UTMA to a Life insurance policy to shelter assets?? DON'T!!!

Paying for College
1

<p>Anyone heard of this idea? We were advised by a “College Tuition Advisor” to transfer our kid’s UTMA to a “Whole” life insurance policy to “shelter” her assets from the college financial aid formulas. We didn’t do it as our accountant and broker said it sounded fishy. Then our broker found this article in Money magazine; [College</a> aid: Don’t take the bait - Jan. 14, 2013](<a href=“http://money.cnn.com/2013/01/01/pf/college/college-aid.moneymag/index.html?iid=EL]College”>http://money.cnn.com/2013/01/01/pf/college/college-aid.moneymag/index.html?iid=EL)</p>

<p>Seems these are really insurance salesmen looking for panicky parents to fleece. Watch out!</p>

2

<p>I have a pretty good rule: anything involving using “life insurance” to provide for anything other than death benefits is likely to be a very good deal…to the person who sells it. Not to me.</p>