Posted 06/16/2008

College Savings Plans

Question: Several years ago we set up UGMA accounts for the grandchildren. Should we convert them to 529 college savings plans?

Answer: UGMA/UTMA* accounts count heavily against the student receiving financial aid, but a 529 plan is not necessarily the only alternative. Variables (ages of grandchildren, account values, parent incomes, etc.) are numerous, so more information is required for a proper answer.

*Uniform Gifts to Minors Act/Uniform Transfers to Minors Act

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College Savings Plans

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