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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22897
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I have just got a inheritance from my father can i put it

Customer Question

i have just got a inheritance from my father can i put it into a trust fund and draw a weekly sum from it and is the money safe from the tax dept
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: new zealand
JA: Has anything been filed or reported?
Customer: in what way do you mean
JA: Anything else you want the lawyer to know before I connect you?
Customer: i want to set it up for me and later on my children
Submitted: 9 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 9 months ago.

The money is not taxable although any income which you earn from this will be taxable. You will find most institutions like banks will take withholding tax from the income anyway, (they are obliged to do this by tax law). So you can also settle this money into a trust but then you will not have the same freedom to use the money as you may want. You can draw down capital from the money without paying tax however. It is only the income which is taxable, and likely it wont affect your tax situation because of the withholding tax

Customer: replied 9 months ago.
Thank you
Expert:  Chris The Lawyer replied 9 months ago.

Let me know if you need more help

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