This bill establishes community property trusts in New Hampshire, allowing married couples to create trusts that hold property as community property during their marriage. The bill introduces a new paragraph in RSA 78-B:2, which provides an exemption from the real estate transfer tax for property transferred to a community property trust established under RSA 564-B:13. Additionally, it adds a new article, Article 13, to RSA 564-B, which outlines the definitions, qualifications, and regulations governing community property trusts, including the roles of settlor spouses, qualified trustees, and the management of trust property.

Key provisions of the bill include the requirement that both spouses must sign the trust agreement, which must contain specific language warning of the extensive consequences of the trust. The bill also details how property can be managed, distributed upon the death of a spouse, and how obligations incurred by either spouse can be satisfied from the trust. Upon dissolution of the marriage, the trust will terminate, and assets will be divided equally unless otherwise agreed. The act is set to take effect on January 1, 2026.

Statutes affected:
Introduced: 78-B:2