Elder Law

If you require long-term residential care, the residential subsidy can take the financial pressure off.

If you believe you’re entitled to the subsidy, you can file an application to the Ministry of Social Development (MSD) and include an asset and income assessment with your application. When filling this out, you’ll need to state the value of your assets (as at the date of the assessment) and this will determine whether your assets comply with the applicable asset threshold. 

This assessment only considers certain assets – assets not included are: your family home, your family car and any pre-paid funeral plans or ACC payments.

The thresholds for the assets assessment change constantly, so we advise you get in touch with us so we discuss what you will need to do.

Gifting may also impact your eligibility on the subsidy. Gifting includes any assets that a person and / or their partner has given away to other people. The assets assessment can include any assets or cash you might have gifted in the past and apply these to your overall asset total.

If you require advice around the residential care subsidy and the impact your gifting might have on your eligibility, contact our team for further advice.