Doing some more reading and I think you can keep it going past the age of 18, if the beneficiary agrees and signs a document to this affect? I'm sure we all hope our kids will be sensible enough and we could convince them to leave the money until they're old enough but if they want the money at 18, is there nothing you can do to stop it?@The Oggster
I'm pretty sure that any of the life companies that do a regular savings product will do it under a bare trust. It's opened in your name, and a second document creates a trust in benefit of the child(ren).
Standard Life market such a product, and I know New Ireland definitely have one.
Just something to watch out - the fees can be high, but some reduce significantly if you put in a lump sum to open it.
Legally, once in place the money belongs to the children and it cannot be reversed.
I'm sure we all hope our kids will be sensible enough and we could convince them to leave the money until they're old enough but if they want the money at 18, is there nothing you can do to stop it?
Can the recipient receive the gifts tax free or is it the donor who can give it tax free? How many €3 k can the recipient receive tax free in any one year?Just to mention that the 3k gift exemption per calendar year does not only apply from parent to child. Anyone can make a gift of 3k per annum to anyone tax free.
Can the recipient receive the gifts tax free or is it the donor who can give it tax free? How many €3 k can the recipient receive tax free in any one year?
Why have a trust that will cost money. Put it into a bank account in the child's name. Or maybe the Post office has a savings product. Alternatively Prize bonds in the child's name should be possible.
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