Invested money in student's name, big mistake

<p>I have a question to all this about my kids’ 529 accounts. #1 is a college senior whose account has now been all liquidated. #2 is a freshman and #3 is a HS senior going next year. Since all the accts have been custodial with the child as beneficiary, we must continue to claim the money as parental assets. However, if we were to transfer both #2 and #3’s money to #1’s account (who will conceivably apply to graduate school in a few years), can we avoid listing the total on 2 and 3’s financial aid applications for the year 2009-2010?</p>