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THE REVOCABLE LIVING TRUST TRAP

THE REVOCABLE LIVING TRUST TRAP

Although a Revocable Living Trust is good for avoiding probate (and for married couples, an A-B Trust can reduce or eliminate estate taxes), it cannot protect your home from nursing home costs. Some years back, the State of Hawaii passed a Medicaid rule: If your home...
UNDERSTANDING REVOCABLE LIVING TRUSTS

UNDERSTANDING REVOCABLE LIVING TRUSTS

Last month we shared information on funding your Revocable Living Trust.  This month we decided to go back to the very beginning and explain what a Revocable Trust is and how they started in the first place. What is a Revocable Living Trust?  Trusts began in...
FUNDING YOUR REVOCABLE LIVING TRUST

FUNDING YOUR REVOCABLE LIVING TRUST

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...

The Role of the Successor Trustee: What Am I Supposed to Do Now?

The Role of the Successor Trustee: What Am I Supposed to Do Now? By Ethan R. Okura   We have often seen this scenario:  A parent, sibling, or dear friend has finally gotten around to doing their initial estate planning. You are so happy for them. And then...

Aretha Franklin: Following in Prince’s Footsteps to Pay Millions in Death Taxes

Aretha Franklin: Following in Prince’s Footsteps to Pay Millions in Death Taxes By Ethan R. Okura   A little over two years ago I wrote about Prince, the music recording legend, and how he passed away without a will. I detailed some of the problems that his...

An Ethical Will: The Importance of Passing Down Your Values, Not Just Your Assets

An Ethical Will: The Importance of Passing Down Your Values, Not Just Your Assets By Ethan R. Okura   Have you heard the proverb “Shirtsleeves to Shirtsleeves in Three Generations?” Or perhaps you’ve heard the saying as “Rags to Riches to...