21-Jun-07
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21-Jun-07
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Mike R - Palmerston North - June 2007 "
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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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"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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Thanks so much :)))"
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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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