Endowments and Investments: Financial Planning for Incarcerated Adults

In today's episode Warren Ingram gives advice to a listener on how to set aside money for a family member who will be in prison for five or six years. Warren discusses the challenges of saving and investing for adult family members and the potential tax implications, the level of control you want the person to have over the money and explores options such as setting up an investment or opening an endowment. TakeawaysWhen saving and investing for adult family members, consider the level of control you want them to have over the money.Be aware of the potential tax implications, such as capital gains tax and donations tax.Options for saving and investing include setting up an investment in your own name or opening an endowment in the person's name.For a five-year or longer time horizon, consider investing in shares for potential growth.Get more insight on how Prescient Investment Management can help you here.Send us Fan MailHave a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod