Can I liquidate my childs UTMA (I am custodian) and have the money end up in the grandparents bank account so it does not have to be reported in the Financial Aid form? It will still be used for the child’s needs exclusively
I don’t think so…it’s still YOUR money…unless you are giving it as a permanent gift…no strings attached. If it’s your money…it has to be reported as YOUR money regardless of where it sits.
It’s not OP’s money, it’s his child’s money, and no, OP cannot (legally, ethically, or morally) liquidate the child’s UTMA and move the funds to a grandparent’s bank account as a way to avoid financial aid reporting.
missionman, what were you thinking?
Oops…that’s what I meant…UTMA money is the kid’s…no matter where it is held…right?