Category: Wisdoms

Siblingship

Siblingship describes the unique relationship between siblings. Siblings begin their relationship at a young age, and if they are fortunate, they reach old age together. They experience joys and setbacks, they laugh and cry — and they fight. Through the fighting, they can learn conflict resolution. Spouses join us in our adult lives. Friends often come and go. But no other relationship is quite like a siblingship.

When siblings fight as kids, it’s over property and fairness. Parents make sure property is divided up fairly — they are the ones to “divide up the pie,” so siblings don’t fight over things as much.

When parents die, siblings are called home to “divide up the pie,” this time, without parental supervision. In my experience, adult siblings fight over the same things that they fought over when they were kids: property and fairness. However, the parents are no longer there to referee and help divide up the pie fairly.

Estate planning can minimize the risk of fighting when parents die. If parents and the estate planning attorney don’t spend enough time anticipating and planning to minimize the risk of fighting, there exists a risk of fracturing, or worse, destroying this unique, wonderful relationship — the siblingship.

STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | stephenyimestateplanning.com

Siblingship describes the unique relationship between siblings. Siblings begin their relationship at a young age, and if they are fortunate, they reach old age together. They experience joys and setbacks, they laugh and cry — and they fight. Through the fighting, they can learn conflict resolution. Spouses join us in our adult lives. Friends often…
Financial Success for Parents & Kids

According to a recent study published by Ameriprise Financial, individuals in their 30s and 40s have received significant financial help from family and expect additional assistance in the future. And over a quarter of those surveyed said they received $25,000 or more.(1)

It’s admirable to see that parents want to go to such great lengths to help their children achieve financial success. Yet parents need to be mindful that they don’t inadvertently diminish their own success in doing so. As a financial advisor, here’s the advice I offer parents who want to give their adult children a financial head start without harming their own financial future:
■ Prioritize saving for your own retirement. It takes many years to accumulate the savings you need to retire comfortably. Your children are likely just starting their careers, while your time remaining in the workforce may be limited to five, 10 or 15 years. Putting yourself first isn’t a selfish move. It’s about being wise with your money. If you make it a priority to have enough saved when you retire, your kids won’t have to worry about providing you with financial support later in life.
■ Be strategic with your financial gifts. Like other monetary goals, it’s important to add gifts of cash to your overall financial plan. When you treat cash gifts separately, you shortchange other priorities such as retirement. What will it cost you to divert savings from your retirement plan? With a complete list of financial priorities, you can see how much you need to save to reach them all.
■ Consider alternate approaches to helping your kids. There may be ways to help your kids other than by dipping into savings. Encourage them to take financial responsibility when they can do so. Your college-bound son or daughter may be able to take out student loans at a low interest rate, which will reduce or eliminate the amount you need to contribute for tuition. Instead of writing a check to help your child buy a car or house, you might co-sign a loan to help them lock in a lower interest rate or more favorable repayment terms.
■ Have conversations about money. Your willingness to talk about your finances is a valuable example for your adult children. So, too, is your attention to your retirement savings. I encourage parents to invite their adult children to attend a financial planning session with a financial advisor. It’s a time to address money concerns and explore how actions today can affect your future finances.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1240 | michael.w.yee@ampf.com
ameripriseadvisors.com/michael.w.yee

Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 40 years. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. (1) The 2023 research was created by Ameriprise Financial Inc. and conducted online by Artemis Strategy Group from Jan. 19 to Feb. 14, 2023, among 3,518 Americans ages 27 to 77. Millennial respondents have $25,000 or more in investable assets, and Gen X and boomer respondents have $100,000 or more. The sample is weighted on region and by generation on age, gender, race/ethnicity, assets and income based on the Federal Reserve 2021 Survey of Household Economics and Decision making (SHED). To ensure sufficient response sizes for additional analysis, Ameriprise oversampled investors who identify as millennials. For further information and details about the study, including verification of data that may not be published as part of this report, please contact Ameriprise Financial or go to ameriprise.com/millennials. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2024 Ameriprise Financial, Inc. All rights reserved.

