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Gifting - 12 months on - Online CPD

Gifting - 12 months on - Online CPD
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Package includes:

Online CPD module  l  Booklet  l  PowerPoint Presentation

Fee (incl GST)

  • $149 - NZLS members and Associate members
  • $179 - Non-members

Note: Access to the online files is via your "My CPD" page. If you would like to purchase multiple packages, please contact us here.

Online CPD Module

Presentation time: 90 minutes

When gift duty was abolished on 1 October 2011 it removed a tax that had outlived its purpose. It brought to an end a feature of legal practice that had been familiar to practitioners for 43 years and rendered redundant years of accumulated precedents and processes. However, there remain important aspects (traps for the unwary!) that practitioners, litigators and legal executives need to be aware of when advising clients about their gifting programmes.

During this course, Chris and Greg Kelly will focus on those areas where obligations still remain and rules have been tightened. Key areas being those relating to rest home subsidies, insolvency, and avoidance of relationship property rights.

Your attendance will enable you to more confidently advise your clients based upon your:

  • clearer understanding of current laws
  • confidence in being better able to decide when your clients need to continue with their progressive gifting programme, or when to gift assets completely
  • understanding of the analysis and review process required to alter the way you manage your gifting programmes, precedents and processes.

Booklet

Authors: Chris Kelly, Greg Kelly
Published: 6 November, 2012
Pages: 35
View contents page

Introduction

Gift duty was abolished on 1 October 2011 after being part of the legal landscape for many years. Most, if not all, practitioners currently in practice prepared documents and advised clients against the background of long-standing gift duty laws.

The abolition of gift duty 12 months ago means that all assets can now be given away immediately, although as we will point out later in this booklet, gifting programmes are still subject to the rules about natural love and affection for the donee. The removal of gift duty has been a significant change and the following issues have arisen:

  1. Clients with historical gifting programmes need to decide whether to continue those programmes or, if not, what action they need to take.
  2. Some clients appear confused and think that they no longer need to do any gifting at all.
  3. Where in the past the giving of advice was relatively straight-forward because of the limits on what could be gifted, it is now far from simple to advise clients.

Our view is that the advice to be given to clients depends on the reason for wanting to give funds or property away. Is it intended to preserve assets from relationship property claims, protect assets from creditors or to attempt to qualify for residential care subsidies or other State assistance? Each of these possibilities needs to be considered separately. These issues are relevant whether money or property is given to a trust or a family member or anyone else.

PowerPoint Presentation

These are the slides included in the presentation.
Number of Slides: 19

Registrant Details

Use this window to add all the registrants you wish to register on behalf of. If you want to attend the course also, ensure you add yourself as one of the registrants. Make sure you press ‘save’ after adding each new registrant.

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Gifting - 12 months on - Online CPD

Publication Date: 06-Nov-2012

Authors: Chris Kelly, Greg Kelly

NZ $179.00
incl GST

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