As physicians or other high earning professionals, would your kids ever qualify for financial aid?
I ask because I have been on the fence about setting up an UTMA/UGMA account for my kids. They say that these funds are considered the child's assets, and therefore become counted in full when computing for financial aid. My wife and I don't wish to impact this negatively. But is it reasonable to expect that we won't be eligible anyways, now or in the future? Our combined income is around 400k. I am sure many of our colleagues here earn much more when we talk about full household income. We wanted to use those accounts to teach the kids about stock investing and saving. Thanks for all your inputs!
I ask because I have been on the fence about setting up an UTMA/UGMA account for my kids. They say that these funds are considered the child's assets, and therefore become counted in full when computing for financial aid. My wife and I don't wish to impact this negatively. But is it reasonable to expect that we won't be eligible anyways, now or in the future? Our combined income is around 400k. I am sure many of our colleagues here earn much more when we talk about full household income. We wanted to use those accounts to teach the kids about stock investing and saving. Thanks for all your inputs!
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