According to a recent study published by Ameriprise Financial, individuals in their 30s and 40s have received significant financial help from family and expect additional assistance in the future. And over a quarter of those surveyed said they received $25,000 or more.(1) It’s admirable to see that parents want to go to such great lengths…
SECURE Act 2.0

According to a Federal Reserve System report on the Economic Well-Being of U.S. Households in 2022–May 2023 in 2023, “3/4 of non-retired adults had at least some retirement savings, about 28% did not have any. This share who did not report any retirement savings was up from 25% in 2021. While most non-retired adults had some type of retirement savings, only 31% of non-retirees thought their retirement savings were on track, down from 40% in 2021.”

In 2019, the SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law, and in 2022, SECURE Act 2.0 passed and amended its predecessor. The purpose of the SECURE Act was to assist Americans in saving for retirement by increasing access and encouraging contributions.

How does the new law affect estate plans? Prior to 2019, most retirement plan beneficiaries had the option to stretch taxable distributions and allow the assets to grow tax-free over the beneficiary’s life. The SECURE Act 2.0 changed the stretch rules to apply to only a limited group — Eligible Designated Beneficiaries. So most beneficiaries will have to take distributions within 10 years.

Contact your estate planning attorney and financial advisor to review your financial and estate planning goals, and to ensure your retirement accounts name the proper beneficiaries.

STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | stephenyimestateplanning.com

According to a Federal Reserve System report on the Economic Well-Being of U.S. Households in 2022–May 2023 in 2023, “3/4 of non-retired adults had at least some retirement savings, about 28% did not have any. This share who did not report any retirement savings was up from 25% in 2021. While most non-retired adults had…
The Mom Who Ran Out of Time

Having spent over 14 years handling elder issues, the one thing I have seen seniors do repeatedly is not plan for their passing because they think there will be time do it later. This naïve mindset causes so much frustration and anger that instead of leaving behind a legacy of love and fond memories, ill will, anxiety and stress become the fallout.

Two months ago I met Lea, age 23. Her mother, Mary, died a couple of months prior. Mary was in poor health for years and did not think of what would happen to Lea after she passed. Mary was a single parent in her 60s with no other family. Although her home was mortgage-free, it was still in her deceased parents’ name. Mary’s only source of income was Social Security, which was directly deposited into her bank account for paying household bills, utilities and grocery delivery.

Mary did not have any life insurance and only a few thousand dollars in savings. She did not make a will or any type of trust for her assets.

Lea dropped out of high school, spending the next four years as Mary’s caregiver. Lea never had a paying job.

When Mary passed away, Social Security stopped depositing money and the bank froze the account. Only Mary’s name was on it; Lea could not access it. Because utilities were paid from that account, notices from the utilities began arriving in the mail. Hospital bills and notices from collection agents also appeared. Additionally, the property taxes on the house Lea lived in that was in her grandparent’s name had to be paid. Lastly, her cell phone was disconnected.

It was at this time that I met Lea. She was a young woman with nothing in her name, no job or other source of income, no access to her mother’s monies, no transportation, no telephone and living in a house that the state assumed still belonged to her grandparents.

With no family and having lost contact with her friends from high school because of caring for her mother all these years, she was truly alone. She feared she would be homeless.

During the course of helping Lea out of this abyss, one thought echoed in my mind: “If only Mary had taken a few hours to plan for the day she would leave Lea alone, this could have been avoided.” Now, instead of grieving for her mother, Lea was cast into a life of uncertainty and fear.

It could be that Mary didn’t plan ahead because she was ill for years. But none of us should assume we will have sufficient time in the future to take care of our affairs and cause our loved ones to live the life of Lea. Do it now.

