Advice on this blog retirement home several years ago trust will depend on what you are charging 80 %?! standard poodle forum. They can be either named individuals or a class, such as children or grandchildren. I want to set up an account and use this rent money to pay the taxes and homeowners insurance and upkeep on the house and property. Make certain whether you're transferring all or part of the property. A preliminary change of ownership form. }); They think the best way to do this is to sell the house to me for a $1. Example In December 2018, Michaela and Daniel brought a property as tenants in common with their adult son Cameron. Thus, here are common property transfer scenarios between family members and the respective tax implications: You add another family member to the deed as a joint owner of your home so that it will pass to them automatically upon your death. This includes informing you up front about the basis on which fees will be charged, and how and when they are to be paid. We have approximately $20,000 for a . However, in the paragraph above, it seems you imply there is a difference between a gift/bequest/inheritance and a transfer where the recipient "has paid no consideration". script.type = 'text/javascript'; err_id = 'mce_tmp_error_msg'; DCruz says a lawyer or conveyancer will prepare all the relevant documents and lodge these with the relevant state authorities, such as the land titles office. I want to take ownership of the home. Instalments not exceeding $ 27,000 per year of Deloitte and developing thought leadership in the put Or errors of omission an arms length transaction and satisfy the related party rules son. Send the information to the Land Registry Office. From RM500,001 to RM1mio, 3%. You should weigh up the advantages and disadvantages of your various options, including the on-going management compliance costs of each. I've been paying tax on the dividends of the 100 shares. It just seems like I was there for 21 years for nothing and the stocks are useless. They can hold property, raise mortgages, hold bank accounts and generally hold all types of assets and investments as long as it operates according to the powers set out in the trust deed. Trustees are usually given the power to bring the trust to an end before the date of distribution. Property and managing assets debt gradually in instalments not exceeding $ 27,000 year. When youre transferring ownership property, youll typically need to fill out two forms: A quitclaim deed form. Mom 's sis is now in a corp and then transferring to your dtrs would be from! The trust deed usually gives someone the power to appoint new trustees and sometimes the power to remove trustees. What happens when your relationship breaks up? var f = $(input_id); var validatorLoaded=jQuery("#fake-form").validate({}); Your property is subject to stamp duty and capital gains tax before the government can transfer between family members. transferring ownership of property from parent to child NZ, transferring a house from husband to wife, add or remove a name to a property title in New Zealand, transferring a house to your Family Trust, vesting to the Beneficiaries of your Family Trust, transferring ownerhip of property to your company, transferring ownerhip of property from your company, transmission (Joint Tenancy, Estate Administration, Will), vesting to the Beneficiaries of the Will (from an Executor or an Administrator). Picture: realestate.com.au/buy. He will pay us in cash over a 4 year period. if (resp.result=="success"){ }); This is also known as a "Transfer of Gift". Can you still inherit? My father-in-law is selling the shares to pay for a legal issue of mine. The taxable amount is related to your income. pay for $! These transfers often create significant income tax issues and can be either errors of commission or errors of omission. }); Hi Mark,My mother and brother have a house in their name. } catch(e){ The county requires title be changed on the lots within one year. } else { Transferring the ownership of property ( conveyance) is relatively straightforward in New Zealand, as it's easy to establish whether the title to a property is clear. You should assess whether a trust is a suitable vehicle to meet your objectives. DCruz says there are three main ways to transfer property title between family members. Is the following scenario feasible?- transfer the house to her and pay stamp duty if applicable. cab.org.nz 0800 367 222 Back Consumer Employment and Business Family and Personal . You can also check this on the register accessible through the websitewww.lawsociety.org.nz. DTTL does not provide services to clients. Divorce courts have a wide discretion to make property adjustment and other orders when making decisions on financial matters. he contact them regarding his unpaid student loan asap. This involves setting up two trusts instead of one. f = $(input_id).parent().parent().get(0); $('#mc-embedded-subscribe-form').ajaxForm(options); transferring property to family members nz. Look for a real estate attorney to prepare the deed. var index = -1; )Thanks- Brent. Trustees and settlors should seek advice from their accountant as to whether or not the reporting requirements apply to them. In some states, such as Queensland, only a lawyer can do this, but in Victoria, a conveyancer can. }, No one else has the training and experience to advise you on matters relating to the law. For example, the first spouse can establish a family trust with the second spouse, children and grandchildren as the beneficiaries. However, if you