Understanding Revocable Living Trusts (April 2012)

UNDERSTANDING REVOCABLE LIVING TRUSTS

Trusts began in England in the Middle Ages. The Statute of Uses is a law enacted in 1536 under King Henry VIII. The Statute of Uses is the basis of trust law in England.  From England, the concept of trusts came to America with the colonists.  Thus, even though most of us have been hearing about trusts for only the last 10 or 20 years, trust law has been established for centuries.

A trust is created by a legal document which is usually called a “trust 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

Beware of Trust Salesmen (November 2010)

BEWARE OF TRUST SALESMEN

We were recently warned about a trust salesman committing fraud by saying that if you sign up with him, you would get a discount in legal fees from Okura & Associates.  We don’t even know this person, and have reported him to the police.

Some time ago I met with a brother and sister whose father had just passed away.  A man in Honolulu, who is not an attorney, had approached their father and sold him a trust.  When father became seriously ill, the children wanted read more

Funding Your Revocable Living Trust (September 2010)

If you have an existing estate plan, you are probably already familiar with the benefits of creating a Revocable Living Trust.  One of the biggest advantages of a Revocable Living Trust is the ability to avoid probate.  Probate is a court process when a person dies.  It can last for several months or longer depending on the size and complexity of the estate.  Probate is time consuming and can be costly.  In addition, probate proceedings are a matter of public record.  Anyone interested is read more

The Special Needs Trust

THE SPECIAL NEEDS TRUST

Suppose you have a child with a disability.  Perhaps the child was born with a mental disability.  Perhaps he or she was born with a physical disability.  In some cases, the child may have been normal at birth, but later in life acquired a mental disability, or acquired a physical disability.  You love the child and want to provide the best possible care for your child.

Because of the disability, the child qualifies for government benefits.  Perhaps the child receives read more