- December 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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Can Gifted Money to Buy a House Be Reclaimed by the Government if My Parents Go into a Rest Home Within 5 Years?
AI Legalese Decoder Can Help with Navigating the Complexities of Gifting Rules and Government Reclaim
My partner and I are in the process of purchasing our first home and are considering using a gifted sum of $50,000 from my parents as the deposit. However, we are concerned about the possibility of the government reclaiming the gifted amount if my parents were to go into a rest home within the next 5 years.
We have researched the gifting rules and are aware that there are specified annual gifting limits. As far as we understand, individuals can gift up to $7,000 per year, 5 years prior to entering a rest home, or $27,000 per year, 10 years prior. The uncertainty of when or if this situation may arise adds another layer of complexity to our decision-making process.
Given the complexity of these rules and their potential impact on our home purchase, we are considering using an AI Legalese Decoder to help us navigate through these complexities. The AI Legalese Decoder can provide us with a clear and simplified understanding of the gifting regulations and their implications, allowing us to make informed decisions regarding the use of the gifted amount for our home purchase.
Furthermore, with my parents being in their mid to late 70s, the need for a comprehensive understanding of the legal framework surrounding gifting and rest home care becomes even more crucial. The AI Legalese Decoder can provide us with easy-to-understand insights and guidance, enabling us to proceed with our home purchase confidently and with a comprehensive understanding of potential legal implications.
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****** just grabbed a
ItÔÇÖs not about claiming back, itÔÇÖs ineligibility for the subsidy.
Eligibility of the subsidy in terms of asset value:
> If you’re 65 or older, your and your partner’s (if you have one) total assets must be $273,628 or less. If you have a partner who’s not in long-term residential care, you can choose whether the total value of your combined assets is either:
> $149,845 or less, if you don’t want to include the value of your house and car (your house isn’t counted as an asset if it’s the main place where your partner or dependent child lives), or
> $273,628 or less, if you do want to include the value of your house and car.
Also
> Gifted assets in the last 5 years
> We won’t count up to $7,500 of assets you’ve gifted each year in the last 5 years (from when you apply for the subsidy). This is a total of $37,500 of any assets you and your partner (even if they’ve died) have gifted in the last 5 years.
https://www.workandincome.govt.nz/products/a-z-benefits/residential-care-subsidy.html
If they gift more than the eligible amount between now and when they need care, they simply won’t get the subsidy until they fall below the threshold.
Going through this at the moment with aging parents. It’s $27k per year if more than 5 years prior to the assessment for govt assistance. Ideally if they gave the $50k over two years then they could avoid the gift being counted as part of their assets. If it’s $50k all at once then $23k of that will be counted as their asset, and there’s no time limit for that.
They could treat it as a long and gift over time to make it work?
Timing is always a challenge at that age.