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Answered in 2 minutes by:
10/15/2013
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
VerifiedChris The Lawyer :
Hi and welcome. My first response will follow shortly. Please feel free to follow up if anything is not clear.
Chris The Lawyer :
I am not sure quite what you mean. there is no restriction on gifting.
Chris The Lawyer :
You can give any unlimited amount, but where gifting has significance, is where you may need rest home subsidies. In that case the Ministry of Health can claw back gifts made.
Chris The Lawyer :
The retrictions are that you can gift amounts but if you exceed these, and need the subsidy the gifts are overturned
Customer:
We have documents to sign continuing the gifting at $27,000 each [ my wife and I] . The reason given was that there are "fish-hooks" in gifting the whole remaining balance of our house value to the Trust. What impediment is there preventing us from clearing the balance {$150,000] in one transaction?
Chris The Lawyer :
There are no fish hooks. You can gift all in one transaction.
Chris The Lawyer :
Is rest home care an issue for you?
Customer:
Rest home subsidies are bringing trusts into scrutiny anyway aren't they?
Chris The Lawyer :
Yes, because the rules are that gifts to trusts can be set aside if made within 5 years of the gift, and subsidies are needed
Customer:
Thanks for that . The 5 year clause is the key . Much appreciated .
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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