How To Sign New Hampshire Banking Living Will

How to industry sign banking new hampshire living will

how does the great state of New Hampshire tax retirees we know it's tax-free from an income perspective and from a sales tax perspective but what other kind of taxes and Tibbets do you need to know before you tire to the great state of New Hampshire let's find out what dive right in that today welcome again to the Heritage wealth planning YouTube channel my friends the place where you come to find out how your state in New Hampshire in this case taxes this retirees and all kinds of other stuff when it comes to financial planning ways to minimize your expenses ways to increase your income ways to reduce your taxes we talked about all here to Heritage wealth planning YouTube channel so let's dive right in to the great state of New Hampshire the Granite State which I am therefore of and some degree being from Maine and what not so as we see with kids which is the dark green in signifies good results that's for sure that means it's taxed for the top ten in terms of tax friendliness in the Union Keplinger says its most tax friendly residents of the Granite State pay no taxes on Social Security benefits pensions or distributions from the retirement plans no sales tax either so you can shop until your heart's content though New Hampshire imposes a 5% tax on dividend interest a 1200 exemption is available for residents 65 and older so again for retirees more of a reason to to be tax friendly there it also depends depends more on property taxes for revenue than most states that's one of them right the median property tax in New Hampshire is 5100 which is the third highest in the nation but some relief is available to those 65 and older so that's good it has no sales tax it doesn't have an income tax but it does tax dividends and interest in excess of forty eight hundred for joint filers so so pretty good I mean to get forty eight hundred of dividends interest let's just say you're only getting two percent twenty two you need to have two hundred forty thousand dollars in an account that's paying two percent to get forty eight hundred dollars before you have before you have 40 hundred dollars of in dividends or interest and again that would not be included and so in an IRA because I razor or don't pay dividends and interest they pay a hundred percent ordinary income which means it's not taxed all dividend interest is just a principle that shields out a dividend or an interest and density capital gain a dividend or interest so if everything happens in an IRA or 401k this is not applicable to you it's only like your bank CD's or if you have a brokerage account with a lot of GE stock and it pays a dividends retirement income is not taxed it's like we talked about we talked about the $1,200 exemption available for residence 65 and older for taxable dividends and interest doesn't make it okay so 5% tax okay so here's it's not saying you're here in 4,800 plus the 1200 so base if you're over 65 you're married filing jointly looks to me like you get six thousand maybe even seventy two hundred before you pay anything on dividends and insurance that's pretty good I raise the top enough is taxes no income tax property tax that really gets you about the median property tax in New Hampshire is $5,100 on a property value medium property value of two hundred thirty six thousand so they says two percent let's see about the homestead exemption tap an elderly exemption for property taxes I would call - they called elderly exemption maybe not a homestead exemption same thing there's an exemption to those aged 65 the older who have lived in New Hampshire for at least five years towns and cities set additional eligibility rules but minimum exemption exemptions $5,000 off the assess own value property tax can be deferred but accrued interest at five percent a year I hate that deferral property tax being the deferred property tax may not exceed 85 percent of the equity in your home the deferral is available if it's granted by the assessing officials to any resident property owner who's at least 65 years old so get all I saying is you can kick the tax can down the road it can't be more than 85 percent of your equity that you have in your home and just remember what equity is you have a hundred thousand dollar house you owe $50,000 on it that's your mortgage your equity is fifty thousand dollars that's what that means so you couldn't have more than 85% of that $50,000 outstanding to the state for property tax and that would be what 85 is that's 33 thousand like that I have twenty five forty two thousand five hundred scuse me it could be forty-two more than the 42,500 that you owe to the state of New Hampshire and you're still paying 5% a year to be eligible for the low and moderate income homeowners see property tax relief program you must own a home subject to state education property tax resided in the home as of April 1st of the year for which the claiming relief and have a total household income of 40-thousand if you're married or 20,000 if you're single so New Hampshire's to be tough no