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Now I find out that college savings should not be in UGMA's since they reduce the amount you could receive in college aid.

You might want to check out the estimated financial aid calculators at http://www.collegeboard.com. My wife and I both work, and we do not consider ourselves to be highly paid, but when I ran the numbers using that calculator, I discovered that there was very little chance of our children getting financial aid. So, we have their money in UGMAs.

I find that most every article I read cautions against UGMAs because they could reduce financial aid, but almost none of these articles go the extra step of telling you how to estimate the aid, if any, you're likely to get. The article that pointed me to the College Board was in Kiplinger's Personal Finance, btw.
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