Tag: Estate planning
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A Legacy of Aloha
Estate planning is the process of protecting that which is important and then passing those important things on to our loved ones and future generations. Many concepts that are central to Hawaiian culture are particularly applicable to estate planning. Starting with the concept of ‘ohana (a very inclusive notion of family), all the way through…
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What to Do Before a Loved One Passes
We have been receiving an increased number of phone calls from our clients’ children, notifying us about the imminent death of one of their parents. The children usually call in a panic, asking if anything needs to be done before their parent passes. We do our best to assist them; however, sometimes it is just…
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By Invitation Only
Ideally, estate planning is “by invitation only.” Most people misunderstand this to mean that we, as the lawyers, are the ones doing the inviting. In actuality, it’s you, the clients, who are doing the inviting, by inviting us into your unique and textured lives.
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Three Documents Everybody Needs
There are three estate planning documents that every competent adult living in the State of Hawai‘i should have. Of course, “competency” can be an elusive quality, but once a Hawai‘i resident has turned 18, the law of our State presumes that person to be competent.
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Mastering Change
Class reunions are poignant reminders of change. With each passing year, our classmates grow a little grayer, perhaps a little balder, and maybe a little more expansive at the midsection. Good thing we are not like our classmates, right? Actually, we are. Father Time is catching up with all of us. That sobering fact should…
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Distributions – Consider Two Standards
As an estate planning attorney, I have the privilege of observing how families decide how to distribute their assets between and among their children. I have come to understand that there are two distinct standards that parents use to determine the gift. First, there is the standard of meeting needs. As parents, we observe the…
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Irrevocable Life Insurance Trust Benefits
Including a trust that owns life insurance in your estate planning strategy can have the following benefits: MANAGEMENT. If you have a large estate and plan to pass a significant inheritance to children, an Irrevocable Life Insurance Trust (ILIT) enables you to appoint someone to manage the trust’s assets. The trustee you select could be…
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Hawaiian-Style Estate Planning
Estate planning is the process of protecting that which is important (far beyond simply financial or physical assets) and then passing those important things on to our loved ones and future generations. Many concepts that are central to Hawaiian culture are particularly applicable to estate planning. Starting with the concept of ‘ohana (a very inclusive…
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Beware the Joint Account
A joint bank account with a child can be an efficient, effective, and simple estate planning tool. Either of the joint owners can write checks, and the survivor can continue to use the account after one owner dies. However, a joint account can be fraught with problems if not handled carefully and intentionally. Potential problems…
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Who Should Think About Medicaid?
An unpleasant fact of life is the prospect of needing long-term care someday. Statistics tell us that 70 percent of Americans will need long-term care for some period of time before death. So it is not just possible, but very likely that you or someone close to you will need long-term care. In Hawai‘i, the…