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FIDUCIARIES IN YOUR ESTATE PLANNING DOCUMENTS
When you sign an estate planning document such as a revocable living trust or a will, you appoint someone to handle your assets for you. The person you choose to handle things for you is called a “fiduciary.” A “fiduciary” is in a position of great trust and responsibility. A fiduciary named in your document usually has the power to buy, sell and manage assets for you.
DURABLE POWER OF ATTORNEY
In my last column, I wrote about the Advance Health-Care Directives which contains a “Power of Attorney for Health Care.” I explained that it is a different document than a Durable Power of Attorney, which is used for financial matters. Every adult should have a...
ADVANCE HEALTH-CARE DIRECTIVES
Everyone should have Advance Health-Care Directives. “Advance Health-Care Directives” are instructions which you are giving now (while you can still make decisions) about how you want doctors and hospitals to take care of you when you can no longer make your own...
HOW TO AVOID PROBATE
In 2020, there was an increase in the United States death rate of 15.9%. COVID-19 related deaths amounted to over 375,000, which accounts for most of that increase (11.3%). With all these extra deaths, many senior citizens and even younger clients are concerned about...
MORE NITTY GRITTY DETAILS OF THE GENERATION SKIPPING aka “LEGACY” TRUST
This month’s column will explain in more detail the potential advantages and disadvantages of generation skipping trusts. A Generation Skipping Trust is a trust that does not end when you pass away. It continues on for one or more generations after your death. It does...
GENERATION SKIPPING TRUST also known as a LEGACY or DYNASTY TRUST
Today, I want to talk about a term that is often misunderstood in estate planning: The Generation Skipping Trust. A generation skipping trust does not mean that the inheritance skips your children and only goes down to the grandchildren—that is the big...
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FIDUCIARIES IN YOUR ESTATE PLANNING DOCUMENTS
When you sign an estate planning document such as a revocable living trust or a will, you appoint someone to handle your assets for you. The person you choose to handle things for you is called a “fiduciary.” A “fiduciary” is in a position of great trust and responsibility. A fiduciary named in your document usually has the power to buy, sell and manage assets for you.
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Trusts & Wills
MORE NITTY GRITTY DETAILS OF THE GENERATION SKIPPING aka “LEGACY” TRUST
This month’s column will explain in more detail the potential advantages and disadvantages of generation skipping trusts. A Generation Skipping Trust is a trust that does not end when you pass away. It continues on for one or more generations after your death. It does...
GENERATION SKIPPING TRUST also known as a LEGACY or DYNASTY TRUST
Today, I want to talk about a term that is often misunderstood in estate planning: The Generation Skipping Trust. A generation skipping trust does not mean that the inheritance skips your children and only goes down to the grandchildren—that is the big...
WHAT IS AN A-B TRUST?
For most couples who do not have trusts, if one dies, everything goes to the spouse. If a married couple will have more than $5.49 million of assets (including life insurance death benefits), then having everything go to the spouse could cause an estate tax problem....
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
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 England...
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 person dies. ...
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 you...
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 Rags in Three...
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII By Ethan R. Okura We often have clients who raised their families here in Hawaii, and then sent their children off to the mainland or elsewhere in the world to pursue their...
Medicaid
How To Apply For Long-Term Care Medicaid
In last month’s column, I focused on the history of Medicaid and discussed some of the difficulties that arise when dealing with Medicaid’s many laws, rules and policies. I also told you about some of the problems that people have encountered when applying for...
Applying For Long Term Care Medicaid: Can You Do It On Your Own?
Applying For Long Term Care Medicaid: Can You Do It On Your Own? By Ethan R. Okura Medicaid was created in 1965 as Title XIX of the Social Security Act, alongside Medicare, which was Title XVIII of the Act, under President Lyndon B. Johnson. Medicaid is a joint...
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII By Ethan R. Okura We often have clients who raised their families here in Hawaii, and then sent their children off to the mainland or elsewhere in the world to pursue their...
Estate Planning Update 2018
ESTATE PLANNING UPDATE FOR 2018 By: Ethan R. Okura Happy New Year! The following is the 2018 update of important numbers used in estate planning and Medicaid planning in Hawai‘i. How much money and property can a person have at the time of death without paying...
