Student Asset question - CSS Profile

Paying for College
1

<p>Grandparents have a UTMA/UGMA for child (not a 529). He is the beneficiary, so I know it is listed as a student asset (unfortunately)</p>

<p>I assume this is listed in Helpcode SA-110A (question is "What is the total current market value of your investments including Uniform Gifts to Minors?").</p>

<p>There is a second field (Helpcode SA-170A) which has two related fields. The question is:" Enter the total value of all of the trusts of which you are a beneficiary. If you do not or will not benefit from a trust, enter zero (0) and skip the next two questions (SA-175 and SA-180). "</p>

<p>I assume the asset is only listed in the first field (investments including UGMs) - and not the second, correct? I just want to make sure I'm not doing this wrong.</p>

<p>I only ask because the help text for the second (SA-170A) says "Enter the total value of all of your (and your spouse's, if married) trust accounts, regardless of whether any of the income or principal is currently available. Do not include funds held in Section 529 plans. If you (and your spouse) do not have any trust accounts, enter "0" (zero). " ... So, even though this is not a 529, it's intent was a UGMA/UTMA for educational purposes - so I'm assuming it's counted as an equivalent... </p>

<p>FWIW the help text for the first one (SA-110A) states "Use the worksheet to answer how much your (and your spouse's, if married) investments are worth today. Do not include the value of your home, other real estate, business, or farm. If you, the student, own one or more of those assets, report the value in SA-120 - home, SA-140 - other real estate, and SA-150 - business and/or farm. If you are required to provide parent data, assets that are held in Section 529 prepaid tuition or college savings plans or Coverdell savings accounts should be listed as parent assets in PA-120. If parent data are not required, report these assets here. If you (and your spouse) have assets owned jointly with someone else, give only your (and your spouse's) portion of the assets. If you have a 529 plan as part of a Uniform Gift to Minors Act (UGMA) account or Uniform Transfer to Minors Act (UTMA) account or that was funded from assets from an UGMA/UTMA, it is considered a student asset and should be reported here."</p>

<ul>
<li>Signed -
Frazzled Parent. </li>
</ul>

2

<p>Might be overly complicating it. The upshot of the question is:</p>

<p>Do I put the value of the account in one place or both?</p>

<p>If only one place, do I list it as an UGMA investment (in field SA-110A) or a trust (Field SA-170A and associated) if it is not technically a 529, but another investment vehicle used for college savings.</p>

<p>Thanks.</p>

3

<p>Is the money in a trust? It doesn’t sound like it. It sounds like it’s just a simple UGMA/UTMA account for your son. If there is a trust, then there will be a trust document naming your son as beneficiary, one or more trustees, etc. So if it’s not a trust, don’t put anything in the field that asks about trust assets.</p>

4

<p>No - as near as I can tell, there is no complicated legal documentation involved. I appreciate your answer and will leave it out of the trust asset field. </p>