My husband and I set up a Family Trust in about 2006 - made the yearly gifting and paid the fees. (the ra ra and hype sounded convincing and a renowed adviser recommended it at the time) In retrospect its probably been a waste of money as we didn't really need it)
With the Govt changes approx 4 years ago where you had the choice of either gifting the lot - lump sum - or continuing gifting small amounts each year - we just put it on back burner and did nothing.
A recent chat with Public Trust clerk It was suggested I close Trust but this person didnt know much and gave no further details.
My accountant is also vague
So I was wondering how do i 'undo' or close the trust - about 110k has been gifted of a family home. Lots to go but what is the point of doing yearly or lump sum gifting. Public Trust person said Ministry of Social Development? no longer recognise trusts for rest home subsidies. Fair enough.
I am self employed - very part time - could get sued but remote chance. Husbands retired. So no real point in having a Trust or am I wrong.
So, can someone, anyone recommend whether/ how to close Trust. What costs are involve? Will the gifted money (into trust) have to get repaid to ourselves? will property in Trust have to be sold back to ourselves in order to close Trust.
We are not planning to move house for 5 -6 years. Should we just wait until then and the 'Trust' sells the property.
We have rentals - but they are not in trust just in joint names.
Armed with some knowledge from wiser people / - on this site - I can make sure i know what to do rather than continue to leave this matter on the back burner. Yes I know I should see accountant but feel if I'm better informed then I know what to ask for to get done.
Thanks in advance for your help.
With the Govt changes approx 4 years ago where you had the choice of either gifting the lot - lump sum - or continuing gifting small amounts each year - we just put it on back burner and did nothing.
A recent chat with Public Trust clerk It was suggested I close Trust but this person didnt know much and gave no further details.
My accountant is also vague
So I was wondering how do i 'undo' or close the trust - about 110k has been gifted of a family home. Lots to go but what is the point of doing yearly or lump sum gifting. Public Trust person said Ministry of Social Development? no longer recognise trusts for rest home subsidies. Fair enough.
I am self employed - very part time - could get sued but remote chance. Husbands retired. So no real point in having a Trust or am I wrong.
So, can someone, anyone recommend whether/ how to close Trust. What costs are involve? Will the gifted money (into trust) have to get repaid to ourselves? will property in Trust have to be sold back to ourselves in order to close Trust.
We are not planning to move house for 5 -6 years. Should we just wait until then and the 'Trust' sells the property.
We have rentals - but they are not in trust just in joint names.
Armed with some knowledge from wiser people / - on this site - I can make sure i know what to do rather than continue to leave this matter on the back burner. Yes I know I should see accountant but feel if I'm better informed then I know what to ask for to get done.
Thanks in advance for your help.
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