Dad's assets

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rinkrat19
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Dad's assets

Postby rinkrat19 » Thu Feb 17, 2011 2:18 am

I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 2:28 am

$100,000 is "not a lot" to you? :|

rinkrat19 wrote:I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.

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birdlaw117
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Re: Dad's assets

Postby birdlaw117 » Thu Feb 17, 2011 2:34 am

I wouldn't consider that money yours. It seems you don't have any more right to that than other property that is your father's that you would receive through inheritance. If you have an agreement to not touch that money with your father, then you can't touch it and it isn't yours.

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 2:37 am

rinkrat19 wrote:I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.


Yes, take your name off. It will be considered yours. Why don't you become the agent under a power of attorney for your dad instead? Also, talk to a lawyer. Actually, take all of this with a grain of salt and talk to a lawyer - but that's a layperson's opinion. But I really do think whether you are "Son and Dad" or listed as "Son or Dad" which is probably how you're listed, it is considered yours too. I am not a lawyer, but I think POA documents work better for these and I would tell your dad your concerns and you just need to consult with a lawyer for an hour to see what to do.

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rinkrat19
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Re: Dad's assets

Postby rinkrat19 » Thu Feb 17, 2011 2:38 am

2L2011 wrote:$100,000 is "not a lot" to you? :|

rinkrat19 wrote:I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.


Where'd I say $100K isn't a lot of money??

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birdlaw117
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Re: Dad's assets

Postby birdlaw117 » Thu Feb 17, 2011 2:39 am

HOPEFORCHANGE wrote:
rinkrat19 wrote:I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.

Yes, take your name off. It will be considered yours. Why don't you become the agent under a power of attorney for your dad instead? Also, talk to a lawyer. Actually, take all of this with a grain of salt and talk to a lawyer - but that's a layperson's opinion. But I really do think whether you are "Son and Dad" or listed as "Son or Dad" which is probably how you're listed, it is considered yours too. I am not a lawyer, but I think POA documents work better for these and I would tell your dad your concerns and you just need to consult with a lawyer for an hour to see what to do.

I disagree. Also, for these forms you have to put your figures and your dad's figures. If you counted this as both his and yours you would be double counting this money, which is something that really doesn't make sense.

Edited for Quote Fail
Last edited by birdlaw117 on Thu Feb 17, 2011 2:55 am, edited 1 time in total.

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 2:40 am

I know all! :shock: :o

rinkrat19 wrote:
2L2011 wrote:$100,000 is "not a lot" to you? :|

rinkrat19 wrote:I just realized, weeks after submitting both FAFSA and NeedAccess, that it may appear that I have more assets than I disclosed on my forms. My name is on several (four, I think) of my father's bank accounts, giving me full access to them. The money's not mine and I don't get to spend it (bummer), but he put my name on the accounts after my mother died and we had a bitch of a time getting access to accounts with only her name on them. Dad decided to make sure I wouldn't have trouble if he died suddenly.

Anyway. I assume that the money in the accounts would be considered "mine" if anyone were to investigate, and that just saying "hey, it's not mine! Dad won't let me spend it!" doesn't make it less "mine" when I'm listed as an account holder. Should I just take my name off the accounts for the next three years?

Edit: FWIW, I'm not talking millions, or even six figures. But more money than I have of my own, certainly.


Where'd I say $100K isn't a lot of money??

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 2:42 am

That and I misread to "not even 6K" to "only 6K"

I can admit when I'm wrong. I was wrong.
(not saying I ain't pyschic though :wink: )

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 3:08 am

I was wrong, a POA won't help you with this from what the Internet says, but again, talk to an attorney for an hour if you're that worried. Just wanted to update. Sorry about your mom, by the way. My mom also passed.

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 3:13 am

ditto. We spend a lot of time being smart'As here(and I admit its a way to blow off steam) but it is sad and I apologise for not saying the same as my counterpart before me. We've all buried people. It always sucks.
Condolences.

HOPEFORCHANGE wrote:I was wrong, a POA won't help you with this from what the Internet says, but again, talk to an attorney for an hour if you're that worried. Just wanted to update. Sorry about your mom, by the way. My mom also passed.

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rinkrat19
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Re: Dad's assets

Postby rinkrat19 » Thu Feb 17, 2011 3:20 am

No worries guys, it was 8 years ago that she died. I wasn't offended by the lack of condolences. Thanks. :)

And thanks for the (tentative) confirmation that I should remove my name from the accounts, or at least get some expert advice.

