delta_bravo
Registered User
- Messages
- 40
Hi,
I have a relative who is keen to avail of the gift tax exemption to give an infant of mine a lump of 3k per annum for a few years. The recipient is too young for their own account but I had setup a junior savings account where they are named but I'm the account holder. The relative transferred the money into this account.
Next I wanted to invest this money and put it in a investment account. I have seen several child savings accounts but most seem to be monthly payments rather than a lump sum. I'm very concerned about me being seen as actually owning this money. If I was to say setup an investment account myself using that money and then later on gave it to my child when they're old enough - would that be seen as actually me gifting them now?
I'm confused as to how a parent can navigate this threshold and invest this money without them being seen as owned by someone else. Has anyone had a similar experience?
I have a relative who is keen to avail of the gift tax exemption to give an infant of mine a lump of 3k per annum for a few years. The recipient is too young for their own account but I had setup a junior savings account where they are named but I'm the account holder. The relative transferred the money into this account.
Next I wanted to invest this money and put it in a investment account. I have seen several child savings accounts but most seem to be monthly payments rather than a lump sum. I'm very concerned about me being seen as actually owning this money. If I was to say setup an investment account myself using that money and then later on gave it to my child when they're old enough - would that be seen as actually me gifting them now?
I'm confused as to how a parent can navigate this threshold and invest this money without them being seen as owned by someone else. Has anyone had a similar experience?