| Feedback/Blogs/Reviews from related topic: Cause of Action |
"I found all these contract topics interesting and helpful. JD. Napier December 2006"
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| Feedback/Blogs/Reviews from related topic: Cause of Action |
"I was charged $600 by a lawyer for an annual gift statement !!! and now I find out from you guys that I could have done it myself for next to nothing. I am gobsmacked. This sort of site should be more widespread. Sure, we might need some lawyesr sometime but your site provides simple basic information which is very useful. Thanks. Betty G Southland May 2007"
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"Helpful . . . Muriel"
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"Gosh these Trust documents are so long. There should be shorter documents. but I suppose they are necessary. But good of you to include so many docments in your site. We have been helped by your wills sites too. John Mc."
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"Bloody Hell! You provide us with the documentation as well! This is great stuff. I will still use a lawyer but I now have enough information to make some informed decisions myself.
Kevin M - Hamilton"
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"Very helpful . . . McBreen"
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"Now that I understand the principles it has made it easier for me to prepare and make final decisions. thank you. Kirsten."
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"Great coverage to have it all laid out. Could you try and give us some uncomplicated documents. yours are useful but are there any simpler docs? Keep up the good work. A really helpful website. Graeme H. Wellington - May 2007"
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"I have made good use of this topic and the other topics on Wills. Well done. Jim H (retired) - Devonport - May 2007"
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"Bloody Hell! You provide us with the documentation as well! This is great stuff. I will still use a lawyer but I now have enough information to make some informed decisions myself.
Kevin M - Hamilton"
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"Hi Netlaw...i have found your site very helpful to me in applying for a parent order. Anexcellent site with the right information, easy to use steps.
Thanks so much :)))"
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"HI, posted yesterday trying to find application boilerplate for challenging will due to unsound mind (with medical evidence). Thanks"
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"My husband and I liked all this information. Keep it up please! Well worth the $45. We have spent so much on lawyers, blast them. I suppose they are necessary but when we see these concepts set out simply by you in Netlaw we wonder what all the secrecy and fuss was about in other matters. "
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"I have heard that through the Will I am able to gift up to $27 500.00 of my property per year to some one that I want to inherit without paying gifting fees where do I find a template for this
Netlaw answers: Good morning,
You posted a blog on Netlaw this morning. We reply as follows.
Gift duty is not payable on money or assets which pass under your will. Therefore, you can leave $1,000,000 to someone in your will and it is not classified as a gift.
However, if you wanted to give someone $1 million during your lifetime then that would attract gift duty at 40 cents in the dollar (subject to a more specific calculation about a lesser amount of gift duty in some bands above $27,000) for any amount gifted over $27,000 per year. This is why gift programmes over a number of years have to be set up during the course of your lifetime to avoid or minimise paying gift duty.
But we repeat - money or assets left under a will are not treated as gifts for gift duty purposes. Nor are death duties payable any more. They were abolished well over 10 years ago.
Cheers . . . . Netlaw"
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