niceoneted
Registered User
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New to being a parent and as it stands we are lucky to manage to save children's allowance and I'm also putting away a small bit out of my wages. College fund I suppose or for when they are older and possibly might have an expensive hobby!
A close friend mentioned to be cautious re tax implications for our kids. So say for arguments sake we manage to put away 5k a year per child (2kids) thereby they have 90k at 18 for college etc will there be tax implications or is there a way I can avoid this. So far the money is saved in a join account(parent and child). TIA for any or all advice.
A close friend mentioned to be cautious re tax implications for our kids. So say for arguments sake we manage to put away 5k a year per child (2kids) thereby they have 90k at 18 for college etc will there be tax implications or is there a way I can avoid this. So far the money is saved in a join account(parent and child). TIA for any or all advice.