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WHAT IS AN A-B TRUST?

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

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...
What is a Life Well-Lived?

What is a Life Well-Lived?

During the past two and a half months of lockdown, I’ve had a fair amount of time while walking the neighborhood or taking breaks from working at home to ponder life, and I’ve come to some interesting realizations. Here in Hawaii we’ve been fortunate...
THE SECURE ACT: Big Changes to IRA and 401k Rules

THE SECURE ACT: Big Changes to IRA and 401k Rules

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law by President Trump. The SECURE Act makes some really big changes to the way that retirement accounts must be distributed—especially after the original...
INTERNATIONAL ESTATE PLANNING: NON-CITIZEN SPOUSE

INTERNATIONAL ESTATE PLANNING: NON-CITIZEN SPOUSE

Last month I wrote my column on the basics of International Estate Planning. I explained the definitions of US Citizen, Non-resident Alien, and Resident Alien. The definition of a Resident Alien is different for Income Tax purposes than it is for Gift and Estate Tax...