Buoyed by the rapid development of the state’s trust industry, its leaders today announced the formation of the New Hampshire Trust Council (NHTC), a forum for addressing mutual interests and strengthening the Granite State’s position as the industry leader nationwide.

In recent years, the New Hampshire Legislature has enacted numerous initiatives that have enabled New Hampshire to significantly enhance its competitive position in attracting trust business. Scott Baker, chairman of NHTC and a principal of Hampton-based Perspecta Trust, said, “New Hampshire now has the nation’s most favorable trust laws and tax code for individuals establishing trusts. The Council will serve as a single voice for our industry and promote broadly the state’s advantages as a trust venue. We want our fellow citizens to be aware of these opportunities so they can make fully informed decisions in determining the jurisdictions of their trusts.”

Baker also pointed out that, contrary to a widely held belief, it is not necessary to reside in a specific state to establish a trust in that state. “Whether one lives in Massachusetts, New York, Florida, or any other state, you can create New Hampshire-based trusts and have them governed by our state’s progressive trust laws and tax code. Through the efforts of the Council, we hope to more fully inform the public of New Hampshire’s benefits in this area.” NHTC will operate as a nonprofit organization, and its membership will include independent trust companies in the state as well as other participants that are involved with trusts.