Estate Planning Foreign Asset

BelknapPoint
Mon, 23 May 2022 17:01:33 +0000

It sounds like your parents would transfer legal ownership of the properties to you, but retain for themselves what is equivalent to life estates. In my opinion, when it comes time for you to help your kids complete financial aid documents, these properties would need to be reported as parent assets using their current fair market value, even though you would not be able to access the equity in the properties until both of your parents are deceased (unless the life estates are voluntarily terminated).