Dotty Posted April 25, 2020 Share Posted April 25, 2020 Can anyone tell me if it is legal to give your children money so that they can lodge an assurance of support for parents. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted April 25, 2020 Share Posted April 25, 2020 I have no idea whether it's strictly legal, but lots of parents do it quietly. The only reason I know, is that we've had cases where parents have given the money over, expecting to get the money back when it's eventually released. However the bond is in the assurer's name, not the parents, so it legally belongs to them and there's no way to make them hand it back. Which has caught a few people out. Quote Link to comment Share on other sites More sharing options...
ali Posted April 25, 2020 Share Posted April 25, 2020 4 hours ago, Marisawright said: I have no idea whether it's strictly legal, but lots of parents do it quietly. The only reason I know, is that we've had cases where parents have given the money over, expecting to get the money back when it's eventually released. However the bond is in the assurer's name, not the parents, so it legally belongs to them and there's no way to make them hand it back. Which has caught a few people out. I did read a story of a family who did this and who had a major fall out and the money was paid to the assurer. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted April 25, 2020 Share Posted April 25, 2020 1 hour ago, ali said: I did read a story of a family who did this and who had a major fall out and the money was paid to the assurer. Yes, as far as the government is concerned, the assured deposited the money so it’s the assurer who is legally entitled to it Quote Link to comment Share on other sites More sharing options...
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