In New Hampshire there are no inheritance or estate taxes imposed by the state, however, there may be federal estate taxes to consider. While these taxes only apply to estates that contain significant assets and wealth, it is essential to engage the services of experienced tax accountant and estate planning and probate administration attorney.
DE Whiting, LLC provides comprehensive tax and estate tax planning services to a wide range of clients in Concord, New London and Merrimack and Hillsborough Counties. We can help you determine the tax consequences of your estate and design advance plans to minimize these obligations.
Currently, the federal estate tax law provides an exemption of $5.45 million for individuals and $10.9 million for married couples – these amounts are adjusted annually for inflation. This means that an individual or a couple can transfer assets up to these amounts without paying federal taxes. For estates that exceed this value, the tax rate is 40 percent which is applied to the excess amount.
The value of an estate is determined by adding all the assets including real estate, bank accounts, investment accounts, automobiles, jewelry, artwork, automobiles, and other personal property and subtracting that amount from the total liabilities.
Also, some deductions can be taken to reduce the value of the estate, including: