- March 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for a Relative’s Generous Gift
A close relative has offered to gift our toddler $500 cash for each of his birthdays instead of material gifts. This is a generous gesture that we want to honor while ensuring that the money is managed responsibly. As requested by the relative, we are considering depositing this money into a trust, with the specific instruction that it should not be invested in the stock market.
However, we already contribute the maximum amount to our son’s RESP each year. While we appreciate the relative’s gift, the total amount of birthday money received from other relatives is less than $700. This raises questions about the most suitable way to handle the funds without incurring unnecessary expenses.
### AI Legalese Decoder Assistance
The AI Legalese Decoder can provide valuable assistance in navigating this situation. By using this tool, we can easily understand the legal implications of setting up a trust or alternative financial options for managing the money. With its help, we can ensure that we comply with our relative’s wishes while making informed decisions about the best approach for our son’s financial future.
### Considering Different Options
Opening a savings account in our son’s name is one option, but we are unsure about any potential tax implications. Another possibility is to deposit the money into my TFSA and purchase a GIC, effectively “holding it in trust” until our son reaches 18 years old. At that time, we could transfer the money and interest into his own TFSA.
To honor our relative’s wishes and keep things simple, we need to carefully weigh the pros and cons of each option. Seeking advice from the AI Legalese Decoder can provide clarity and guidance in making the right decision for our son’s financial well-being.
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