Hi. I'm new to having a multiple dog household and it's been an interesting couple of months! Your 7 y.o. could very well be alpha to your puppy.
Some questions...Does your 7 y/o get a chance to play with a toy without your pup interfering or taking it away? Does she get alone time? Do you favor her less because of the puppy? Enough individual attention with you? These are just some things that may be playing into what is happening that I can think of.
My suggestions are you can either; 1.) give toys (or play catch) when they are apart. plus they can each have individual play time with you as well. 2.) Give them their own toys. Correct the dogs when they grab the wrong one. Somewhat like you would do if they were chewing on something that was yours. By doing 'Leave it', then exchanging for appropriate chew toy & praise. 3.) Teach tolerance by distracting her- concentrating on you/obedience/treat.
But ultimately, I would think if you can't control the aggression then control the circumstances of when they get toys.