Legitimate ways to reduce student's assets?

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Yes, with a caveat. The child must remain the owner and the parents would be the custodian of a 529 funded via money in a UTMA. This kind of 529 is known as a custodial 529 or a UTMA/529. Most brokerages would be able to handle the transfer from a UTMA to a custodial 529.

vballmom, if “The child must remain the owner”, then same 20% of that fund is considered available for college. So there is no advantage to convert it into a 529 for the purpose of EFC calculation, right?</p>