’TIS THE SEASON OF GIVING
’TIS THE SEASON OF GIVING By Ethan R. Okura and Carroll D. Dortch From the American tradition of a big Thanksgiving feast to the various religious celebrations at this time of year, gifts and sharing with others are what make this holiday season so special....
Is Medicaid Going Away?
Is Medicaid Going Away? By Ethan R. Okura & Carroll Dortch There has been a lot of political changes in the federal government over the past year. With a Republican president in office and a Republican majority in Congress, some people are concerned about...
Hawaii Real Property Tax Exemptions
Did you know that there are some exemptions that you can employ to save on your property taxes in Hawai‘i? One of the most commonly used exemptions is the real property tax exemption for homeowners. If you own a home in Hawai‘i, your property tax exemption is based on...
Legislative Update: New Elder Care Laws Passed
Recently, the Hawaii State Legislature passed two bills that affect our elderly population and their health care. One was Senate Bill 534, the Kupuna Caregivers Act; the other was House Bill 1396, Relating to Community Care Foster Family Homes, both of which were...
THE BEST NURSING HOME IN HAWAII
Last month we talked about the different types of nursing homes and long-term care facilities available in Hawaii. We covered ARCH, Adult Foster Homes, and Nursing Homes. There are also assisted-living facilities, which we did not discuss, but which are an important...
THE THREE TYPES OF NURSING HOMES
We have had hundreds of clients over the years who have gone to nursing homes to provide for their care as they aged. Some of them lived full, rich, engaged lives in the nursing home until the very end. Others suffered from severe physical disabilities or dementia...
Powers of Attorney & Health Care Directives
DURABLE POWER OF ATTORNEY
In my last column, I wrote about the Advance Health-Care Directives which contains a “Power of Attorney for Health Care.” I explained that it is a different document than a Durable Power of Attorney, which is used for financial matters. Every adult should have a...
ADVANCE HEALTH-CARE DIRECTIVES
Everyone should have Advance Health-Care Directives. “Advance Health-Care Directives” are instructions which you are giving now (while you can still make decisions) about how you want doctors and hospitals to take care of you when you can no longer make your own...
LEGISLATIVE UPDATE: NEW DEATH WITH DIGNITY LAW PASSED
Legislative Update: New Death With Dignity Law Passed By Ethan R. Okura Recently, the Hawaii State Legislature passed a bill that gives terminally ill patients an option to take prescription medication that will cause them to pass away peacefully in their...
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII By Ethan R. Okura We often have clients who raised their families here in Hawaii, and then sent their children off to the mainland or elsewhere in the world to pursue their...
POWER OF ATTORNEY AGENT, TRUSTEE, AND EXECUTOR THE DIFFERENCES, DUTIES, AND RESPONSIBILITIES (May 2015)
I often encounter clients (or their families) who have some confusion about their rights and responsibilities as a legal representative of a family member or friend. Usually, the person is named as an agent under a financial power of attorney or a...
Who Decides What Happens To My Remains Anyway? (March 2014)
“Thou know'st 'tis common; all that lives must die, Passing through nature to eternity.” -William Shakespeare (Hamlet) Death. This is a difficult topic to think about. Most of us spend most of our lives enjoying work, hobbies, friends and family. We engage in...
Different Types of Agency: Attorney-in-Fact VS. Trustee (October 2013)
DIFFERENT TYPES OF AGENCY: ATTORNEY-IN-FACT VS. TRUSTEE By Ethan R. Okura Clients often come to me confused about the different ways their loved ones can act for them if they become incapacitated (or how they can act on behalf of their family members). Today...
The Durable Power of Attorney – Part 2 (June 2012)
THE DURABLE POWER OF ATTORNEY - PART 2 Not all Powers of Attorney are of equal quality. You need a carefully written Power of Attorney which contains special wording for estate planning situations. A Power of Attorney does not give the attorney-in-fact the...
The Durable Power of Attorney – Part 1 (May 2012)
Every adult should have a Durable Power of Attorney. A “Power of Attorney” is a legal document in which one person gives another person the power to act for him, including the power to sign papers for him. The person who is giving the power is called the...
Advance Health-Care Directives (Part 2) (August 2011)
ADVANCE HEALTH-CARE DIRECTIVES (PART 2) In last month’s column I explained that Advance Health-Care Directives have two parts. One part is a “Durable Power of Attorney for Health Care Decisions.” It lets you name the person who will make medical decisions for you if...