The future financial wellbeing of children and grandchildren is often a major part of financial planning conversations.
In this video, Tony Wickenden runs through some of the main ways clients can invest on behalf of their families, and the tax planning implications involved.
Tony discusses pensions for children as a long-term approach, as well as the benefits and drawbacks of saving into Junior Isas.
While tax-efficient, he notes that some people can be deterred from using Junior Isas due to the fact that full control and the ability to withdraw the money passes to the child when they turn 18.
He also looks at the role of offshore bonds, and the need to gain an overall understanding of what's most important to clients in relation to their investments for children.
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