At the same time, it is unfair on the rest of the family if one of them blows it and then asks for money for college, while the other co-pays for it.Just give them the money when they turn 18.
Its their money and more to the point it is their responsibility.
The good or foolish use they will make of it will be a) their doing, b) your opinion as to being good or foolish.
I held the same opinion at the time & did exactly that.Just give them the money when they turn 18.
Its their money and more to the point it is their responsibility.
The good or foolish use they will make of it will be a) their doing, b) your opinion as to being good or foolish.
This is the worst thing you could do. When I was in college, my parents were able to set up a covenant and get tax back on my college fees. Part of the process meant have £5,000 in my bank account for a number of months. Several hundred of that £5,000 was spent, knowing I would be working over the Christmas and could pay it back. There were plenty of stories of others who blew the whole £5,000. Giving a child starting out on the new adventure, and social life, of college €20,000 and telling them to do what you want with it is irresponsible, especially ones who have their own difficulties.Just give them the money when they turn 18.
Its their money and more to the point it is their responsibility.
The good or foolish use they will make of it will be a) their doing, b) your opinion as to being good or foolish.
This is the worst thing you could do. When I was in college, my parents were able to set up a covenant and get tax back on my college fees. Part of the process meant have £5,000 in my bank account for a number of months. Several hundred of that £5,000 was spent, knowing I would be working over the Christmas and could pay it back. There were plenty of stories of others who blew the whole £5,000. Giving a child starting out on the new adventure, and social life, of college €20,000 and telling them to do what you want with it is irresponsible, especially ones who have their own difficulties.
No, its gone when the "free" college fees came inmy folks did the same, and sure enough I'd usually have it burnt through by Xmas each year and have to tap them up for more cash
is that covenant option still available? and how does it work? I have kids going to college myself in the next couple of years, if there's any way of subsidising them in a tax-efficient manner that would be useful (I know the "admin fees" are not deductible)... They won't be eligible for a grant.
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