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The residential care subsidy (RCS) thresholds are cpi adjusted on 1 July each year. This year’s adjustments are the greatest since the annual cpi adjustment was introduced. Effective 1 July 2023: See further Seven Myths and Misunderstandings. References
Trust “busting” is a topic of enduring interest and has been a feature of the trust landscape as long as trusts have been recognised as a valid form of asset ownership. Jane Phare’s Trust busting: Is it the beginning of the end for hiding relationship property? is a case in point. However, it is important … Continue reading
The High Court decision in Broadbent v Ministry of Social Development, which is essentially a test case, considers whether income derived from gifted assets (sometimes referred to as notional income) can be taken into consideration for income assessment purposes. The general purpose of the Social Security Act 1964, which includes provisions relating to a wide range … Continue reading
The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments. The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading
The early signs of dementia can be subtle. Although dementia can occur at any age, it is far more common amongst the older demographic. Accordingly, while lawyers and accountants, and trustees generally are rarely mental health experts, it is important to say alive to the early signs of dementia so that risks can be identified … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
Commentators and advisers have been divided regarding whether or not gifts made by couples are aggregated for residential care subsidy purposes. A decision by the High Court that gifts are aggregated, has now been up-held by the Court of Appeal. So what does this mean? Simply, for a person with a spouse or partner, gifts … Continue reading
As part of Budget 2013 the Government has announced extra funding for residential care subsidies over the next four years. See: http://beehive.govt.nz/release/budget-2013-70-million-extra-aged-care-and-dementia
The discussions around entitlements to a residential care subsidy increasingly take on the status of urban myths. Ayres Legal is presenting a seminar with plain English advise regarding the effect gifts to trusts and other matters have regarding entitlements to residential care subsidies. The seminar will be held on 16 April at the Epsom Community Centre. To … Continue reading
Commentators have been divided as to whether it is correct for gifts made by a person’s spouse or partner to be taken into account when assessing that person’s entitlement to a residential care subsidy. The question, which revolves around the correct interpretation of s 9B of the Social Security (Long-Term Residential Care) Regulations has been answered … Continue reading
Matters of Trust 