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Myfather. My father in law has about 1,000,000 in CASH AND
My father in law has about 1,000,000 in CASH AND SHARES. My freind said we should reduce his assets by gifting as her lawyer has advised her.. -my friend says 6000 per person up to 27,000 per year in case he goes to a rest home (and that money could go to paying for the rest home care. However our lawyer says that the 27,000 is old law and the new law states that only 6500 can be gifted per year to only one person. what is correct now? … read more
Chris The Lawyer
Chris The Lawyer
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My father has recently passed away. He had set up a family
My father has recently passed away. He had set up a family trust with my brother, his wife and their children as the beneficiaries of his estate. I, along with my three sisters will not receive any in… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
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My wife an I are in our late 70's, active and of good
My wife an I are in our late 70's, active and of good health, we expect to continue this way until our late 80's. How much can we gift to our children each year without effecting our residential care … read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
intervivos trust, how do beneficiaries get to know that
For an intervivos trust, how do beneficiaries get to know that they are, indeed, beneficiaries? Perhaps there are obligations on the trustee to inform individuals that they are beneficiaries and what … read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
I am turning 70 soon and have a small beach house. How do I
I am turning 70 soon and have a small beach house. How do I transfer it to my 3 children so they dont have to pay tax or have to give it back if I have to go into a home? We want it to stay in the fam… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
We have a family trust (the house is the only asset). Over
We have a family trust (the house is the only asset). Over the past 20 years as settlors we forgave the debt of the trust to ourselves meaning the majority of the house value ended up in the trust. We… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
Is it advisable to continue a gifting programme to a family
Is it advisable to continue a gifting programme to a family trust now that gift duty has been abolished.… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
I am personally responsible for recording the Reduction of
I am personally responsible for recording the Reduction of Debt- Gifting Deed for my Family Trust, and want to know where, or if it needs to be registered (Not IRD applicable) after it is signed by al… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
I dont wish to leave assets in my Will to one or more of my
I don't wish to leave assets in my Will to one or more of my children. They are 40 and 47 years old and are both on reasonable incomes. I am more concerned that my assets be converted to the benefit o… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
My Mother wishes to transfer/sell her property to my brother
My Mother wishes to transfer/sell her property to my brother and I (we both have trusts), how do we go about doing this? Does money need to change hands or is this a paperwork trail? Thanks… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
Heritage Trust Ltd have been administering my family home trust
Heritage Trust Ltd have been administering my family home trust for several years but their charges seem very high for the time likely to be involved. How difficult is it for me to administer my own t… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
Paying bills on trust property from personal income
If I have paid bills for my trust from my own money ie rates, insurance etc and other expenses relating to the trust property can this be classed as a repayment of debt back to me and reduce the amoun… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
I am the Settlor of my Family Trust (beneficiaries my children
I am the Settlor of my Family Trust (beneficiaries my children and self) made in 1995 and have an Acknowledgement of Debt in place for some $530,000 of total assets transferred of $700,000. Income has… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
Good morning. I am , from time to time checking out any
Good morning. I am , from time to time " checking out " any up-dates on the Nat. Govt.'s plan to remove Gift Duty. Due to an incompetent person, who failed to carry out my instructions , some years ag… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
My husband and I are separating. We own a house and a section
My husband and I are separating. We own a house and a section together. We have been married for 5 years, but together for 15 in total. Approx 12 years ago his mother set up a deed of debt for $195,00… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
I bought a NZ company in Oct. 10, want to put in fam. trust
I bought an NZ company in Oct. '10 with 2 partners, we each paid $160k for it, and I have established a trust I want to put the company into. The company is repaying us our shareholder loans gradually… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
We have a family trust that has completed gifting the debt
We have a family trust that has completed gifting the debt this year. The final amount gifted is circa $8,000 - well below the $27,000 threshold before gift duty kicks in. We have completed the deed o… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers
how do i write a letter to my lawyer requesting my funds be
how do i write a letter to my lawyer requesting my funds be transferred to the family trust and i will continue to receive the invalids benefit only please… read more
Chris The Lawyer
Chris The Lawyer
Lawyer
Master's Degree
31,845 satisfied customers

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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