Saving for college and retirement can be difficult for many families. Some retirees, however, find themselves in the fortunate position of having enough to cover their golden years and still have something left over to help family members pay for college.

Yet if not done carefully, using a grandparent-owned 529 plan, or gifting assets from a grandparent to grandchild for college, can adversely impact the grandchild’s own ability to qualify for financial aid, implicitly diminishing the value of the gift.

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