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Unless you know when you are going to die, it's tough to give you advice on how to deal with the financial aid issue. There are different ways to handle this while you are alive.

I will become a grandmother in late July so will probably begin to look at this type of thing after that however, I will be looking at how to best help the kids and grandchild and will be unlikely to focus on qualifying for need-based financial aid.

You may want to just discuss it with each set of parents. Also, consider whether you want to treat grandchildren equally or go per stirpes(by child branch).
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