FAMILY TRUSTS AND PROPERTY PROTECTION
Palmerston North Family Lawyer – Jeremy McGuire. Family trusts are a good way to protect your property from trade creditors and ex-partners. They are recommended for clients who are self-employed or who already own substantial assets before entering into a personal relationship.
Contracting-out agreements are also important for clients who already own property before getting into a new relationship or who contribute more towards buying and keeping property that is co-owned with a partner. After three years the law presumes that relationship property is owned equally by the parties to the relationship regardless of who paid for what.
Likewise, family trusts are still really important if a client wants to qualify for the residential care subsidy when they get older and need to go to a rest home. Currently eligibility for the residential care subsidy is “means tested”. That means you won’t qualify for the subsidy if you own too much personal property and you will have to pay for your care yourself. If your home is in a family trust it doesn’t count when you apply for the subsidy and you can leave it to the family.
Often family trusts and contracting-out agreements are important when you are buying a property or a business.
I can advise you how to protect your assets and wealth by one or more of the means mentioned here.
FAMILY PROBLEMS? I CAN HELP YOU
The breakdown of any relationship is difficult and stressful for all concerned.
It doesn’t make any difference if you were married or living together and things are worse when children and/or relationship property is involved.
I can offer you a sympathetic and constructive approach to achieve a fair and amicable solution to your problems, whenever possible.
I stress co-operation and agreement over confrontation and disagreement if possible. I am always particularly sensitive and careful when children are involved.
I have experience with:
- Care and contact with children
- Paternity issues
- Guardianship
- Relationship property agreements and disputes
- Domestic violence
- Child support
- Spousal maintenance
- Wills
- Probate
- Letters of Administration
- Estate Work
If you would like to find out more about my family law services call me now on 929 4669 or fill out the online enquiry form.
Palmerston North Family Lawyer – Jeremy McGuire.