You can use the Material Components Library.
Starting from the 1.2.0-alpha05
you can format the hint text.
For example you can just use something like:
<com.google.android.material.textfield.TextInputLayout
android:hint="@string/hint_test"
...>
with:
<string name="hint_test">Legal name <font color="#FF0000">*</font></string>
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