INVESTING STRATEGY
Investing for parents
Hi there, I’m a new investor and I would love to "gift" my parents (who are not very well off financially) shares and help them build their own portfolio. I was wondering if anyone had advise on what might be the best way to go about this. Can i open and account for them that is held in my name (similarly to a 'minor' account)? Or perhaps getting them to set up their own account would be the way to go? I’m also unsure of how gifting shares could affect their tax. Any advise would be really appreciated :)
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Hi Brittany,
Good on you for thinking this way, amazing! So, the minor account system is really only designed for people under 18, but with your parents the more typical way would be set it up for them and then guide them through it.
You could then get them to provide you access (you can do this via settings). You could also consider whether it’s better for them to invest cash that you gave them as a gift rather than actually gifting shares – We can’t comment on this part, but you’d have to consider if a gift of cash (size, frequency etc) would have tax implications.
Realise this might not neatly answer your question, but hope it helps!
Nick
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