Advisors may be under the impression gifting assets to a family trust will provide some degree of protection from a means assessment for the residential care subsidy under the Social Security Act 1964. However the level of protection is not as significant as you may initially have thought.
It is widely known that the means assessment “adds back” gifts made within 5 years of the date of assessment if the gift is in excess of 5,500 p.a. It is perhaps less widely known that this claw back also extends to gifts made by the person’s spouse or partner.
Loading ...
Recent comments