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Hi, I'm still a minor looking to invest (16 years old). I really want to invest ahead of time.
I understand that if I invest some money into a custodial account, for example, I'm less eligible for Financial Aid because colleges see it as my asset (for the same reason as a 529).
I was wondering what rules apply if my parents invest in some account and then transfer it to me when I get into college so as to maximize investment and possible financial aid. I'm aiming for a middle-long horizon so I was thinking of investing in some mutual index funds or CD w/ maturity.
What are the rules applying to a transfer of ownership for these investment vehicles?
I understand that if I invest some money into a custodial account, for example, I'm less eligible for Financial Aid because colleges see it as my asset (for the same reason as a 529).
I was wondering what rules apply if my parents invest in some account and then transfer it to me when I get into college so as to maximize investment and possible financial aid. I'm aiming for a middle-long horizon so I was thinking of investing in some mutual index funds or CD w/ maturity.
What are the rules applying to a transfer of ownership for these investment vehicles?