The Government is tightening the screws on recovering rest home costs, with family trusts set up decades ago now considered fair game.
A year ago, when the Government axed gift duty, it appeared to open the door to the fast and easy transfer of family assets into trusts for those seeking refuge from creditors and rest home asset testing. In the past, moving a family home and other possessions into a trust was a slow business of drip-feeding assets to avoid gift duty. With the rule change, assets could be transferred in one hit.
But those hoping it would become easier to squirrel away capital for the next generation without having it hollowed out by rest home bills are in for a nasty surprise. In fact, the change to gift ...
NZ Listener digital and print subscriptions
Thanks for your interest in this article. To get your latest edition of the NZ Listener via a print subscription click here.
The NZ Listener is now also available via a Zinio digital experience – read the latest edition on your computer or via the Zinio app on your tablet. To find our more click here.
Accessing archive content: If you’re interested in accessing archive content, please contact our NZ Listener helpdesk contact us. We endeavor to get back to you within 5 working days.
If you already have an archive content login, please login to view and unlock content.
Any queries regarding access please contact our NZ Listener helpdesk contact us.