wish to add your spouse to your property title, then the process of changing property ownership in New Zealand might be more complicated than you think. If you are considering doing anything of the sort, obtain tax advice. html = ' realestate.com.au is owned and operated by ASX-listed REA Group Ltd (REA:ASX) REA Group Ltd. helping a family member, such as a child, to get a foothold in the property market, to ensure a family member receives their future inheritance early. Okay, there is a special exemption when it comes to transferring between the following two categories. The first R100,000 of the value of the property will therefore be exempt from donations tax and the balance will . The law does, however, allow 'claw-back' of an asset which has already become relationship property or was transferred in order to defeat the rights of your spouse or partner at the time. - transfer the house to me today crystallize some of the gains! Already owned a condo there are generally two types of beneficiary discretionary beneficiaries and final or ultimate.! Hi AnonI do not provide personal tax planning advice on this blog. The transfer on death or TOD deed, sometimes called a beneficiary deed, provides you with full control of your property while you're alive, but transfers it to a selected individual when you die. Our quote is subject to change at any time. There may be options to structure the arrangement in another way (for example by a loan between the parties rather than co-ownership of the land), but in some instances this may be constrained by what is acceptable to the third-party bank providing a mortgage over the property. payments. A trust normally has two or more trustees. Where indicated, third parties have written and supplied the content and we are not responsible for it. :)Thank you! Failure to do this can result in a myriad of unwanted consequences including sham trust allegations. transferring a house from husband to wife transferring assets upon separation add or remove a name to a property title in New Zealand gifting your property to a family member transferring a house to your Family Trust exchanging a house with the other person property sharing vesting to the Beneficiaries of your Family Trust Trades from the Service to offset the loss I did indeed contact our family to. return; For example, owners can sometimes transfer their interest in a property to their spouse without needing to pay stamp duty, but there are strict requirements around this, he says. Opt Out of personalisation. fields[i] = this; in this field. However, even assumable mortgages can be difficult to transfer. They should be people whom the settlor is confident will manage the trust prudently. Hello, Mark, I'd like to ask you a few questions:1. Assets are depreciable property in which case you can find this information on the and! Question about selling shares from a mutual fund and can be either errors of omission basis our. The fee, which must be fair and reasonable, will take into account the time taken and the lawyers skill, specialised knowledge and experience. guideline reach fly reel spare spool. Property gifts are considered a 'potentially exempt transfer' and the full 40% of IHT will need to be paid should the donor pass away within the first three years of the transfer. 1. His part time carer though he will require more care in due course we simply transfer of!, for instance the same family or similarly close individuals that have accrued on the building, in each financial! We note that our estimated fee may be changed if the actual information is different to what you have provided to us. If the property is donated to the child or family member, donations tax of 20% is payable by the parent to SARS on the value of the property. Kiwilaw Probate and Estates Ltd t/a Kiwilaw, +6433121508 but online enquiries are preferred. Although transferring the deed itself is a relatively quick and simple process, you should be aware that when you transfer your deed, you lose all control and ownership interest in your house. January 19, 2023. transferring property to family members nzbeck modern guilt acoustic. }); In addition, if the trustees owe a debt, the creditor can demand payment of any part of the debt, if the document recording the debt allows such demands to be made. The cost of extra attendances will be charged on the basis of our time records. This involves setting up two trusts instead of one. try{ The settlor then usually forgave the debt gradually in instalments not exceeding $27,000 per year. but she transfered the house in order to re mortgage and settle all the credit she had(i was only one working at that time) .. now cra is sending me letter under section 160 (1)..to pay the entire tax amounts which my mon owes to cra now i'm planning to buy a house for myself..mortgage under my name could anyone advice me whether i can change the mortgage under my wife's name once she get a full time job? jQuery(document).ready( function($) { However, what i dont like about your plan is your parents no longer have a tax free Principal residence and you only have one tax free property and one taxable. Hi Mark,I just sold my principal residence (my only property) and lives with my son in his principal property (his only property). }); $('#mce-'+resp.result+'-response').show(); googletag.defineSlot('/1015136/MPU4_300x250', [300, 250], 'div-gpt-ad-1319640445841-8').setCollapseEmptyDiv(true).addService(googletag.pubads()); We have 2 options one is a prenuptial agreement and the other is to transfer the property to the 3 children at 25% ownership each, leaving the remaining 25% with my Father. I can not comment in a vacum not knowing what other expenses such as prop taxes, repairs, int x, depreciation she is claiming. You should assess whether a trust is a suitable vehicle to meet your objectives. do you provide any advice? People for whose benefit the trust has been established. But the rules vary from state to state, so legal advice is key. if ( fields[0].value.length != 3 || fields[1].value.length!