Trusts / Asset Planning

Residential Care Subsidy - A Trust May Affect Eligibility

Created: Tuesday, 25 July 2017 09:11

Statistically, few of us will require long term stay in a rest home or hospital. At age 65, 5% of the population is in care. This increases to 21% once we reach the age of 85. Of the 85+ population the average stay in rest home/hospital care is 18 months. However, 54% of those over 85 will probably die in care. This high percentage of people dying in care is not because they are in long term residential care but because of the numbers that will be in respite care.

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Residential Care Subsidies - Working It Out

Created: Monday, 24 July 2017 16:53

The underlying purpose of the Social Securities Act 1964 is to ensure that financial support is available to people who require it.  The availability of this support is subject to means testing, and the Act requires that "where appropriate they should use resources available to them before seeking financial support under this Act".  These resources may include assets held in trust.

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New Enduring Powers Of Attorney – What You Need To Know

Created: Wednesday, 15 March 2017 15:41

In December 2016 amendments to the Protection of Personal and Property Rights Act 1998 (“PPPR Act”) were passed by Parliament. These amendments will come into force on 16 March 2017. Among the amendments that have been made are regulations to adopt new forms of the enduring powers of attorney (EPA). From 16 March 2017 these new forms will need to be used. If you have completed an EPA using the old forms but you and/or your attorney have not signed them before 16 March 2017, then these will need to be redone on a new form.

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Beware: Disclosure Rules for Foreign Trusts Have Tightened

Created: Wednesday, 15 March 2017 15:14

In February 2017 the New Zealand Parliament completed its third reading of the Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill which is due to come into law soon. The Bill introduces new laws for the administration of New Zealand foreign trusts.  The reforms are based on the recommendations of the Shewan Inquiry which was set up as a result of the Mossack Fonseca data leak in April 2016 (the ‘Panama Papers’).  The report raised concerns about the need for disclosure rules relating to foreign trusts registered around the world.  The New Zealand Government has decided to enact the new law to ensure New Zealand's reputation is maintained. 

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Why have a Will?

Created: Thursday, 02 March 2017 08:41

Your will is one of the most important documents you will sign in your life. It has a profound effect on the legacy you will leave your loved ones.

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Why have a Trust?

Created: Thursday, 02 March 2017 08:27

There are many reasons for creating a trust, and our team of trust experts briefly cover them here.

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