Would love your input or direction on where to find information.
Our D is headed off to college for her Freshman year, we qualified for and received significant financial aid.
My wife's father has approached us about putting his estate into a "revokable" trust with the 4 children (My wife being 1/4). He is 69 years old and in reasonably good health, he already has a will that accomplishes the same but suddenly seems to want to being moving things to a trust
We would be named in the trust but not have any access to the funds. We are very reluctant to do this since it seems that being a part of a Trust would mean that that our portion (25%) would have to be listed as an asset and yet we would have no access to those funds.
I did a quick figure on our D's colleges net price calculator by adding additional real estate (not sure that is the right way) in the amount of the trust and our EFC went up by by about 5% of the trust amount per year or 20% over 4 years...multiply that by 4 kids and you have 80% of the Trust value...of course we have no access to those funds.
Do all Trusts get listed as an Asset, Revokable v. Non-Revokable?
Thanks for taking the time to respond if you have experience with this.