Hawaii Estate Planning Revocable Living Trust Amendment
Did you know that an estate planning revocable living trust can be amended at any time by an attorney? Each year, we experience changes in life that can alter your true intent of your estate plan. Have your purchased additional real property? Did you want to change your intended beneficiaries? Has your marital status changed? What about your successor trustee, health care agent and power of attorney? Call for a Free Trust Review to meet with one of our plan attorneys, to review the estate plan and insure that your estate plan was written how you intended. Please note, new laws can be amended in your trust to provide you and your family with a form of asset protection.
Hawaii Estate Planning Revocable Living Trust
As the old saying goes, “two things in life are guaranteed, death and taxes.” A revocable living trust protects your hard-earned assets in a trust. In a properly drafted and funded estate plan, the trust owns your assets at the time of your death, avoiding control from the court. Why do we want to avoid the court? If you don’t have a trust and you have a combined estate value over $100,000, your assets will go through probate. Probate is a public legal process that certifies that your debts are paid and your assets are dispersed. Furthermore, probate can be a long and expensive process that could expose your family to displeased beneficiaries and lawsuits.
Tax Preparation and Planning
"Proactively planning the best possible tax outcome for your situation."Estate Planning is the premiere member of the United Cloud Partners Services Network. We are proud to operate in an exclusive, private, and secure, IRS Circular 230 compliant communications infrastructure to submit all state and federal tax preparation work documents. We participate in the tax return preparation process via a proprietary nationwide network through the CPATAXBANK services offered through United Cloud Partners Services so the security of our system is of the highest available anywhere! Your tax and financial data are secure with our firm.
Asset Reposition and Protection Planning
In 2012, Tenancy By The Entirety (TBE) was passed by Hawaii Legislature, allowing married couples to have joint ownership of their home. Why is this important? It prevents a creditor from one of the spouses, from attaching a lien on the home to please the spouse’s debt. This protection does not cover against a joint creditor, such as a mortgage company where both spouses are listed as guarantors. Even though, the property is already in trust, a plan attorney will need to deed the property out and then back into the trust as TBE.