I knwo it was only done yesterday but my q's are rather complex.
anyhow, the GP's want to set up and a/c for J each MIL has issues on mum see how much she pays in anyhow, i'm proposing to DH one account that we all pay into.
so here's the questions.
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can the GP's set up an account in J's name to pay money into? if they can will they need birth certs etc, I said they couldn't as they're not his parent/guardian. also who would pay the tax on this?
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DH and I have a v v poor credit rating - we're unable to open any bank accounts in our own name, i'm assuming they'd do a credit check on us to set up for him?
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we're in with an IVA - would they need to know about J's savings as well even thou he's not a part of it?
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we want an account which is high intrest and gives bonuses for money left in, M&D had a policy with the prue, I think shares, which they paid into every month for 18 years then had the option to reinvest or come out, they got extra for not bringing the money out iycwim, it's that sort of a thing i'd like for him.
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woiuld it not be better to put any fund's into his trust fund? the tax free amounts for GP's is that for each set of GP's or split between the 4, how about aunts/uncles?
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i'd like to give him his CB or at least put half of it into his a/c each month so how would that work? can that go intot eh trust fund as well?
I hope you don't mind all these q's it's just i'm trying to think about the best possible way for him to invest his money for the future so we can give him the oppertunity to go ot uni or whatever.
any help and advice would be greatfully recieved.