- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Tricky Scenario Involving Residential Care Subsidy and Inheritance Law
I am facing a complex situation and would appreciate any advice from those who have dealt with similar issues in the past.
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A and B are married. Currently, A is in residential care and is above the threshold for a Residential Care Subsidy. Meanwhile, Partner B, who resides in the family home, has limited time left to live.
Under New Zealand inheritance law, A is set to inherit the family home and B’s assets since the property is under joint tenancy. However, B wishes to alter the title of the house to “tenants in common” and designate his portion of the property to A and their three children.
While this seems like a viable solution, there is concern about potential repercussions from the Ministry of Social Development (MSD) in the future. Could this be considered depriving income and affect A’s eligibility for a Residential Care Subsidy years later when their funds are depleted?
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****** just grabbed a
How long is A expected to live?
Median length of stay in residential care looks to be less than 2 years (time of entry to time of death).
Suppose that the change from joint ownership to tenants in common is legit. (It won’t be.) Further suppose that this entitles A to the rest home subsidy 4.5 years sooner than if A owned the property solely. If A’s life expectancy is less than 4.5 years, then even if the ownership change was legit, it would be pointless.
Jesus speak to a lawyer before reddit
Unfortunately our system has faults and one of them if you have assets and need to go into care, then those assets will be drawn upon first before the govt pays, but there are limits that the monies can go down to.
How a person distributes their wealth after death is up to them so if B has assets and he wishes to bequeath them upon death to his children, and only his children then he is entitled to do that with provisions , but the house they both own needs to be dealt with as no longer is there a spouse living in it, and it will be counted as an asset, for the half that A owns.
You are obviously very aware of the thresholds, but as stated MSD doesn’t like deprivation of assets, but bequeathing is a natural process. Of course the assets dont get distributed until the will is probated and the executors officially distribute the estate funds/ sell the house. The executors have to wait a set period of time to ensure that they are not held liable.
Talking to a lawyer for partner B with regards to distribution of assets via a will would be wise, and monies well spent.
This is stock standard stuff for your average lawyer. There is a lot at stake. Be gracious enough to pay for their expertise rather than asking the random internet people.
You need an accountant and a lawyer. But as for my friend’s case. Changing title to tenant in common won’t cut it as IRD thinks it’s still your assets unless it’s less than 75k or 37.5k for each parent.
Well. Welcome to NZ. Where people get ripped off from housing when they are young and from retirement when they are old.