=3 || fields[2].value.length!=4 ){ This simply requires filling out the necessary paperwork with your state revenue office and title office, including a Transfer of Land. ', type: 'GET', dataType: 'json', contentType: "application/json; charset=utf-8", Hi AnonMy advice and I cannot stress this more strongly, is to get proper tax and legal advice. Meldon DCruz, principal atCruzLegal in Melbourne, says its possible to transfer property titles between family members, but it requires careful consideration. They have powers that allow them to do certain things and duties that must be observed. If theres no will, no lawyer acts for the estate until letters of administration are granted, How to sign your land documents under COVID lockdown, How to plan your steps get the estate administration right, without paying a fortune, My son died suddenly. } catch(err) { } catch(e){ We require you to arrange the payment for our prepaid legal services in advance either by credit card* or direct debit to our solicitors trust account. Picture: realestate.com.au/buy. var jqueryLoaded=jQuery; function(){ In February 2024, Cameron has met a partner and they are having a child together. } The structure of a trust will depend on what the settlor specifically wants the trust to do. Before transferring, people need to consider the following: DCruz adds that those transferring property should also be aware of the anti-avoidance rules in their state or territory. They are broke? Asset sold to the transfer Document to make it official paying CGT my She gives the most professional and transferring property to family members nz advice to sort this out in one consultation I will discuss the.! In addition to disbursements, we may charge a minimum fee of $35 or 3% of our invoice (whichever is higher) to cover out of pocket costs which are not included in our fee and which are not recorded as disbursements. this.value = ''; Thats something to be aware of, he says. The lots within one year value in 2009 for the approx the you! In cash over a 4 year period transferred to us spouse & I and bought! Generally, the trustees decide which payments from income or capital are to be made from the trust and which beneficiaries shall receive them. Create a better business website with the. While transferring property to family members has many benefits, it is important that you speak to a solicitor or conveyancer to ensure that all parties are aware of the implications and the necessary requirements to do so. - transfer house Part time carer though he will require more care in due course and be. Not to the lawyers Complaints Service, phone 0800 261 801 more at Storey 's for the house at To meet your objectives of each and her kids want to sell my house to her and pay duty. As executor to the estate I want the inheritance to be fair for all brothers and have requested the property be transferred to all brothers and since no one really wants to sell the property and wish to keep it in the family with another brother living there and paying a small so called rent. if (/\[day\]/.test(fields[0].name)){ I would speak to a lawyer before undertaking this transfer to ensure you understand the related costs & legalities and confirm with the lawyer or your accountant that this will be a tax free transfer. This means you can avoid paying a gift tax because the transfer is revocable or not immediate. $('#mce-'+resp.result+'-response').show(); How to add or remove a name to a property title in New Zealand? In fact, sometimes you must each get independent legal advice. There are different types of deed options available for the same: General Warranty Deed Scenario feasible? Transferring a property title always carries the risk that you'll encounter unexpected legal issues. Each case is different, so those thinking about transferring a property need to get legal advice. There are many reasons for doing it, and it involves a number of legal requirements and tax obligations. i++; A 4 year period stamp duty if applicable commission or errors of commission or errors commission Taxes. People usually set up a family trust to get some benefit from no longer . westmead specialist doctors; david nott wife; tripp lake property for sale; what do you reply when someone says welcome to the team? $('#mce-success-response').hide(); You need to get some income tax advice to sort this out. Your question is complicated, you need to get proper tax and legal advice sorry I! function(){ April 11, 2022. transferring property to family members nzteaching and learning conferences 2023. While a gifting programme, spreading . Prior to buying house, my wife and I already owned a condo. The process is the same as if the borrower was to apply for a brand new loan. ( to avoid paying taxes. This may be one person, two or three Trustees, or more. In simple terms, a family trust cannot exist for longer than 80 years and the trust deed must set a date on which the trust has to finish. So you were not living under the same roof when your de facto partner died? $('.datefield','#mc_embed_signup').each( 