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Residential care subsidy

This category contains 10 posts

Taxation of Trusts ed 3

  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

Trustees and dementia

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

Trust Fundamentals Webinar

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

Residential Care Subsidy Appeal lost

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

Residential Care Subsidy update

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

Residential Care Subsidy Seminar

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

Residential care subsidy up-date for couples

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

Residential care subsidy update

The regulatory statement to the Budget 2012 amendments to the residential care subsidy thresholds (now CPI adjusted rather than increasing at $10,000 per annum) makes interesting reading reading.  Accepted that interesting might overstate the matter for many.  Regardless, the statement does throw up some numbers that add some flesh to the bones. For example, of the … Continue reading

Budget 2012 changes to residential care subsidy entitlements

Many people undertake asset and estate planning with the hope that the arrangements entered into will protect assets so that they will not be counted for residential care subsidy purposes.  The success or not of these measures depends on timing and require careful understanding and appreciation of how the relevant thresholds are applied.  See gifts … Continue reading

Trusts and residential care subsidies

Approximately 19,000 New Zealanders in long-term residential care receive a residential care subsidy (RCS), that is financial assistance with long-term care once a person is no longer able to be cared for at home.   To qualify for a RCS a person must first be able to show a limited level of assets.  However, if a … Continue reading