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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22626
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Is there another way besides a trust to protect assets e.g.

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Is there another way besides a trust to protect assets e.g. if one or other of us needs care at some stage when major asset is only a single freehold property?

christhelawyer : HiWelcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear
christhelawyer : The trusts are used to protect from residential care payment liability and I assume that this is your concern. The problem is that if you own assets then you can be made liable for the fees. However if you want to stay in your home but not actually own the asset, this is very difficult without a trust where you have some control still, as disposing of the home defeats the purpose and places you in the uncertain hands of the new owner.
Customer:

What is a common law trust?

christhelawyer : There are legal fees to set up a trust and the gifting to the trust must be over 5 years from the time any fees may be liable for the care. So if you think that one of you may be in care within that time you cannot avoid liability.
christhelawyer : That is not a term used under New Zealand law in this situation. A trust is created under the law of equity and the Trustee Act
Customer:

So given that I did understand the basics of a trust prior to asking the initial question the thrust of my question was is it worth it for one property and is there any other way to protect assets?

Chris The Lawyer and other New Zealand Law Specialists are ready to help you
Customer: replied 3 years ago.

Hi


Final question not answered but hey it is late on a Friday. I am not sure if you can get back to this or not!


Thanks

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