Asset Protection – Part 1 (March 2013)

ASSET PROTECTION – Part 1

By

Ethan R. Okura

            Today I want to talk about Asset Protection.  What is Asset Protection?  Asset Protection is creating and implementing a plan to protect your hard-earned wealth from creditors—people to whom you owe money.  If you’ve borrowed money and can’t pay it back, or if you’ve been sued by someone and lost in court, then you have creditors who will try to come after your assets.  If you owe alimony or child support payments, read more

Tenants by the Entirety Protection Available in Trust (Dec 2012)

NEW LAW: TENANTS BY THE ENTIRETY PROTECTION AVAILABLE IN TRUST

By

Ethan R. Okura

Hawaii has a new law which allows married couples or reciprocal beneficiaries who hold real property as tenants by the entirety to transfer their real estate to revocable trusts without losing the tenants by the entirety creditor protection.  In order to take advantage of tenants by the entirety protection (under the old or new law), you must be married or reciprocal beneficiaries. I apologize in advance to those of read more

QUESTION: Will a Revocable Living Trust protect my assets from lawsuits? (Sep 2012)

ANSWER:      Ethan R. Okura, Attorney Specializing in Estate Planning (Trusts, Wills, Medicaid Planning & Probate).  No, a revocable living trust will not protect your assets from lawsuits.  You can cancel your revocable trust and get assets out of the trust at any time.  Therefore, your creditors (people to whom you owe money) can also get assets out of your revocable trust.  An irrevocable trust (one that you cannot change or cancel) can protect your assets from lawsuits.  Generally, read more

The Hawaii Asset Protection Trust (September 2011)

HAWAII ASSET PROTECTION TRUST

By

Sanford K. Okura

         On July 1, 2011, the Hawai‘i Permitted Transfers in Trusts Act was amended. This is an important change in the law because you can now transfer assets to a trust and receive money from the trust and yet have the trust assets protected from lawsuits.

Under the new law, if you transfer property to an asset protection trust and you have no intent to “defraud, read more

Asset Protection For Your Family (May 2011)

ASSET PROTECTION FOR YOUR FAMILY

Your will or trust probably says that you give your assets to your children when you die.  (Whenever I mention “children,” I also mean nieces and nephews, brothers and sisters, or anyone else who will be inheriting your assets.)  The problem with giving property or money directly to your loved ones is that it can be taken away from them by death, divorce or taxes.

Let me give you an example.  Suppose you and your spouse die, and leave an inheritance read more

Asset Protection in Uncertain Times Part Two: Beyond FDIC Insurance

The economic news continues to get worse and worse.  First, here is a brief summary of some of the advice I offered in last month’s Estate Planning Insights.  Make sure that your savings accounts, checking accounts and certificates of deposit are in FDIC insured banks or NCUA insured credit unions.  Keep the amount of money at each bank or credit union within the insured limits of $250,000 up through December 31, 2009 and $100,000 thereafter.  Money market funds are not insured by FDIC read more

Asset Protection in Uncertain Times: FDIC Insurance

Nearly every day now, newspapers and televisions are blasting us with information about how bad the economy is. We are in the worst economic crisis since the great depression of the 1930’s. In the midst of this financial crisis, what can you do to protect your own assets?

To start with, make sure your savings are secure. Banks have been failing and others will fail. The Federal Deposit Insurance Corporation (called “FDIC”) was created in 1933 after thousands of banks failed in read more