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Category: New Zealand Law
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I was operating my Mothers joint account until her death (I

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I was operating my Mothers joint account until her death (I had Power of Attorney over finances). This was set up up 3 years ago to facilitate payments etc. especially once she went into a rest home. My Mother has since died and I understand that ownership of these joint account funds is now with me. My Mother left a Will, of which I am Executor, and I will be distributing my Mothers joint funds as per her instruction. The question I have is; will I attract any gifting limitations/tax by doing this - I have several siblings to pay and the value for each sum is greater than $30K.

Submitted: 11 months ago.
Category: New Zealand Law
Expert:  christhelawyer replied 11 months ago.


christhelawyer :

Hi Welcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear

christhelawyer :

There is no estate or gift duty in New Zealand. Distribution of an estate is not affected by any estate duty or other tax. So you can distribute the money freely without any fear of any taxation. Legacies under a will are not taxable. The recipients do not need to pay tax on their legacy.

christhelawyer, Lawyer
Category: New Zealand Law
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