Hi,
Inheriting a home from a deceased parent seems to have increased our family's EFC from 12,000 to 54,000. It is a second home that we are planning to rent out. I know the eventual rental income will affect our EFC in future years, but wondering if anyone in a similar situation has experience with how the asset aspect of owning an inherited home (which will be a second home, not our primary residence.) As far as I can tell, I need to report it in the "investments"(which says to include real estate) portion of parent financial data. Would transferring title of the home to our family's trust enable us to not report this as an investment asset? The change in EFC seems a high price to pay for a non-liquid asset. thanks for any thoughts or similar experiences.
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