A few days ago, I was notified that I am now a co-trustee of a family trust (I’m also a beneficiary). There is no money, per se, in the trust but it “holds” my parents’ home (I don’t really know the language for explaining this). I’m trying to figure out if I need to put this on FAFSA and/or CSS Profile for this year or if I can wait until next year or even the year after since there are no tax implications for last or current year (2017 taxes have already been paid by parent before trust established). I understand that my EFC will go up with more assets whenever they are added/included. The new deed, once it is recorded and as I understand it, will list my name and the co-trustee’s name. The co-trustee will be making the tax payments and claiming them on his tax return. So for the time being none of this will appear on my taxes.
I don’t want to do anything wrong, but I also don’t want to include more than I am legally required to on the FAFSA. I’ve asked both my attorney and CPA this question and neither knows the answer. I've also canvassed the internet and it's all quite confusing. Most answers address only beneficiaries and assume the trust holds money or has only one trustee. Any advice is much appreciated.