May 4, 2008...10:16 am
NH SB 394
http://www.gencourt.state.nh.us/legislation/2006/SB0394.html
If you have time skim through the above file and read about changes to Trust law in NH. It’s aim to is make NH an “attractive” place to register your trust. Many are talking about a great transfer of wealth from one generation to another. Some have set this amount way out there, 44 trillion. I understand it’s the largest transfer of wealth from one generation to another in World history. This bill was passed last year, I was not blogging last year and it was approved fast,in 3 months. In fact I guess it represents one of the quickest approvals of any bill at our State House. The 3 months included all committee meetings too! Previous to this change Alaska, Delaware, and South Dakota, were the places to register your trust. I do not believe those States enjoyed any influx of jobs related to family trusts. We are now the top dog! Perhaps this same Chicago law firm could write us some Education legislation.
Some highlights
It was sponsored by millionaires, a few from the Seacoast. The legislation was written by a Chicago law firm and pushed through by a consortium of legal talent here in NH. I found an interview on NHPR and will include the link, the interviewer Laura Knoy asks the same questions that I would have asked. I particularly enjoyed the question of the Chicago lawyer regarding bricks and mortar here as a result of passage. He went on a little bit. After he rang off the Banking Commissioner of NH quickly dispelled that notion. He did say “if it brings one job to NH its a good thing” Our State House will approve major legislation for the gain of one job? Oh by the way the General Fund will not see a dime, the 5000.00 fee to set up the minimum 500K trust will go to the Banking Commission. Probably to monitor all these trusts, though you will see language in the bill to keep this to a minimum. Here is the interview, use the link and then click the MP3 icon.
http://www.nhpr.org/node/10953
It is not the activities of millionaires and possible tax funny business that irks me about this bill. It is the continuing problems in this State relative to our own residents and the failure to address them. Yet a bill drafted by a law firm in Chicago has everyone sitting up straight and voting yes. In three months.
Mike
Leave a Reply