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Bill to allow voluntary community‑property trusts advances in committee hearing with bankers’ amendment
Summary
Sponsor Rep. Dan McGuire said House Bill 88 would let New Hampshire couples create optional community‑property trusts to secure a federal step‑up in basis for inherited property; bankers supported an amendment protecting creditors’ liens.
Rep. Dan McGuire told the House Judiciary Committee that House Bill 88 would let married couples create an optional community‑property trust to preserve a federal income‑tax step‑up in basis when one spouse dies.
McGuire said the measure targets a specific federal tax treatment that benefits couples in nine community‑property states, where the surviving spouse receives a stepped‑up basis for the entire asset rather than half. “If you live in New Hampshire,…
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