Already filed FAFSA, then discovered UGMA account: How to deal with it?

[BelknapPoint]

Or, perhaps, dispose of/transition the UGMA account in some way that will have less negative impact on his ability to qualify for financial aid? From the research I’ve done since discovering the issue yesterday, it seems moving the funds into a parent or grandparent owned 529 might be a good option. If there are other good options, I’m all ears!

I should have included this in my previous post: keep in mind that 529 contributions can only be made in cash, so moving the current UGMA stock assets to a 529 account will require selling the stocks and potentially realizing a capital gain that will be taxable income to the UGMA beneficiary (your son). Depending on the amount of any gain, this might also bring the kiddie tax into play.