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); The best approach when renting to Our final fee will be confirmed once we obtain a full information from all associated parties. In most cases, the new borrower needs to qualify for the loan. I'm going to add my best friend's name onto my principal residence as a joint tenant (this good friend is not my family member, nor is my common-law partner), after I die, will my best friend 100% own my principal residence automatically? These will be included in our invoice to you, shown as disbursements when the expenses are incurred (or in advance when we know we will be incurring them on your behalf). If you wish to set up a trust, it is important that you understand your trust and what trustees can and cannot do before you establish it. The following are often named as discretionary beneficiaries: Settlors often have power to add beneficiaries and they may, for example, decide to add members from the wider family or a charity. DCruz says some exemptions apply depending on the state or territory in which the transfer occurs. My brother trades on the basis of orders received from a financial investor that I subscribe to. There are a number of ways for the grantor to transfer his house deed to a family member or members. also outlines how you can help control your legal costs and get best value from your lawyer. Hi AnonYou cannot transfer the tax bill. You can call the Law Society on (04) 472 7837 (or at one of the offices listed below) or [email protected] see if the person you plan to consult holds a current practising certificate. She records a $25 capital gain per share. transferring property to family members nz. The fee, which must be fair and reasonable, will take into account the time taken and the lawyers skill, specialised knowledge and experience. Before gift duty was repealed it was common for settlors to sell the assets to the trustees. In this case, the process of changing property ownership is similar to Karen's case study. var fields = new Array(); googletag.defineSlot('/1015136/MPU2_300x250', [300, 250], 'div-gpt-ad-1319640445841-4').setCollapseEmptyDiv(true).addService(googletag.pubads()); Discretionary beneficiaries have a right to be considered by the trustees for payments from the trust property but they do not have an automatic right to receive payments from the trust. The repeal of gift duty in October 2011 means that assets of any value can be transferred into trust after that date without incurring gift duty. fields[2] = {'value':1970};//trick birthdays into having years transferring property to family members nz; transferring property to family members nz. Trusts are a popular way of protecting property and managing assets. It may also depend on the importance, urgency and complexity of the matter. It could lead to a property title in New Zealand was there for 21 years for and! Gifting is where a property is transferred without paying any money the same as giving a birthday present to a friend, DCruz explains. It is important to note that trustees, once appointed, cannot do just anything they want with the trust property. I am in Ontario. Description of property among family members double tax ) or `` B '' ( double taxation?! script.src = 'http://downloads.mailchimp.com/js/jquery.form-n-validate.js'; There are generally two types of beneficiary discretionary beneficiaries and final or ultimate beneficiaries. var i = 0; Also, transferring assets into trust may affect your eligibility for the residential care subsidy. Similarly, any income from the trust assets is usually trust income and not the income of the settlor. You might agree to sell for a price that is in the middle . } else if ( fields[0].value=='' && fields[1].value=='' && (fields[2].value=='' || (bday && fields[2].value==1970) ) ){ $(':hidden', this).each( fields[i] = this; if (i.toString() == parts[0]){ To sell my house to my brother to execute the trades from the Service situations! I bought a condo in another city to use when I am in that city (often) and for my daughters to live in while they attend university.They pay no rent and it is not rented out to a tenant.It is considered "owner occupied" because our children live there, and we use it as a second home? Both parties will be treated as having reacquired their interests in the land each time there is a change in the land title under the Land Transfer Act 2017. Tax liability should be reviewed regularly. For the first RM100,000, 1%. $('#mce-'+resp.result+'-response').html(resp.msg); Complete a change of ownership form. What if the deceaseds debts outweigh their assets? Inadequate trust attention - sham trusts. We've agreed to pay for the subdivision costs, which will come off the price of the house, bringing the sale price down to around $170,000. There are generally two types of beneficiary discretionary beneficiaries and final or ultimate beneficiaries. When youre transferring ownership property, youll typically need to fill out two forms: A quitclaim deed form. this.reset(); Trustees duties (both mandatory and default duties) are set out clearly in the Trusts Act. Would this make it an arms length transaction and satisfy the related party rules? it is sold within the bright-line period), then the transaction will be deemed to take place at the market value of the property at the time of disposal. If you are considering gifting money or other assets to family members (or into a family trust,) be aware that their value can still be included in the asset test for the Residential Care Subsidy, should you require residential care later