Estate Planning Tips for new Hampshire Residents

Estate planning in the state of New Hampshire is not that difficult. If you are reaching retirement age, the sooner you complete this process the sooner you can put your heart and mind at ease.

In the state of New Hampshire it is legal to write your own last will and testament. You can pick up a ready made application at the nearest Superior court house. As long as the will is complete in detail and signed by you and any other joint-owners, witnessed by two people of age, it automatically becomes legal and binding.

Ideally, the settling and planning becomes a family affair. Each member should know exactly what part of the estate planning they fit into and what responsibilities go with it. It is a good idea to do this when you are approaching retirement age or even sooner.

To protect your heirs from the State of New Hampshire liquidating all your assets, due to long-term health care issues, you should turn your financial assets, in a legal manner, over to whomever you trust. If you do not, and find yourself liable for all medical bills incurred while living in a nursing home up until your death, the State has the right to liquidate your assets, unless the heirs can pay off your debt. This could end up being astronomical and devastating and wipe out a good chunk of your heirs inheritance.

Setting up this trust fund is the safest way to ensure your family will get what they are entitled to. In the state of New Hampshire a legal trust fund does not come into protection until a minimum of three years have passed. This is why it is a good idea to settle your affairs early, leaving nothing to chance.

There is neither a sales tax or income tax in the state of New Hampshire. The majority of tax money comes from the property you own. In your trust agreement, it should clearly state who and how these semi-yearly taxes will be paid. If they are not kept up, after three years the Town or city you live in, has a right to put a lien on your property and force a sale at a tax auction.

There are estate planning lawyers available to walk you through this procedure, if you are not confident to do this on your own. Taking care of this matter, especially in light of the three year wait for the trust fund to become active, will protect your hard-earned assets and you can know for a certainty your estate wishes will be carried out.

Families have been caught unprepared, mistakenly thinking when the loved one dies, their debt dies with them. In most other obligations, such as unsecured credit card bills, this is true. However, living in New Hampshire property owned is not your’s to give, unless all property taxes have been satisfied and you did not incur an enormous bill from a long-term health care facility.

Some have thought, Medicare and Medicaid will cover the bills, however in New Hampshire the State has authority to liquidate if necessary to satisfy medical or property tax debt.