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Putting money aside for two minor cousins

  • 09-08-2014 2:18pm
    #1
    better call saul
    Banned (with Prison Access) Posts: 412 ✭✭


    Hi all, could do with your advice here,

    I want to start putting some money aside for my two minor cousins in appreciation of the help their mother gave me when I was ill

    They both reside in NI, and I wish to give it to them when they come of age, 6-8 years time,

    Any thoughts on the best option?

    Many thanks in advance!


Comments

  • #2
    better call saul
    Banned (with Prison Access) Posts: 412 ✭✭better call saul


    Bump


  • #3
    euroboom13
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭euroboom13


    better call saul wrote: »
    Bump

    Money laundering legislation makes this awkward. Prize bonds suck but easy to buy as gifts .

    Great question ,tricky answer! good luck


  • #4
    bah1011
    Registered Users, Registered Users 2 Posts: 66 ✭✭bah1011


    A lot will depend on the amount as well as your risk appetite.

    Setting up a trust can be a tax efficient way of providing for minors and ensuring the money is only handed over when you feel appropriate.

    This will also allow your couisns delay any CAT obligations.


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