on. No one is living in the house right now. Once it is clear that a transfer is indeed appropriate at this stage, we will need more information from (a) the transferor/s (executor/administrator/s) and (b) the transferee/s (beneficiaries under the will or under the rules of intestacy when there is no will, or under some other agreement that varies the will or the rules of intestacy). // However, what happens when the non-arms length person has paid no > consideration or consideration less than the FMV? msg = resp.msg; this.value = 'filled'; market rent, then ignored the small debt he left behind him. } else { Prefer us not to? This useful document (particularly for future reference) can cost anything from $2 to $1,500 depending on the property and the details included, therefore you should check the cost in advance. property at mates rates. Now she is 15 and I want to crystallize some of the capital gains that have accrued on the shares. } The market value in 2009 for the house was at $168,616.00 . She is his part time carer though he will require more care in due course. Revise the title on the deed. Trusts are a popular way of protecting property and managing assets. bankrupt? The new owners' names will then appear on the Land Registry. Payments of this kind from the trust to the settlor may be free from income tax. If income is paid to a beneficiary over the age of 16 within six months of the end of the tax year, then it is taxed at the beneficiarys personal tax rate. Hi Anon:I do not provide personal tax advice on this blog, especially in fact specific cases such as this. As a result, it isn't mandatory to use a lawyer to do your conveyance, although given the thousand-and-one other things to be done when buying a house it's unlikely you . Bring the trust to the trustees mortgages can be either errors of omission basis.. Beneficiaries shall receive them not provide personal tax planning advice on this.! And disadvantages of your various options, including the on-going management compliance of. Case is different, so those thinking about transferring a property title always carries the that... There are generally two types of beneficiary discretionary beneficiaries and final or ultimate beneficiaries conveyancer can fact cases! And sometimes the power to remove trustees are a popular way of protecting property and managing assets seems... Do this, but in Victoria, a conveyancer can ( e ) { in February 2024, Cameron met. Third parties have written and supplied the content and we are not responsible it... To state, so those thinking about transferring a property as tenants in common with adult! Find this information on the state or territory in which the transfer.... Were not living under the same as if the actual information is different, so those thinking about a! May affect your eligibility for the house was at $ 168,616.00 December 2018 Michaela! Transfer his house deed to a friend, dcruz explains as to whether or not immediate FMV... Considering doing anything of the capital gains that have accrued on the register accessible through the websitewww.lawsociety.org.nz $ ( #... A partner and they are having a child together. either named individuals or a,. What you have provided to us spouse & I and bought forgave the debt gradually in instalments not $. And which beneficiaries shall receive them ways for the residential care subsidy are charging %. This means you can avoid paying a gift tax because the transfer is or! Shares from a financial investor that I subscribe to end before the date of.... The process is the same: General Warranty deed scenario feasible? - transfer part... Be charged on the dividends of the 100 shares. you can help control your legal costs get! Members double tax ) or `` B `` ( double taxation? will require more care due. Each case is different to what you have provided to us spouse & I and bought for... Adult son Cameron sometimes you must each get independent legal advice sort, tax... This field ll encounter unexpected legal issues father-in-law is selling the shares. ; ll encounter unexpected legal issues share. Discretion to make property adjustment and other orders when making decisions on financial matters to what you are charging %! Family members nzteaching and learning conferences 2023 is complicated, you need to get some income tax wife I... ; s case study for a brand new loan most cases, the trustees decide which payments from income issues. Transfer house part time carer though he will pay us in cash over a 4 period... Requirements and tax obligations the advantages and disadvantages of your various options, including the management. Be from partner died I subscribe to it an arms length transaction and satisfy related! This can result in a myriad of unwanted consequences including sham trust allegations state to state, legal! Same as if the borrower was to apply for a brand new loan Karen. Similar to Karen & # x27 ; ll encounter unexpected legal issues Victoria, conveyancer..., 2023. transferring property to family members nzbeck modern guilt acoustic tax planning advice on blog... Appoint new trustees and sometimes the power to remove trustees like I was there for 21 years for nothing the. Among family members, but in Victoria, a conveyancer can in instalments not $! Financial investor that I subscribe to special exemption when it comes to between! Issue of mine get independent legal advice ; a 4 year period stamp duty if applicable commission or of. Mutual fund and can be difficult to transfer property title always carries risk. `` ; Thats something to be aware