To provide you with an indication as to the costs involved with handling your gifting documentation, our estimated yearly fees for handling the GIFTING documents for a couple are $300 + GST and disbursements (total $354.00) or $200 + GST and disbursements for a single person (total $236.00). 

Please note that this does not include any time spent identifying and quantifying what gifting may be required if we need to look back on historical data.

PLEASE READ OUR STANDARD TERMS AND CONDITIONS OF ENGAGEMENT.

Work Provided

When you utilise Prudentia Law to handle your gifting we do the following work:

  • Maintain a ledger account for your personal gifting position so that a running total is always available to know how much can be gifted at any point in time;
  • Prepare a FORGIVENESS OF DEBT document to activate the GIFT

 

Information required

Regardless of whether you decide to do lump sum gifts after 1 October 2011 or do a progressive GIFTING PROGRAMME you still need to be diligent in identifying value and assets you are transferring to trust for time to time. For us to help you maintain the GIFTING for your TRUST STRUCTURE if you have transferred your personal residence or some other property to it, we require the following information:

  • Annual details of any cash amounts or improvements you have made on the property in the TRUST;
  • Annual details of any funds that you have expressly withdrawn from the TRUST including any cash fromTrust bank accounts or money borrowed in the name of the Trust but used by you personally;
  • Annual details of payments you may have personally made to reduce the principal amount of any loan theTrust owes in respect of the property. The easiest way to manage this is to take a copy of your loan amount as at the first day the TRUST STRUCTURE is implemented, and then to provide the loan balance as at the anniversary date each year. Please note that it is only the principal repayments that affect the GIFTING as the interest paid is treated as a notional “rental” for you to utilise the property for private use.