Welcome back to another episode of the 360 Money Matters Podcast!

As parents, ensuring a bright and secure future for our children is paramount, and effective financial planning plays a pivotal role in achieving that goal. By strategically managing our finances, setting clear objectives, and making informed investment decisions, we can provide our children with a solid foundation and opportunities for their future success.

In this episode, we explore a specific client's scenario where their goal is to provide their child with a substantial sum of money upon securing full-time employment, assisting in funding a house deposit. This family places great emphasis on the need for liquidity, as they value the flexibility to access their funds in case of unforeseen circumstances. However, it is crucial to consider the potential tax consequences of gifting such a significant amount. We also discuss the tax implications that can arise in this situation.

Learn how you can help your children get into property investing and give them a financial head start!

–

This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706

Episode Highlights:

• How to setup your children for life

• How the family wanted their investments to be liquid, allowing them to access the money in case of any changes in their circumstances.

• About the other strategies that we had discounted as part of the approach

• Tax consequences

• The power of compound interest

• Tax considerations

Connect with Billy and Andrew!

360 Financial Strategists

Check out our latest episode here:

Apple Podcast

Spotify

Google Podcast