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Committee hears cleanup bill for New Hampshire trust code to align tax and fiduciary defaults
Summary
Senate Bill 52 proposes changes to default tax clauses and fiduciary standards in the New Hampshire trust code to reflect modern trust administration and Internal Revenue Service practice; trust industry representatives described the state's competitiveness and asked committee members to adopt clarified language.
Senator Dan Innes introduced Senate Bill 52 as a statutory clean‑up to the New Hampshire trust code, saying New Hampshire’s modern trust statutes have attracted trust assets and businesses to the state. The bill would amend default tax‑savings clauses to better align with Internal Revenue Service rules and clarify that fiduciaries who exercise powers traditionally reserved to trustees — such as trust advisors or trust protectors — are…
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