HAWAI‘I STATE BAR ASSOCIATION
Senior Counsel Division
Alakea Corporate Tower, 1100 Alakea St., Ste. 1000
Honolulu, HI 96813
808-537-1868 | SCD@HSBA.org | HSBA.org

Having spent over 14 years handling elder issues, the one thing I have seen seniors do repeatedly is not plan for their passing because they think there will be time do it later. This naïve mindset causes so much frustration and anger that instead of leaving behind a legacy of love and fond memories, ill…
It’s Your Funeral

You own your body after you die and you can say what happens to it. If you say nothing, it will be up to your next of kin, such as your spouse, your children and then more distant relatives. By planning your funeral in advance, you can spare your loved ones stress and conflict.

Your remains can be buried on your own land, but think about how that could affect the property value. The preparation for burial need not include embalming and may not require a casket. Many outside-the-box possibilities exist.

Burial and cremation are not the only choices. Google “disposition of human remains” for ideas. Do you want your remains blasted into space or disposed of via alkaline hydrolysis? Do you want your ashes turned into diamonds for jewelry for your loved ones? The options might surprise you.

Many people recoil at the idea of donating their bodies to the local medical school, but medical professionals will tell you that the most valuable resource for learning about a human body is, well, a human body. A medical student could learn a lesson from dissecting your body that would enable them to save one of your loved ones…

Finally, will there be some kind of service or celebration of life for you? You can have a say in those festivities. A funeral service planned by you might be one of the most loving gifts you can give the people who will mourn your loss.

EST8PLANNING COUNSEL LLLC
Scott Makuakane, Counselor at Law
808-587-8227 | maku@est8planning.com
Est8planning.com

You own your body after you die and you can say what happens to it. If you say nothing, it will be up to your next of kin, such as your spouse, your children and then more distant relatives. By planning your funeral in advance, you can spare your loved ones stress and conflict. Your…
Should I Downsize After Retirement?

If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and your lifestyle. Here are some things to keep in mind:
■ Decide if a move makes sense. Your needs and priorities may shift in retirement. Perhaps you won’t require as much square footage as you once did, or you may find that maintaining your home is now a challenge.

It may be financially prudent and personally necessary to get out from under the costs and responsibilities of maintaining a larger property. Your location preference may shift, too. Commonly, retirees desire to live closer to family or in a warmer climate.

■ Create a timeline for your move. Discuss the pros and cons of selling your family home now or in the future. External market factors can affect your next step. Timing the sale of your home and the purchase of a new one can be tricky. Be prepared in the event your home doesn’t sell quickly.

■ Consult a real estate professional. A real estate professional can help you determine what needs to be done before putting your house up for sale. Your home may need repairs to meet code or maximize its list price. Get an appraisal of current market value and decide what you’ll be comfortable spending on a new, smaller home.

■ Review your housing options. Once you decide to downsize, you can start looking for a new place that meets your needs and budget. If you’re considering a condo or townhome (two popular options for retirees) make sure to factor in any fees or assessments that are charged to residents when calculating the overall cost of ownership. If you’re in need of assisted living services, you’ll also want to get a handle on those costs — and whether they can be offset by any long-term care insurance you may have — so you can plan accordingly. In terms of location, you may want to think about the proximity of amenities and services including grocery stores, transportation and your doctor’s office.

■ Be prepared for a multi-gen conversation. A change as impactful as selling your home may prompt conversations with family members on the topic of your estate. Downsizing usually requires whittling down the personal possessions you’ve acquired over the years. If you’re moving to a residence with managed maintenance, you won’t need the lawn mower, snowblower or other tools in your garage. If you’re thinking of giving items to family members, be prepared for the possibility of different generations having different interests and attachments to your home and belongings. It can be a good idea to establish how you want to explain to family members your lifestyle goals for retirement, so they can support you through the process.

■ Review your finances carefully. Take the time to thoroughly review the financial implications of your situation. Just because you are downsizing does not necessarily mean you will suddenly have a cash windfall or establish enormous savings. Remember that HOA expenses, lifestyle changes and upgrades in construction quality can add to costs. Additionally, if you choose to move to a retirement area that has more built-in services, it can increase your cost of living, as well. Taking the time to explore the intricacies of your situation can prepare you for the next steps. And remember, you don’t have to do it alone. A qualified financial advisor can help you navigate this complex process with confidence.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1240 | michael.w.yee@ampf.com
ameripriseadvisors.com/michael.w.yee

Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 40 years. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2023 Ameriprise Financial, Inc. All rights reserved.

If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and your lifestyle. Here are some things to keep in mind:■ Decide if a move makes sense. Your needs and priorities may shift in retirement. Perhaps you won’t require…
Communication & Grief

Grief is a natural response to the loss of someone special. The process of grieving allows the griever to adapt to a new world of existence without the loved one.

The success rate of an estate plan reflects and reveals the need for the estate planning attorney to expand his or her skill set in benefit of each client. Rather than simply focusing on lineal legal and tax matters, the estate planning attorney can incorporate counseling skills and engage the client through a virtuous circle of communication, so that the client and his or her survivors can proceed through the natural grieving process, which begins with anticipatory grief.

If allowed to proceed through the grieving process with minimal guilt, anxiety, stress, unresolved issues with the decedent and conflict, we can help each griever experience fully their grief and allow the griever to validate and honor the life of the deceased, and affirm and strengthen relationships with survivors.

The sooner the planning begins, the more options exist to minimize the risk of conflict among family members. Maintaining open communication maintains trust, and thereby reduces resentment and conflict.

STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | stephenyimestateplanning.com

Grief is a natural response to the loss of someone special. The process of grieving allows the griever to adapt to a new world of existence without the loved one.
Hawai‘i Lawyers Helping Seniors

Fifteen years ago, the Hawai‘i State Bar Association created the Senior Counsel Division (SCD). Its members are Hawai‘i attorneys who are 50 years of age or older (which is over half the Hawai‘i State Bar), and number in the thousands.

The OWLs (older, wiser lawyers) who make up the SCD are the most experienced and knowledgeable attorneys in the state. We have a responsibility to share this expertise with others in our profession and with the kupuna in our island home. Therefore, the purpose of SCD is to help older lawyers practicing in Hawai‘i and our kūpuna in the community, as well.

This help has ranged from providing legal information to the public to participating in community service projects.

For example, SCD has organized and recruited volunteers to help the Hawai‘i Foodbank with its Senior Food Box Packing Program—a critical service for low-income seniors. Thousands of boxes have been packed for seniors on O‘ahu and the neighboring islands.

SCD has also hosted legal clinics and staffed ask-a-lawyer type information tables at various senior fairs and events around the state. SCD has appeared at the Palolo Learning Center and the Hawai‘i Agricultural Conference at the Hawai‘i Convention Center. Recently, SCD joined Generations Magazine and over 20 other senior service providers at Windward Mall for the Generations Senior Fair in February.

One of SCD’s major activities is its monthly Coffee Hours. During these events, experts from various sectors of senior interests share valuable knowledge and experiences in their respective fields of expertise. The topics that have been addressed in past Coffee Hours have included Blue Zone diet cooking, treating Alzheimer’s, asset protection planning, Medicare and how missing deadlines can drain your savings, financial elder abuse, economics of aging in Hawai‘i, preventing
cognitive decline, and senior residential living facilities and when to place a loved one there.

This year, topics will include condominium law, HOAs and rights of residents; Social Security; Grey Divorce (issues surrounding divorcing later in life); Honolulu Prosecutor’s efforts to keep our island safe and caregiving mediation.

These presentations are open to the public and can be attended either in person at our offices in downtown Honolulu, or can be watched live on Zoom (call or email for a link). Past shows are also available on YouTube.

