<p>Polka dot, as I mentioned above, need based aid is not provided to protect an asset that you can gain access to even if it is in the future. You are currently a beneficiary of that trust. At some point, you will have access to this.</p>
<p>I would still urge you to get an understanding of how YOUR trust is set up. You need to know the provisions of this trust. You also need to be certain that the trustee is protecting this asset for the beneficiaries. Trusts can be “funny” things with provisions in them. You need to be informed about this. For example, do any of the other beneficiaries gain access prior to you? Is there a provision for the current tenant to stay in the house? Once all beneficiaries are old enough CAN you sell this property? </p>
<p>But in the meantime, you DO need to list YOUR share of the value of this trust. Remember…it is the total value of the house, minus the remaining mortgage loan divided by the number of beneficiaries. In a post above,you say this house has a HUGE mortgage. You share might end up being a small amount.</p>
<p>We actually were asked (which was nice…because folks setting up a trust do NOT have to get your permission to be included) if we wanted to be part of a family real estate trust. It had a very HIGH value…no mortgage. We graciously declined.</p>