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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

117.0. "Establishing residency in NH" by KAHALA::PRESTON () Fri Mar 20 1992 14:49

Does anyone know what the requirements are for legal residency in New 
Hampshire? I know an elderly person who is considering this if they do 
now have to give up their home in Massachusetts. They hope to legally 
avoid the confiscatory estate (and other) taxes that dear ol' MA foists
upon it's residents. 

I wondered if buying a residential property in NH, getting a NH drivers
license and registering to vote in NH would do it, even if they continued 
to spend time in their MA residence and only spent weekends in NH. I know 
George Bush spends three days a year in a hotel room in Texas to maintain 
his Texas residency (and avoid about 30k in Maine income taxes).

Anyone out there done this?

Thanks,

Ed
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117.1NOTIME::SACKSGerald Sacks ZKO2-3/N30 DTN:381-2085Fri Mar 20 1992 16:144
Depending on the person's health (i.e. life expectancy), it may be better to
wait for Massachusetts to reduce estate taxes.  From what I've read (and I
admit I haven't paid too much attention), it's likely that Mass estate taxes
will be greatly reduced.
117.2I hope you're right...KAHALA::PRESTONFri Mar 20 1992 17:4710
    Thanks for passing that on, Gerald, but unless you know for sure that a
    bill to reduce or eliminate (ha!) Mass estate taxes is slated for
    consideration soon, the idea that they *might* act on that could be a
    carrot designed to slow the exodus of seniors from the state.
    
    (And doesn't Mass have a whopper of a capital gains tax of their own,
    too?)
    
    Ed
    
117.3Follow the Bush-manAKOCOA::GLANTZSat Mar 21 1992 14:418
    Why not call the tax authorities in MA and find out?  I understand
    there is a form to file (of course!), in which you declare you are
    renouncing MA as your domicile and you have no intention of ever
    returning.  Keeping property in MA will obviously sound alarm bells as
    to the sincerity of your intention.
    
    George Bush obviously gets the best of tax advice.  Tell your friend to
    rent a hotel room in Texas every year, and establish residency there.
117.4or move here.....BRAT::REDZIN::DCOXSun Mar 22 1992 10:3718
    Anyone who wants to establish a NH residency needs only do a few common
    sense things to avoid problems with another state; 
    
    * maintain an permanent address (PO Box is not enough, seasonal  home
    will not do it either) so you can register to vote - you do not have to
    physically occupy the place, but you might have troubles if you sub-let
    it.
    
    * register to vote and then vote in the NH community where your	 
    residence is.
    
    * get a NH driver's license
    
    * stop filing a MASS resident's tax form.  If you have income from	  a
    Mass source, use the Non-Resident form.
    
    * put your new address on EVERYTHING, checks, credit cards, magazine
    subscriptions, IRS returns, etc.
117.5RE: Hotel in TexasSTAR::PARKETrue Engineers Combat ObfuscationMon Mar 23 1992 14:048
According to an article about Bush, to establish residency in Texas)
for tax reasons,  all you need to do is say you will live ther someday (file
a formto that effect).  If that's not enough, I have a friend that might be
willing to sell you 1 square foot of Texas so you could be a "property owner".

}8-)}

Bill
117.6Gee that's 144x too muchSSDEVO::RMCLEANMon Mar 23 1992 17:312
  A square foot is too much land.  I read where someone was advertizing "Own
a piece of America" and was selling a square inch of land in each state.
117.7STAR::PARKETrue Engineers Combat ObfuscationMon Mar 23 1992 17:332
Put you can only stant on it if you have square inches.  You can at least stand
on a square foot if your feet are square.  }8-)}
117.8sinking further into the rathole...SSBN1::YANKESMon Mar 23 1992 20:0116
Re: .6

>  A square foot is too much land.  I read where someone was advertizing "Own
>a piece of America" and was selling a square inch of land in each state.

	I don't know if each state utilizes property taxes or not, but owning
50 separate pieces of property in 50 separate localities/states sounds like
a recipe for a paperwork blizzard!  To truly own those distributed 50 square
inches would require 50 title transfers - paperwork, lawyers (enough of them
to cover all 50 states' transfer requirements), filing fees, etc.  Was this
company setting _this_ up or were they just selling 'shares' of the property
that the company (hopefully!) owns in each state?  (If its the latter, I
doubt it would count for official residency... ;-)

							-craig
117.9What do they do when the 51st state joins?VMSDEV::HALLYBFish have no concept of fireMon Mar 23 1992 20:157
    The company that's selling this stuff has some strict rules.  No taxes
    are due (!) but you cannot build on "your" property, nor do you have
    any mineral rights.  Basically they got each state to set aside a few
    acres of garbage land in return for a one-time payment under stringent
    "zoning" regulations.
    
      John
117.10NOTIME::SACKSGerald Sacks ZKO2-3/N30 DTN:381-2085Tue Mar 24 1992 16:372
In the 1950s, Quaker Oats had a cereal-box offer of a square inch of land in
the Yukon.  This was a tie-in to the TV show Sgt. Preston of the Yukon.
117.11Yup that is ancient history ;-.]SSDEVO::RMCLEANTue Mar 24 1992 17:536
re .-1

  You're showing your age!!!  I must admit I too remember that one but I did
not cite it since I couldn't remember as much of the details.  I do remember
getting a certificate at the time.  I doubt that anyone could find the land
today ;-.[
117.12NOTIME::SACKSGerald Sacks ZKO2-3/N30 DTN:381-2085Tue Mar 24 1992 19:534
re .11:

Actually, I've only read about it.  I was very young when Sgt. Preston was on,
and I don't remember watching it.