<p>This is my first question and I appreciate this website a lot!...</p>
<p>As parents...elem.teacher & unemployed electrician...will being the trustee for my father's life savings (living trust) prevent us from receiving FA? It doesn't seem fair. He is still alive and that money is not morally ours to spend yet. Is there a situation like this where trusts are not considered assets?</p>
<p>Thank you</p>
<p>No. No one has any idea what you’ll actually end up inheriting–your father could live to 110 and go through his money. A living trust is not looked at like a trust fund which is actually yours.</p>
<p>Your reply is very encouraging…thanks! Still concerned about “how” to report this “trust fund” on application. Wondering if I should write a letter of explanation?</p>
<p>Unless I’m missing something, it’s not a trust fund. A living trust is a totally different thing in which the inheritance is not yours until the person dies, and no one can guess what will be spent, what inheritance tax will be at the time of death and the bottom line is that the money is not yours now.</p>
<p>I agree it’s a misnomer. Look at it this way, it’s still your father’s money. You are only a trustee. It’s not your money yet.</p>