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Childs Savings with Parental Control
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Well , op does realise the negative implications of money being in her name, she refers to them in her post so, I do not see the need to state it again and again. I notice though that apart from one fleeting mention of discretionary trust nobody seems to address her main query which is how to keep money in children's names without them having full control at 18.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
op does realise the negative implications of money being in her name
She doesn't seem to appreciate the tax implications.
The simple fact is that if the money belongs to the children then it is their money and they have the right to access and control from the age of 18 (16 in Scotland).
The parent could choose to deposit the money in a five year bond before the child reaches his majority but this does not give the parent control of the money beyond the age of majority - it just defers access by the child until the maturity of the bond.
It appears that certain investment trust plans (see post 8) may be assisting parents to circumvent the rules?0
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