HAWAI‘I STATE BAR ASSOCIATION
Senior Counsel Division
Alakea Corporate Tower, 1100 Alakea St., Ste. 1000
Honolulu, HI 96813
808-537-1868 | SCD@HSBA.org | HSBA.org

Fifteen years ago, the Hawai‘i State Bar Association created the Senior Counsel Division (SCD). Its members are Hawai‘i attorneys who are 50 years of age or older (which is over half the Hawai‘i State Bar), and number in the thousands.
Covering Your Assets

Think of asset protection planning as a game. Follow the rules and you may avoid detours through lawyers’ offices and courtrooms.

Rule 1: What you can touch, your creditors can touch. A creditor might be a business partner, someone you clipped with your car or an ex-spouse. The planning response to Rule 1 is to limit your own access to your stuff just enough to keep your creditors’ mitts off of it, while allowing you pretty much full use and enjoyment of it.

Rule 2: Liability exposure flows two ways—toward your stuff and away from your stuff. Liability flowing toward your stuff: Somebody sues you because you creamed them with your car, so he or she gets a court order compelling the sale of your beautiful beach house in order to pay down the judgment against you.

An example of liability flowing away from your stuff: Somebody rents your beach house and is injured falling through the floorboards because you didn’t maintain the structure properly. Your tenant sues you, gets a $1 million judgment, takes your $450,000 beach house, and then wants to force a sale of your home or your business to pay off the rest of the judgment.

So the planning response to Rule 2 is to build walls between your assets and not let any of your assets slosh over them. Building the right walls is the essence of asset protection planning.

EST8PLANNING COUNSEL LLLC
Scott Makuakane, Counselor at Law
808-587-8227 | maku@est8planning.com
Est8planning.com

Think of asset protection planning as a game. Follow the rules and you may avoid detours through lawyers’ offices and courtrooms.
Insurance You May Not Realize You Need

Insurance is a product for the what-ifs in life. A good insurance policy can reduce the financial impact of an adverse event, mitigate financial losses, provide stability and offer some peace of mind during difficult times. Some insurance coverage is deemed so important, it’s mandated by law. But there is also lesser-known insurance coverage worth exploring. Consider these optional coverages to trade uncertainty for financial protection.

Homeowner riders. If you have a mortgage, homeowner insurance is required. A basic homeowner policy provides standard reimbursement after a deductible for approved claims due to theft or damage to your property, dwelling, personal possessions and liability. Such coverage, however, may not be sufficient. If you have valuable art or jewelry in your home, a rider can ensure appropriate reimbursement if these items are stolen or damaged. Consider a rider to offset the liability of owning a swimming pool or trampoline, for example. Other common riders cover water damage, identity restoration and business assets (if you conduct business in your home).

Renters insurance. If your personal property is stolen or damaged at a rented house or apartment, you may be out of luck unless you carry your own renters insurance. Look for a policy that includes liability coverage, which provides financial protection in case someone gets hurt at your rented residence.

Travel insurance. You may want to explore travel insurance before an international trip. A policy that covers unexpected cancellations is reassuring when planning an expensive vacation with non-refundable reservations. A policy that provides international medical coverage can be a real lifesaver since most US health insurance plans do not reimburse for care provided outside the country. The most comprehensive travel policies include reimbursement for medical evacuation and repatriation of remains.

Appliance insurance. Many utility companies offer affordable insurance plans to cover needed appliance maintenance and repairs. Coverage is usually available for major appliances, including your refrigerator, stove, dishwasher, furnace, water heater, washer, dryer and air conditioner.

Pet insurance. Veterinary care can be expensive. A pet insurance policy can help pet owners manage the cost of owning a pet. Most policies do not cover wellness care but do cover all or part of the expense for emergency procedures and major medical interventions.

Life insurance riders. Basic life insurance pays out for death from natural causes and most accidents. There are exceptions, however. Insurance companies generally exclude coverage for risky activities. If you participate in extreme sports or own a private plane, you may want to purchase a life insurance rider.

