My mother put me on the deed of her property so that it would be “easier” for me to inherit when she passes.
If I am on the deed, but have no connection and financial benefits from the property until she dies, am I required to list it on FAFSA and CSS Profile
Would I be better off if she took me off the deed?
How is the property actually titled? Transfer on death? Joint tenants with right of survivorship? You with a reserved life estate?
I’m not sure
She put me on the deed. Are those the questions I should ask?
You need to find out exactly HOW you are listed on that deed. If this is joint ownership, then your equity share of this property could very well be YOUR asset.
Actually as a joint owner you DO have benefit…you are able to live there.
The FAFSA does not require that you list your primary residence but the Profile does.
You are the parent, not the student, correct? This is your kid’s grandma’s house? You don’t actually live there?
Oh! Well if you are the college stident’s Parent…all the more reason to get this clarified…ASAP.
If you are a joint owner…now…then your share of the equity would be listed in both the FAFSA and the Profile.
But as noted above…a lot depends on HOW you are listed in the deed.
Yes, I am the parent. I know I’m on the deed, but I thought it was transfer after death but not a joint ownership, but maybeI am very confused.
Get your name off deed until after you file for aid for child’s senior year.
We had no idea H’s parents had done the same thing…put Hs name on their deed and ALL of their holdings for the same reason. We never applied for aid so no biggie, but if we had we wouldn’t have known to list it.
I know his sibling’s kids applied for aid and never listed the assets, because they also didn’t know.
Excellent topic. My H’s mother put his (and his brother’s) name on all her investment and checking accounts. They are now joint accounts, and he has full access to all the funds (and if he were a jerk [he’s not :-)] he could decamp to Tahiti for the rest of his life with no legal consequences). It’s now HIS asset, but clearly not intended for our kids’ college tuition, although FA offices might not see it that way.