The Star: February 01, 2024

30 The Star Thursday February 1 2024
SUPREME TOURS & TRAVEL LTD
PH: 0800 809 300 Email: statltd@xtra.co.nz
www.supremetoursandtravel.com
FULLY ESCORTED TOURS
Proudly New Zealand owned and operated.
TAANZ bonded for your protection and member of IATA
Keep the sunshine coming –
lots of variety in Queensland
Join Supreme Tours and Travel on one
of their relaxing winter getaways
Departing 11th July fly to
Brisbane to join our coach for
the short drive to Mooloolaba
on the Sunshine Coast.
Spend 4 nights at the resort
hotel – Novotel Twin Waters
surrounded by pools and
lush gardens. A real variety
of sightseeing here with a
seafood lunch cruise on the
canals, a visit to the famous
Eumundi Markets with its 500
market stalls under the iconic
and towering fig trees. Lots
of handmade crafts and local
eats - the people-watching is
fun too!
We also take a ride on the
historic Mary Valley Rattler.
The C17 steam train travels
from Gympie station through
scenic Mary Valley and the
remarkable small town of
Dagan to the Amamoor
Heritage station. Amamoor is
a quaint community bordered
by the Amamoor state forest
which is home to more than
120 species of birds.
We join our coach and travel
down the coast via Brisbane
and on to the Gold Coast for
4 nights at the beautiful
Sofitel in Broadbeach.
More variety with a visit to
Harbourtown outlet centre
for some bargains.
Checking out the wildlife at
Currumbin Wildlife centre,
watch the sun set as we
cruise the canals of the Gold
Coast with its Million dollar
homes and a farewell dinner
overlooking the water. We
also have time here for our
own choice of sightseeing as
there is just so much to do.
The tour cost is $4795 per
person sharing a twin room
or $5760 for a guaranteed
single room throughout.
As always Supreme
include the return airfares,
great accommodation, all
breakfasts and dinners,
all the sightseeing we
mention, an experienced
Tour Manager and our FREE
home pick up and return
in Auckland/Wellington/
Christchurch areas.
Phone them now on
0800 809 300 for the
full brochure or contact
them via email on
statltd@xtra.co.nz
SENIORS’ LIVING LIFE Advertising Feature
Gift or loan?
Giving money to
your children
It is increasingly common for parents to
provide financial support to their children,
for example advancing them a sum of
money towards the purchase of a home. If
you choose to advance a sum to your child,
it is crucial to document whether the sum
advanced is a gift, a loan, or in exchange
for something, for example an interest in a
property that is purchased with the money.
Failing to record clearly in writing how the
sum should be treated can have expensive
ramifications.
The law presumes that a sum advanced
by a parent to a child, including an adult
child, is intended to be a gift unless there
is evidence to establish otherwise. This is
called the “presumption of advancement”.
The issue of whether an advance from a
parent to an adult child was a gift, a loan,
or a part purchase in a property has had to
be considered several times by the Courts.
It can be an expensive and stressful
process.
Disputes about the nature of a sum
advanced to a child commonly arise
during a relationship property dispute
when a child separates from their spouse
or partner. In one such case, a couple, Ms
L and Mr Z, received a substantial sum
from Ms L’s parents to purchase a home.
When the couple separated, a dispute
Protecting you
through all stages
of life
arose regarding whether the money was
a gift or a loan. Mr Z argued that the
money from Ms L’s parents was a gift and
was therefore relationship property to be
shared by them equally. Ms L argued that
it was a loan. After hearing the evidence,
the Court decided that the money was an
interest-free loan to be repaid on demand.
The sum was a significant portion of their
retirement savings and the Court decided
that it was more likely to be a temporary
transfer of the money to help the couple
get into a home. Ideally the status of the
sum as a gift or loan should have been
recorded at the time it was advanced.
There is a need to be careful. If an
advance is defined as a gift it can affect the
recipient’s entitlements to benefits from
Work and Income (WINZ). Additionally,
if the person giving the gift is receiving
the Residential Care Subsidy, or intends
to apply for it in the future, the gift may
affect their entitlement, as WINZ may still
include the gift as an asset.
To avoid costly and time-consuming
disputes, it is worth discussing a proposed
advance with a lawyer.
For advice on making an advance to
loved ones or for more information on
how a gift may affect WINZ entitlements,
the team at Harmans are here to help.
Our friendly and experienced Seniors Law team offers specialised
legal advice so you have peace of mind and feel confident when it
comes to making decisions that are right for you and your family.
Our Seniors Law team can help with:
Wills
Trusts
Funeral Trusts
Occupation Right Agreements
Enduring Powers of Attorney
Rest Home Subsidies
Estate Planning
Asset Protection
Sale and Purchase of Property
We have two convenient locations one in the Central City, the other in
Papanui by appointment. If you can’t get to us, we offer a home visit
service where we can come to you.
Contact Brian Burke & Mary Crimp P (03) 379 7835 E legal@harmans.co.nz
A 79-81 Cashel Street, Central City, Christchurch 8011
www.harmans.co.nz