Review your insurance coverages annually or when you experience a life-changing event. Be sure to comparison shop as insurance policies can vary widely in coverage and cost. A trusted financial advisor can be a great resource to help you determine if you carry sufficient levels of insurance or if additional coverage is warranted.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1240 | michael.w.yee@ampf.com
ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 40 years. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2023 Ameriprise Financial, Inc. All rights reserved.

Insurance is a product for the what-ifs in life. A good insurance policy can reduce the financial impact of an adverse event, mitigate financial losses, provide stability and offer some peace of mind during difficult times. Some insurance coverage is deemed so important, it’s mandated by law. But there is also lesser-known insurance coverage worth…
Minimize Asset Distribution Drama

Minimizing estate asset distribution conflicts among survivors proves to be a challenging consequence of death. Hard-to-divide assets such as a family heirloom or the family home can cause the fracturing of relationships.

Consider the family home left to several children. The home may have been in the family for generations. Parents live in the family home without arguing about whether to sell or rent it because they share the common goal of living in the home. Consider leaving the home equally to four children and the common goal disappears. One child needs to sell the home to pay for tuition. Another child could use income by renting the house. One child wants to live in the home. Another child wants to keep the home as a place for the family to gather.

Finally, consider a parent’s strong desire to provide shelter for surviving children, and that due to the housing prices and high cost of living, the surviving children cannot afford to purchase a home on their own.

While addressing these concerns extends beyond the scope of this article, keep in mind that estate planning attorneys can help clients understand the challenges facing them and can also aid them in beginning to create an intentional plan to leave a legacy that will help make family members’ lives better while preserving familial relationships.

STEPHEN B. YIM, ATTORNEY AT LAW
2054 S. Beretania St., Honolulu, HI 96826
808-524-0251 | stephenyimestateplanning.com

Minimizing estate asset distribution conflicts among survivors proves to be a challenging consequence of death. Hard-to-divide assets such as a family heirloom or the family home can cause the fracturing of relationships.
What’s in YOUR Toolbox?

Trusts are tools. Like screwdrivers, they come in a variety of sizes and shapes, each designed to accomplish a defined result. You need a screwdriver with a tip that looks like a straight line for a screw with a head that has a straight slot in it. You need a screwdriver with a tip shaped like a plus symbol for a screw that has a head with a plus-shaped recess.

There are other kinds of screwdrivers and screws, but you get the point. You need the right set of tools in order to complete your project efficiently and well. However, not every home improvement project calls for a screwdriver and not every estate plan calls for a trust.

Common Types of Trusts

Just as there are many kinds of screwdrivers in a well-stocked toolbox, there are lots of different kinds of trusts.

You can create a trust that works during your lifetime or one that will not take effect until after you are gone. Your trust can be revocable or irrevocable, charitable or private.

The agreement that governs your trust can control not only the disposition of your assets, but impose your values and your wishes upon your beneficiaries. But don’t get too excited about that last point. A trust can encourage your kids to go to college and stay away from drugs and booze, but it can’t guarantee your kids will actually go to class, or be clean and sober.

Probably the most common trusts are revocable living trusts, which can provide comprehensive solutions for probate avoidance and for sidestepping conservatorship if you become incapacitated. Probate is a proceeding that typically occurs when an individual dies. The probate process can be long and costly. But a revocable trust can avoid probate in its entirety.

Trusts can also protect beneficiaries from creditors, ex-spouses, and their own bad habits or inability to hold on to money.

Talk with your estate planning advisors about how trusts can help you and your family avoid a variety of problems and pitfalls that await unwary travelers along life’s highway.

EST8PLANNING COUNSEL LLLC
Scott Makuakane, Counselor at Law
808-587-8227 | maku@est8planning.com
Est8planning.com

Trusts are tools. Like screwdrivers, they come in a variety of sizes and shapes, each designed to accomplish a defined result. You need a screwdriver with a tip that looks like a straight line for a screw with a head that has a straight slot in it. You need a screwdriver with a tip shaped…