/*Qoute: But isn't part of the reason of having them in their name to reduce your tax liability*/

In my case no. I have set it up for their futures, for education later on etc etc, no as a way to reduce my tax liability per se.
Doesn't really reduce or increase my tax liability, as the dividends being received that are theirs in essence are fully imputed ... so far

Plus if I want to sell in hurry I can