Estate Planning Foreign Asset

Stiglet67
Mon, 23 May 2022 15:12:45 +0000

Hi All,
I am doing some estate planning with my parents and want to get some opinions on the ramifications of the plan on my kids financial aid eligibility. My parents would like to transfer two properties they have in the Czech Republic to me as the legal owner. However, I would not retain any legal or financial ability to execute any transactions on the properties while they are living. So in effect it is ownership in name only. That being said I am not sure how this should be handled on the FAFSA. Yes legally it will be my asset but I will not have any control over it. It will not even be in a trust. If anyone has had experience with foreign assets any guidance would be much appreciated. Or if you could provide any information about what kind of accountant I need that has and understanding of the FAFSA that would be helpful as well.
Thanks