
Expert:  Dwayne B. replied 1 year ago.

I can give you some options and explain how they play out but you're going to have to meet with a local lawyer and discuss this in person and let them question you about your assets since you can easily increase your tax burden or place your assets at risk if everything is not done properly.

Do you want me to discuss this in general with you knowing that eventually you are going to have to meet with a coal lawyer or would you prefer for me to opt out and open this back up to other experts?