I need to see the numbers. My wife and I are 71 and 70. We live in our mortgage free home which has current market value is of $380,000 $400,000. We have no other property. Our sole income is NZ super. Due to the fact that we don't owe anybody for anything means that we can manage OK. Any increased outgoings could not be supported without significant sacrifices.How would the figures stack up under your scheme?
Your biggest issue is cashflow. Under our plan you would write an IOU to the IRD for the tax that you need to pay each year. This will be taken by the IRD when the property changes hands next or out of your estate when you pass. So no cash flow issues