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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
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
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
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
Matters of Trust 