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 3:34 am

Definitely get advice. I mean, an attorney will charge you one hour of work, so probably $150 or 200 to tell you. If they have to research it and they specialize in the are, they are a crook. But even if I knew what to do it could be construed as giving you legal advice. I have a paralegal certificate, so I am not allowed to do that. It's good thing for clients - not to go off-topic, but all that stuff about how there shouldn't be licensing requirements is bull, because you need expertise so you don't make a decision based on some idiot's recommendation. Goodnight.

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 3:36 am

Dude, don't waste money. Go talk to a probono in your area. I did an internship in one for a term.They have people in there who know what they're talking about.

HOPEFORCHANGE wrote:Definitely get advice. I mean, an attorney will charge you one hour of work, so probably $150 or 200 to tell you. If they have to research it and they specialize in the are, they are a crook. But even if I knew what to do it could be construed as giving you legal advice. I have a paralegal certificate, so I am not allowed to do that. It's good thing for clients - not to go off-topic, but all that stuff about how there shouldn't be licensing requirements is bull, because you need expertise so you don't make a decision based on some idiot's recommendation. Goodnight.

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 3:49 am

Yeah, he could do that too. I just thought perhaps since he "has assets," he wouldn't qualify for most pro bono programs on the face of the things

2L2011
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Re: Dad's assets

Postby 2L2011 » Thu Feb 17, 2011 2:28 pm

valid point. It depends on the probono group. Some are income based, some aren't.


HOPEFORCHANGE wrote:Yeah, he could do that too. I just thought perhaps since he "has assets," he wouldn't qualify for most pro bono programs on the face of the things

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 8:29 pm

Hey I talked to someone with knowledge of such matters who could be called an expert, but I want to emphasize this isn't legal advice - there apparently joint accounts that are convenience accounts. Well, you can look up what that is. Anyway, aren't you glad that you didn't listen to the first thing an online idiot said? Me <++++ In any case, hope you can talk to a lawyer and see what's up.

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rinkrat19
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Re: Dad's assets

Postby rinkrat19 » Thu Feb 17, 2011 9:03 pm

HOPEFORCHANGE wrote:Hey I talked to someone with knowledge of such matters who could be called an expert, but I want to emphasize this isn't legal advice - there apparently joint accounts that are convenience accounts. Well, you can look up what that is. Anyway, aren't you glad that you didn't listen to the first thing an online idiot said? Me <++++ In any case, hope you can talk to a lawyer and see what's up.


Wow, thanks for the info. I'll look into that.

I just got my admission to Northwestern deferred (by my request--and for totally unrelated reasons) to fall 2012, so I'll have plenty of time to sort this out.

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Thu Feb 17, 2011 11:09 pm

Ugh, I hope that decision to defer was based on wanting to defer anyway and/or advice from a licensed attorney in your state. But goodluck

dudders
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Re: Dad's assets

Postby dudders » Thu Feb 17, 2011 11:17 pm

Why not use the fabulous free resource known as the admissions/financial aid offices of the schools you're applying to? (Leave it to future lawyers to immediately tell you that you need a lawyer to figure this out.)

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rinkrat19
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Re: Dad's assets

Postby rinkrat19 » Fri Feb 18, 2011 12:04 am

HOPEFORCHANGE wrote:Ugh, I hope that decision to defer was based on wanting to defer anyway and/or advice from a licensed attorney in your state. But goodluck


Oh yeah, I applied for the deferral almost a month ago. I hadn't originally been considering leaving home and job to attend full-time LS, until I got accepted to Northwestern, but I'm not ready to move this summer.

HOPEFORCHANGE
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Re: Dad's assets

Postby HOPEFORCHANGE » Fri Feb 18, 2011 12:23 am

Awesome. Yeah, sometimes it takes time to get things to where they're going to work for you and your life.

LoyalRebel
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Re: Dad's assets

Postby LoyalRebel » Mon Feb 21, 2011 12:57 am

I have the exact same situation as you. Here's how I went around it (as far as FAFSA for undergrad is concerned):

I have some land in my name that was given out to my family as inheritance by my still living grandparents who did it now to avoid estate taxes. The land has some stipulation in it saying that it cannot be sold unless everyone who owns a portion agrees to sell it at once. Thus, I have no access to it, and honestly I have no idea how much its worth or anything.

My grandparents took care of all the details, but basically they went to their tax lawyer and he wrote some letter and now I supposedly don't have to claim it on my FAFSA. I'd do the same if it'll make a considerable difference

By the way, it took me from getting denied a Pell Grant to getting the maximum Pell Grant - anyone have any idea how much this land could be worth?




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