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Frequently Asked Questions/ANSWERS
WHAT IS A REVOCABLE TRUST?
HOW IS AN IRREVOCABLE TRUST DIFFERENT FROM A REVOCABLE TRUST?
WHAT ARE THE PRIMARY ADVANTAGES OF A REVOCABLE TRUST?
IF THE VALUE OF MY ESTATE IS LESS THAN THE ESTATE TAX EXEMPTION, DO I NEED A TRUST?
DO I NEED A WILL IF I HAVE A TRUST?
CAN I BE MY OWN TRUSTEE?
CAN I ADD TO OR WITHDRAW ASSETS FROM MY REVOCABLE TRUST AFTER IT HAS BEEN CREATED?
IF I MOVE TO ANOTHER STATE, IS MY TRUST STILL VALID?
IF I OWN REAL ESTATE IN ANOTHER STATE, CAN I PUT THIS INTO MY HAWAII REVOCABLE TRUST?
ONCE I SET UP MY TRUST, ARE THERE ANY ONGOING LEGAL EXPENSES?
IS SETTING UP A REVOCABLE TRUST EXPENSIVE?
IF I PUT MY HOME IN JOINT TENANCY WITH MY DAUGHTER, WILL I AVOID PROBATE? IF SO, WOULDN'T THIS BE LESS EXPENSIVE THAN SETTING UP A TRUST?
I AM MARRIED, SHOULD MY WIFE AND I USE ONE TRUST OR TWO TRUSTS?
WHAT OPTIONS SHOULD I BE CONSIDERING IF MY ESTATE EXCEEDS THE ESTATE TAX EXEMPTION AMOUNT?
IF I PLACE MY ASSETS INTO MY REVOCABLE TRUST, WILL THESE ASSETS BE PROTECTED FROM MY CREDITORS?
IF I PLACE MY ASSETS INTO A REVOCABLE LIVING TRUST WILL THIS AFFECT MY INCOME TAXES OR MY REAL PROPERTY TAXES?
IF I OWN REAL ESTATE TOGETHER WITH OTHER PERSONS, CAN I STILL PLACE MY PORTION INTO A REVOCABLE TRUST?
DO THE TRUSTEES WHO TAKE OVER AFTER I DIE HAVE TO BE HAWAII RESIDENTS?
IF I PLACE MY RENTAL REAL PROPERTY INTO MY REVOCABLE TRUST WITHOUT GETTING THE MORTGAGE COMPANY'S CONSENT, WHAT PROBLEMS MIGHT I FACE?
DO I HAVE TO GO BACK TO THE ATTORNEY EVERY TIME I PUT ADDITIONAL ASSETS INTO MY TRUST OR TAKE ASSETS OUT OF MY TRUST?
IF I PLACE ASSETS INTO MY REVOCABLE TRUST, WILL I HAVE PROBLEMS IF I WISH TO SELL THAT PROPERTY?
IF I WISH TO CHANGE THE TERMS OF MY REVOCABLE TRUST, HOW DO I DO THAT?
WHAT IS A GENERATION SKIPPING TRUST?
WHAT IS AN IRREVOCABLE LIFE INSURANCE TRUST?
WHAT IS AN INCENTIVE TRUST?
WHAT ARE SOME DIFFERENT WAYS THAT I CAN PROVIDE FOR THE DISTRIBUTION OF MY TANGIBLE PERSONAL EFFECTS UPON MY DEATH?
I HEARD THAT IF I HAVE A WILL, MY ASSETS WOULD NOT GO THROUGH PROBATE. IS THIS TRUE?
ARE LIFE INSURANCE PROCEEDS SUBJECT TO TAX WHEN I DIE?
HOW OFTEN SHOULD I REVIEW MY WILL OR TRUST?
WHAT HAPPENS WHEN ONE SPOUSE DIES? DOES THE OTHER SPOUSE RECEIVE ANY GUIDANCE FROM YOUR FIRM?
MY HOME IS WORTH HALF OF MY ESTATE. I WOULD LIKE TO LEAVE MY HOME TO MY DAUGHTER, BUT I HAVE THREE CHILDREN AND WOULD LIKE TO TREAT THEM EQUALLY. ANY SUGGESTIONS?
WHEN MY HUSBAND PASSED ON, OUR HOME WAS HELD JOINTLY AND THEREFORE CAME TO ME AUTOMATICALLY WITHOUT GOING THROUGH PROBATE. WOULDN'T IT BE MUCH SIMPLER FOR ME TO DO THE SAME WITH MY DAUGHTER?
IS THERE A WAY I CAN GIVE MY HOME TO MY CHILDREN NOW AT A REDUCED TAX COST AND AT THE SAME TIME CONTINUE TO LIVE IN THE HOME FOR MY LIFETIME?
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