Snowbird question

TiltonBB · 11-13-2015, 06:37 AM

Quote:

Originally Posted by TMI Guy

How does that work out for New Hampshire residents who are active duty military with a duty station out of state? Are they not allowed to have New Hampshire plates on their car(s)?

That is only for "non resident registrations". In other words, if you have a Florida driver's license (or any other state) and a New Hampshire registered vehicle, NH will put "non resident" on your registration and tell you that it cannot be out of state over night. If you get licensed in another state NH will tell you that you are no longer a NH resident. I presume that someone from NH who is in the military would retain their NH license.

Paugus Bay Resident · 11-13-2015, 07:23 AM

"but housing is cheaper than in NH"

Totally depends on where you live

Prices here are above where they were in 2006 - 2007, so the Homestead has been a great benefit.

tis · 11-13-2015, 07:44 AM

There is a homestead exemption in NH??

Paugus Bay Resident · 11-13-2015, 08:04 AM

I was referring to the FL one, which limits how much your assessed value can increase each year.

(there is one in NH that allows you to protect up to $100,000 of equity in your home)

tis · 11-13-2015, 08:41 AM

Ok, I misunderstood. Thought you were talking about NH. Guess when you said here I thought you meant NH.

P-3 Guy · 11-13-2015, 09:55 AM

Quote:

Originally Posted by TiltonBB

That is only for "non resident registrations".

Ah, thank you. That is an important qualifier that was left out of the earlier post.

Descant · 11-13-2015, 10:45 AM

Car registration: When I was in the insurance business in Manchester, NH, I had a non-NH client bring in a NH registration that was stamped boldly in red "Valid only in NH". If you got stopped out of state, you were driving an unregistered vehicle. There have also been statements you sign under penalty of perjury attesting to NH residency for car insurance purposes. This was to prevent people living in say, Chelsea, MA, from registering and insuring in NH when rates could vary by thousands of $$ per year.

Interest and Dividends Tax. You pay on the federal level no matter where you live. Capital gains too. Interest and dividends are taxed in NH above $2400 per person. HOWEVER, the law on trusts was changed a couple of years ago to encourage trust business in NH. NH is now the place to be, along with Delaware and Nevada, I think. NH does not tax capital gains. Interest and dividends earned in a NH Trust are not taxed. You get taxed personally when the funds are distributed to you. There is no requirement to be a NH resident to have a NH Trust, but you need a NH attorney to set it up. I have no financial interest in them, but I know Cambridge Trust set up a NH company to take advantage of the new laws, and they now have several NH offices focused on this market.

This thread has raised many questions, and the answers are very much individual. Spending a few $100 on a tax attorney familiar with all your states, or other qualified financial advisor is probably well worth the price to address how your investments are structured.

11-13-2015, 07:23 AM	#2
Paugus Bay Resident Senior Member Join Date: Sep 2003 Location: Gilmanton, NH Posts: 754 Thanks: 136 Thanked 93 Times in 51 Posts	"but housing is cheaper than in NH" Totally depends on where you live Prices here are above where they were in 2006 - 2007, so the Homestead has been a great benefit.

11-13-2015, 07:44 AM	#3
tis Senior Member Join Date: Jan 2006 Posts: 6,844 Thanks: 764 Thanked 1,474 Times in 1,029 Posts	There is a homestead exemption in NH??

11-13-2015, 08:04 AM	#4
Paugus Bay Resident Senior Member Join Date: Sep 2003 Location: Gilmanton, NH Posts: 754 Thanks: 136 Thanked 93 Times in 51 Posts	I was referring to the FL one, which limits how much your assessed value can increase each year. (there is one in NH that allows you to protect up to $100,000 of equity in your home)

11-13-2015, 08:41 AM	#5
tis Senior Member Join Date: Jan 2006 Posts: 6,844 Thanks: 764 Thanked 1,474 Times in 1,029 Posts	Ok, I misunderstood. Thought you were talking about NH. Guess when you said here I thought you meant NH.

11-13-2015, 10:45 AM	#7
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,479 Thanks: 1,390 Thanked 1,667 Times in 1,086 Posts	Car registration: When I was in the insurance business in Manchester, NH, I had a non-NH client bring in a NH registration that was stamped boldly in red "Valid only in NH". If you got stopped out of state, you were driving an unregistered vehicle. There have also been statements you sign under penalty of perjury attesting to NH residency for car insurance purposes. This was to prevent people living in say, Chelsea, MA, from registering and insuring in NH when rates could vary by thousands of $$ per year. Interest and Dividends Tax. You pay on the federal level no matter where you live. Capital gains too. Interest and dividends are taxed in NH above $2400 per person. HOWEVER, the law on trusts was changed a couple of years ago to encourage trust business in NH. NH is now the place to be, along with Delaware and Nevada, I think. NH does not tax capital gains. Interest and dividends earned in a NH Trust are not taxed. You get taxed personally when the funds are distributed to you. There is no requirement to be a NH resident to have a NH Trust, but you need a NH attorney to set it up. I have no financial interest in them, but I know Cambridge Trust set up a NH company to take advantage of the new laws, and they now have several NH offices focused on this market. This thread has raised many questions, and the answers are very much individual. Spending a few $100 on a tax attorney familiar with all your states, or other qualified financial advisor is probably well worth the price to address how your investments are structured.

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