Supporting my nephews and nieces third level education

[Cooleyman]

I want to create a way to assist (not pay in entirety) my nephews and nieces third level education that is tax compliant and also not likely to create any tax liability for the lucky ducks or jeopardise grant suitability! I know I could possibly open nominee bank accounts with the name of the nephew/niece noted where I could lodge up to 3000euros per year (unlikely to be that amount however I would endeavour to squirrel away a wee bit when I could). Would anybody know if this account type would then be included in the relevant parents means test for education grants?

 

[rob oyle]

I can't answer the question directly but if the accounts were in the names of the children then they wouldn't be considered as part of the parents means, no?

 

[Cooleyman]

I can't answer the question directly but if the accounts were in the names of the children then they wouldn't be considered as part of the parents means, no?

Hi Rob, thats the part I'm uncertain about. If that were the case I expect it would probably get used quite a lot to not declare assets in a means test situation. My personal choice is that the recipient nephews/nieces would not know about my assistance. Their parents could access the account on their behalf to source funds for their education.