House Joint Tenants Children

5th Birthday Celebrations of the Napier Community House

Hon Tariana Turia
Minister for the Community and Voluntary Sector

5th Birthday Celebrations of the Napier Community House; 11 August 2011, 10am

Speech
I want to firstly acknowledge the presence of
• Heitia Hiha (Ngati Matepu);
• Her honour the Mayor of Napier, Barbara Arnott;
• members and tenants of the Napier Community House Trust;
• and the wider community who are so central to this place.

When I opened my diary and saw that I was going to a fifth birthday celebration I had to say I was quite excited

I was even more pleased when I saw that the celebration was in Ikaroa Rawhiti – specifically the Hawkes Bay.

Fifth birthdays are a tremendous occasion in the life of any whanau.

They are one of those milestone dates – a ritual of passage which marks the transition from one step in the journey of life to another.

And why would it be so special to be in the Hawkes Bay for such an occasion?

A week ago, I had the privilege of visiting the Science and Leadership Academy at Hastings Intermediate. And I want to share just one moment in that day which has reminded me why this place is so special.

Every morning, every single child that walks through the gates of Hastings Intermediate is met by two teachers who greet every child by name. I think that is absolutely remarkable – and we’re talking 500 children at that school.

That simple gesture – a personal greeting to start the day – tells me everything about being welcomed; being celebrated, being valued.

It provides a very special context for being here today, to celebrate the fifth birthday of the Napier Community House.

Like those teachers at the front of the school; Napier Community House has successfully been providing a meeting place for the community to come together. It exemplifies the concept of a one-stop-shop where you can visit a number of organisations in one convenient and central location.

Being together under the same roof has led to an improved and more coordinated approach to service delivery. One simple example of how this works, makes it clear why the Napier Community House is so successful.

In the early days of the House, there were an ever-growing number of clients referred from multiple agencies for multiple needs ranging from family budgets, advocacy, tenant rights, food parcels and disability access.

Six Biggest Risks of Joint Real Estate Ownership | Estate Planning ...

Many people over the years have been told that adding their children or a friend to a deed to avoid the costs of having a will or dealing with probate .  While this is true with respect to the house, generally, it causes a dozen or so other problems that are not considered at the time.  In this blog post, I will focus on the six biggest risks associated with joint property ownership.

Joint Ownership = Bad Idea Your Home But Not Your House.   By adding a child, grandchild or friend to the home’s deed, create joint ownership, which means you can no longer do as you wish with your home without their approval.  It may be your home, but it is now their house, too.  While they cannot force you to sell the property, you cannot force them to let you sell it either.  Need a home improvement loan?  You will have to get the kids’ permission first. Inheriting a Law Suit.   Do you want your kids to sell the house after you are gone to split the equity? Chances are that if they are joint owners, one of them will just as soon live there as get half the proceeds from the sale.  Unless they all agree to a sale (including price, real estate agent, timing, etc.) an action for partition in the Circuit Court will be required to force the sale, which is very costly both financially and in strained relationships. Gift of Collectibility.   If your child has creditor problems or goes through divorce proceedings, your child’s creditors or spouse may go after your child’s share of the house if you are joint owners of it. Your house could also be targeted because of an auto accident or other catastrophic incident that your child is held responsible for.  While your child may never benefit from your generosity, their creditors or former spouse might. Ask Not What Your Country Can Do For You.   Adding someone to your deed during your lifetime is also a gift to the government in the form of increased tax revenue.  First, if you sell your home and someone is a joint owner on the deed but doesn’t live there with you, the home-sale capital gain exclusion may not be available to you.  Also, there are typically no capital gains taxes due on the sale of your home by your heirs after you die.  However, if you add someone else to your deed, then they will have to pay capital gains taxes that would not be owed if they were not on the deed.

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