sales tax is due but vehicle registration is done at the town and county level where taxes may be levied based on the vehicles agent value no inheritance or estate tax all right good so that's all pretty good other than property taxes but bad trade-off for those sales or no income tax and just as a thought here oh I guess they reminisce and I just remember when we used to drive we go to see the Red Sox or whatever good a boss remember I'll go to mean it's a guy go through the hampshire to get the bossing on the way back my folks would always stop at that portsmouth Kittery exchanged there so there's a bridge from portsmouth going over Kittery and ken recent Maine Portsmouth New Hampshire would always stop at the local the ABC liquor store there so my folks would get their beer and cigarettes for free without any sales tax it wasn't for free but there was no sales tax I remember it's like put in my head about how sales tax or any contacts can drive people wait people respond so the facts are we do not drive in a Maine we stopped in New Hampshire because they didn't want to pay the sales tax on those Goods it does drive behavior tax policy drives behavior in a way says it doesn't you have to argue against that example right there okay we top of the taxes here state and local tax burden seven point nine when you factor in the sales property and all that so 44 is ranked 44 which is low we wanted to be low for sure Tax Freedom Day is April 22nd which is pretty low actually we here we want to behind this one time we want to be high in the Tax Foundation that's just because of property tax sales tax we talk about there's nothing they do charge 20 minutes not bad 23 cents on the gas tag 1.78 of a cigarette tax gas tax is pretty favorable that's good I don't smoke so I can't say it doesn't worry me but for me personally that's on issue but I'm sure there's some people in New Hampshire do smoke and I get hammered by the cigarette tax property tax to 2% yeah and it's ranked the third highest in the nation and in terms of the actual dollar you spend it's ranked number two so a New Hampshire is it hits you pretty hard on property tax for sure but at the end of the day if you're paying three thousand property tax nothing to sales tax nothing income tax that I'll take that any day of the week let's just go back to smart asset often Nevada so we're gonna go to New Hampshire here and I because smart asset comm centers around income taxes would be pretty easy to figure out because there is no income tax in Hampshire so at the end a not much to see here but let's just get out of this real quick and go back to the great state of New Hampshire and I'm sure that's in the first threshold here hold on just a second my friends hold on just us no they're in ok so they're in the second of the four quartiles so they're doing by quartile yeah by quartile now there's no income tax but let's just see what smart asset has to say about other things here I do want to see what they say about property taxes exactly right here how higher property tax is very high tilaka homeowner in New Hampshire pays more than five thousand annually in property taxes this is more than twice of national average one reason property taxes are so high as a state collects a statewide property tax in addition to the local taxes that the cities counties and school districts pay or collect the average property tax rate in New Hampshire is two point one nine percent which is significantly high that means a senior who owns a home can expect to pay about $2,100 on every hundred thousand home value and again there's not much of exemption whatsoever so New Hampshire does not have a sales tax but does have a number syntaxes cigarette tax to talk about beer tax at 36 and a beer tax or 30 cents a gallon alcohol sales also provide significant revenue to the state because you only purchase liquor in a New Hampshire state run store so by and large it's hard to beat New Hampshire other than high car living if you have a good pension or a good retire account New Hampshire is a great place as beautiful as all conveniens they should I think they do show some pictures here this wonderful state you got the mountains the White Mountains I just do Hampshire is just a wonderful place a little bit too cold for me but by and large you're Hampshire's a great state to retire very tax friendly the cost of living is not cheap for sure but how we recommend New Hampshire so if you like the stuff to talk about here at heritage wealth planning YouTube channel looking a thumbs up don't forget to subscribe down below my friends subscriptions always help and if you do subscribe hit that little things on this side actually there's a little red button right there so subscribe very inconspicuous but if you see it right there I'll say subscribe hit subscribe then there's a little bell right down there that says notify me a future contest so click on that and then of course thumbs up always helpful and don't forget to go to the block bow of the block heritage wealth planning com we'll see you next time on the Heritage wealth planning you to jail thanks guys