The Modern Cents Podcast

The Modern Cents Minute: The RESP Loophole You're Missing


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The episode discusses the importance of protecting a child's tuition fund, the risks associated with estate planning laws, and the impact of cross-border traps on the fund. It also provides solutions for ensuring the security of the fund through proactive planning and legal measures.

Takeaways

  • Protecting an RESP requires proactive estate planning
  • Avoid naming US citizens as subscribers or successors
  • Consider setting up a testamentary trust for ironclad security

Reference: https://privatewealth-insights.bmo.com/en/insights/estate-trust/considering-resps-part-your-estate-plan/

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The Modern Cents PodcastBy Andrea Thompson