Soon my siblings and I are very fortunately going to be allocated a lump sum of €25k for each of our children towards their education from their grandparents.
The children range in age from 9 up to 17 and the intention is for each of the first 3 years in college they’ll receive €5k per year and in the final year receive the balance (€10k or whatever it’s worth then.)
The plan is that the parents will keep joint control of the money and each year €4k will be allocated towards their education expenses and €1k will be transferred to their current account to use as they like.
Each child won’t be told about this until they turn 18.
As the money is for their education we’re thinking of opening joint bank accounts now in each of their names with the intention being that the money can only be withdrawn by both parties. Is this possible even if the child has turned 18?
It’s a nice problem to have but we’re unsure about the best way to go about it, so we’re open to all suggestions.
The fact that it’s a gift from their grandparents is there a way to avoid DIRT or get any other benefit?
As there’s a longer term concerned with some of the younger children could there be better options for their money?
At the moment we’re considering deposit accounts, I suppose children’s / student accounts that are free banking? PTSB seem good.
Thanks
The children range in age from 9 up to 17 and the intention is for each of the first 3 years in college they’ll receive €5k per year and in the final year receive the balance (€10k or whatever it’s worth then.)
The plan is that the parents will keep joint control of the money and each year €4k will be allocated towards their education expenses and €1k will be transferred to their current account to use as they like.
Each child won’t be told about this until they turn 18.
As the money is for their education we’re thinking of opening joint bank accounts now in each of their names with the intention being that the money can only be withdrawn by both parties. Is this possible even if the child has turned 18?
It’s a nice problem to have but we’re unsure about the best way to go about it, so we’re open to all suggestions.
The fact that it’s a gift from their grandparents is there a way to avoid DIRT or get any other benefit?
As there’s a longer term concerned with some of the younger children could there be better options for their money?
At the moment we’re considering deposit accounts, I suppose children’s / student accounts that are free banking? PTSB seem good.
Thanks