presidenttttt
Registered User
- Messages
- 433
I never thought this through in such detail. A trust, and paying management fees all sounds rather complicated.
I do not believe the tax man is getting out a microscope to see if Mary breached her annual gift limits to little Jonny over a few K here and there, so does that really need consideration?
I think it makes sense for parents to retain access to cash funds - we do our child no favours getting into trouble and face debt and interest that could have been mitigated.
My better half is obsessed with putting anything the kids get into the credit union, and letting it rot there, killed by inflation. I will win that argument eventually.
My preferred path is a simple account, with abilty to put the money into an index. When the child is 13 or 14 we can start to explore what investing in the stock market is - and it can become a hobby/learning exercise.
I do not believe the tax man is getting out a microscope to see if Mary breached her annual gift limits to little Jonny over a few K here and there, so does that really need consideration?
I think it makes sense for parents to retain access to cash funds - we do our child no favours getting into trouble and face debt and interest that could have been mitigated.
My better half is obsessed with putting anything the kids get into the credit union, and letting it rot there, killed by inflation. I will win that argument eventually.
My preferred path is a simple account, with abilty to put the money into an index. When the child is 13 or 14 we can start to explore what investing in the stock market is - and it can become a hobby/learning exercise.