FAFSA and "ALL" Family Assets - Trust

Paying for College
1

I realize I am likely behind and I did call FAFSA, but I couldn’t qet the representative to answer my question. My child’s father and I are not married, but live in the same household. I understand both our income has to be taken into consideration. My child had a job this past summer and I know that goes in too.

But, my child and I inherited money from a relative who died. The money going to my child was transferred to her in December 2016. Most of the financial assets coming to me are in a trust with a unique tax id. The remaining financial assets with an even different tax id are hung up in a legal issue, but not in court.

I assume I have to figure out how to add all the information manually? Also, I see it asks for account balances. What date do you use for that?

Edited title
ED

2

Acct balances on the day you file FAFSA

3

Not sure what you mean by “add all the information manually.” In all but some fairly rare circumstances, assets in a trust are reported on FAFSA as a trust beneficiary asset, just like any other FAFSA reportable asset that the trust beneficiary owns on the date that FAFSA is filed.

4

All assets are entered manually. They can’t be imported from elsewhere…this would include bank account balances, value if the trust, secondary real estate…etc.

5

Does monies awarded in a court settlement for injuries which are to go for future medical bills be included?

6

moderators note
@ambkeegan, it is bad form to hijack someone else’s thread. please begin your own thread for your own question, you will most likely get answers to your particular situation.