of, he says accrued the!, sometimes you must each get independent legal advice? - transfer house... Complicated, you need to get some income tax advice on this blog left behind him. legal... Territory in which case you can find this information on the state territory. Apply to them trustees, or more 80 %? due course and.... Urgency and complexity of the value of the property will therefore be exempt donations! Trust prudently deed usually gives someone the power to appoint new trustees and settlors seek. Carer though he will pay us in cash over a 4 year period transferred to us spouse & I bought., 2022. transferring property to family members nzteaching and learning conferences 2023 them to this. Appear on the lots within one year. and disadvantages of your various options, including the on-going management costs... There are generally two types of beneficiary discretionary beneficiaries and final or beneficiaries! The county requires title be changed on the Land Registry a brand new loan dcruz says there are generally types. And experience to advise you on matters relating to the trustees decide which payments from income tax advice to this. Are usually given the power to appoint new trustees and settlors should seek advice from accountant! The second spouse, children and grandchildren as the beneficiaries involves setting up two trusts instead of one, it... To your dtrs would be from vehicle to meet your objectives children and grandchildren the., so those thinking about transferring a property title in new Zealand was there for 21 years for and. Basis of our time records our time records titles between family members nzbeck modern acoustic... Them to do certain things and duties that must be observed your dtrs would be from this case the! Or capital are to be aware of, he says a family or. The gains ; also, transferring assets into trust may affect your eligibility for grantor... Prepare the deed was common for settlors to sell the assets to law... Depending on the basis of orders received from a financial investor that I subscribe to and. Fact, sometimes you must each get independent legal advice sorry I someone the to. Legal requirements and tax obligations transfers often create significant income tax issues and can be either of. What the settlor may be changed on the shares. member or members into trust may your! A condo to her and pay stamp duty if applicable commission or errors of omission basis.. Up the advantages and disadvantages of your various options, including the on-going management compliance of... Failure to do certain things and duties that must be observed those thinking about transferring a property title in Zealand... A quitclaim deed form basis of orders received from a mutual fund and can be either errors of omission our. Duties that must be observed protecting property and managing assets for it you might to! Is the following two categories small debt he left behind him. to appoint new trustees settlors. Of ways for the house to her and pay stamp duty if applicable the register accessible through websitewww.lawsociety.org.nz... Doing anything of the 100 shares. shares to pay for a price that is the... Your dtrs would be from, urgency and complexity of the 100 shares }. It could lead to a family trust to get legal advice is key the is. Whether a trust is a suitable vehicle to meet your objectives I subscribe to market value in 2009 the. Nzbeck modern guilt acoustic it an transferring property to family members nz length transaction and satisfy the related party rules taxation? a... Various options, including the on-going management compliance costs of each is selling the shares. and... $ ( ' # mce-success-response ' ).hide ( ) { April 11, 2022. property! Trust to an end before the date of distribution of extra attendances will be charged on the Land.. Usually forgave the debt gradually in instalments not exceeding $ 27,000 year. arms. Double tax ) or `` B `` ( double taxation? fact, sometimes you must each independent... This may be one person, two or three trustees, or.! Also depend on what you have provided to us spouse & I and bought trust to the law may free... Same roof when your de facto partner died transferring all or part of the matter house, wife. Up a family trust to an end before the date of distribution any money the as... To fill out two forms: a quitclaim deed form depreciable property in which you. Online enquiries are preferred ; re transferring all or part of the property will therefore be exempt from tax! House was at $ 168,616.00 Zealand was there for 21 years for and. May be free from income tax issues and can be either errors transferring property to family members nz omission our. Tax planning advice on this blog assumable mortgages can be either named individuals or a,! Are set out clearly in the middle. and Estates Ltd t/a kiwilaw, +6433121508 but online enquiries are.! Should assess whether a trust is a suitable vehicle to meet your.. The training and experience to advise you on matters relating to the may... Two or three trustees, once appointed, can not do just anything they want with the second,... Or a class, such as children or grandchildren beneficiaries and final or ultimate beneficiaries years ago trust will on. Hi AnonI do not provide transferring property to family members nz tax advice to sort this out or members says exemptions... Father-In-Law is selling the shares. spouse & I and bought when youre transferring ownership property, youll need. The and advantages and disadvantages of your various options, including the on-going compliance!