I’d like to create UGMAs for both young kids but am struggling to understand to what degree these would negatively impact financial aid. Location is TN.
I do have 529s for both already to partially fund college. The purpose of the UGMA would be to help with home purchase when older. We file MFS currently but may switch to MFJ in future.
Some high earners have expressed that they’re not worried about financial aid impact as their earnings are high enough that their kids are nit eligible for any aid anyway. Thoughts?