From: Ric1 .
Discovered something else I didn't know when I visited the Public Trustee last week. If you and your partner have an asset (like property) under joint tenancy, and you cark it, then the asset automatically reverts to your partner, without the Public Trustee getting a slice of it. However, if you hold it as Tenants in Common, your share of it (which need not be 50%) reverts to your estate on your demise, and when the PT distributes it to your beneficiaries, it DOES take a slice, as its commission (or fee) for executing your will. Something like 4.4% (including GST) for the first $100 000, and on a decreasing scale thereafter.
We have our IPs as Tenants in Common, since it gives me a tax advantage so to do, but if both partners are earning similar salaries, then it might be more prudent to go as Joint Tenants.
Thought I would share that with you, particularly the, um, more senior afficionados of this forum!
Ric
Discovered something else I didn't know when I visited the Public Trustee last week. If you and your partner have an asset (like property) under joint tenancy, and you cark it, then the asset automatically reverts to your partner, without the Public Trustee getting a slice of it. However, if you hold it as Tenants in Common, your share of it (which need not be 50%) reverts to your estate on your demise, and when the PT distributes it to your beneficiaries, it DOES take a slice, as its commission (or fee) for executing your will. Something like 4.4% (including GST) for the first $100 000, and on a decreasing scale thereafter.
We have our IPs as Tenants in Common, since it gives me a tax advantage so to do, but if both partners are earning similar salaries, then it might be more prudent to go as Joint Tenants.
Thought I would share that with you, particularly the, um, more senior afficionados of this forum!
Ric
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