My lawyer advised me that "if we gift over 25 thousand it will remain our asset forever and can create issues later if

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Customer: Hi, My lawyer advised me that "if we gift over 25 thousand it will remain our asset forever and can create issues later if residential care is required." Our accountant advided that "lump sum gifting will reduce by the allowable amount each year." Who is correct please? It's important because we want to gift to a daughter to buy a home. Thank you.
JA: What state are you in? It matters because laws vary by location.
Customer: I thought that this was a NZ site?
JA: What steps have you taken so far?
Customer: no legal steps apart from choosing a property but no sale and purchase agreement. I had a meeting with the accountant and then with the lawyer on Tuesday this week to ask advice on how best to help financially without disadvantaging ourselves too much.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Our lawyer recommended Co- ownership but I feel that would be counter productive as there would likely be capital gains over time and we would be even less likely to qualify for a rest home subsidy in the future - should that be required.
Answered by Chris The Lawyer in 43 mins 1 year ago
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Chris The Lawyer, Expert

Hi

I am a New Zealand lawyer based in Wellington and will help you with your question today. Please wait while I read the question so I can make the most useful response.

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Chris The Lawyer, Expert

If you gift property even going back many years, then WINZ will claw this back if you need to apply for a residential care subsidy. So your lawyer is correct to be careful. You can agree to lend the money or gift it, but you do need to be aware this could be a problem in the long term

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