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UGMA and UTMA accounts are irrevocable gifts that are considered student assets.


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While the money remains in the student’s name, the custodian, usually a parent, has absolute control over the account. Be this as it may, parents are strongly advised to never lose sight of the fact that all monies saved for college will not serve their purpose unless the student prepares for and successfully completes the admissions process. UGMA and UTMA accounts are irrevocable gifts that are considered student assets. As with EIRA’s, funds can be legally repositioned into financial vehicles that are not included in the financial aid calculations. UGMA accounts accept cash only. Anyone can open a 529 Plan in his or her own name and designate a student as beneficiary. A single parent with an adjusted gross income (AGI) of up to $110,000, and joint filers with AGI’s up to $190,000, can contribute up to $2,000 annually(2006). Monies contributed are not federally tax deductible, and there is little or no control over how the funds are invested. Planning for college can begin as early as birth and proper financial planning in the early years can make all the difference when it comes time to have to cough up all that cash - as much as $180,000 (2006).
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