Death and taxes (estate, retiring, money)

[scone]

I don't mean to sound morbid, but I read (somewhere) that NH doesn't have any estate tax. Does anyone know if this applies to the local level as well? And come to think of it, are there any limits to the kind of taxes the local towns and cities can levy?

I'm asking because DH and I are thinking of coming out there for the last phase of his working life, then retiring. And we would like to put our money in a foundation to fund a scholarship for the next generation. After we're finished using the money, of course.

[nicolem]

NH repealed their estate tax a few years back. However you should be aware that NH does have an Interest and Dividends tax. As you can see the exempted amount is not very high:


What is the Interest and Dividends Tax? (http://www.nh.gov/revenue/faq/dra_900.htm - broken link)

[JFRRACING]

THOSE ARE THE ONLY 2 SURE THINGS IN LIFE...DEATH & TAXES..

[buck naked]

Inheritances passing to the spouse, descendant, or ascendant are not subject to taxes in New Hampshire. Exceptions apply also to charitable organizations. Other bequests are taxable at the 18% rate. The legacies and succession inheritance tax was repealed in 2002 for deaths occurring on or after January 1, 2003.

[nicolem]

Originally Posted by buck naked

Inheritances passing to the spouse, descendant, or ascendant are not subject to taxes in New Hampshire. Exceptions apply also to charitable organizations. Other bequests are taxable at the 18% rate. The legacies and succession inheritance tax was repealed in 2002 for deaths occurring on or after January 1, 2003.

Thanks for clarifying. I was refering to the legacies and succession tax being repealed. I should have been more clear in my post.

[Brave Stranger]

Originally Posted by scone

I don't mean to sound morbid, but I read (somewhere) that NH doesn't have any estate tax. Does anyone know if this applies to the local level as well? And come to think of it, are there any limits to the kind of taxes the local towns and cities can levy?

I'm asking because DH and I are thinking of coming out there for the last phase of his working life, then retiring. And we would like to put our money in a foundation to fund a scholarship for the next generation. After we're finished using the money, of course.

There is no state estate tax on any level in NH. There is an estate tax of course on a federal level.