The lawyer obviously doesn’t know a lot about 529 plans. There is such a thing as a UTMA 529, also known as a custodial 529, which is owned by the minor beneficiary just as a regular UTMA account is owned by the minor beneficiary. Until the minor/beneficiary/account owner reaches the state age of majority, the account is managed for the benefit of the minor by an adult custodian. It still counts as a parent asset for FAFSA; treatment on Profile will depend on each school’s policy.
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