Editor's note: The Probate Court of Cook County also has a "Robinhood" version of this theory...their judges and lawyers take from both the rich and the poor...and keep it for themselves. Lucius Verens, Schoolmaster, ProbateSharks.com
New Hampshire: Leave your money with us
Judge to preside over all large estate disputes
New Hampshire is moving to draw fees associated with establishing family trusts, and to attract new financial business in a bid to bring piles of revenue to the state.
CONCORD — Hundreds of billions of dollars is expected to change hands over the next decade when an aging population passes on its wealth, and the state of New Hampshire wants a piece of the action.
In an effort to profit from fees associated with establishing family trusts, and to attract new financial business, New Hampshire is branding itself as one of the most trust-friendly states in the country. Also to establish itself as a go-to state for parking family trusts, state officials have designated a special judge solely for the purpose of presiding over legal disputes involving large estates.
On Tuesday, the state judicial branch announced that Judge Gary Cassavechia has been assigned to preside over complicated cases involving disputed trusts worth large sums of money. Deputy Administrative Judge David King will oversee the new "trust docket" and said he will serve as assigning "gatekeeper" for the first year.
The benefit, King said, is that Cassavechia will have the time to focus on and streamline complex cases, as opposed to having them mixed in with routine probate matters. Disputes going to trial will be able to have consecutive-day trials, instead of being broken up piecemeal, which is often the case now, he said.
"I really think it's going to work," King said. "I anticipate that this new docket will have a very positive impact on the flow of the more complex cases in our system."
Current estimates for the amount of money now in New Hampshire trusts are at more than $300 billion, according to King.
State Sen. Lou D'Allesandro said the state is marketing itself as a tax-friendly environment for people, including out-of-staters, to establish their trusts. He said New Hampshire is competing with the states of Delaware and North Dakota to attract that business.
D'Allesandro was a prime proponent of the 2011 revised Trust Modernization Act, which created the new judicial position and includes language saying it reflects "New Hampshire's firm commitment to be the best and most attractive legal environment in the nation for trusts and fiduciary services, an environment that will continue to attract to our state good-paying jobs."
"We've created a number of laws that have made New Hampshire a very nice place to locate a family trust," D'Allesandro said. "There's going to be a tremendous transition of wealth, from one generation to another, over the next decade, and you will do better moving it to New Hampshire."
The attraction to New Hampshire is a favorable tax climate, which includes no capital gains or income tax on trusts, including to beneficiaries who are not New Hampshire residents. Job creation would likely be in the legal and financial management fields, according to state officials.
King said D'Allesandro has "been a champion" in his effort to "attract big trusts" to the state.
"I guess it's working," the judge said. "That's what the lawyers are telling us."
Cassavechia has been a member of the probate bench since 1981 and presided over the widely reported Tamposi trust case that lasted several years and is now being appealed to the state Supreme Court. According to King, Cassavechia "is widely respected by the probate bench and bar for his keen knowledge of the law and his ability to manage complex litigation with a multitude of issues and parties."
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