Law Offices of Reuben S.F. Wong
Serving Clients In Honolulu And Across The Island Of O'ahu
Toll Free: 888-567-4597 Local: 808-531-3526
Areas & Topics

Honolulu Legal Blog

Do you understand your commercial lease terms?

As with any major transaction, leasing commercial property carries certain risks. You can minimize the risk, though, by ensuring that you have a solid lease agreement.

The terms of a commercial lease can be negotiated, and below are some basic things to consider before signing a commercial lease.

Could your child benefit from a special needs trust?

When you first learned that your child had special needs, you may have wondered how to do your best to provide care throughout his or her life. As your child grew and you learned more about his or her disability, you may have found yourself quickly falling into a routine that allowed you to meet his or her specific needs. Now that your child has gotten older -- and you as well -- you may wonder how his or her needs will be met in the event of your passing.

Though it may pain you to think of a time when you will not have the ability to care for your child, it may bring you some comfort to know that you have taken steps to ensure that he or she does not face unnecessary difficulties. One way to help with such an endeavor involves creating a trust -- specifically a special needs trust.

An Estate Planning Tool for Small Business Owners

If you are a small business owner in Hawaii, you know the effort and struggle it can require to actually make a business succeed. It takes planning, preparation, funding and a great business idea to really make a small business work, but the planning should not stop once you start making a profit. It is also beneficial to include your business as part of your estate plan.

As the owner of a small business, you may have given thought as to what will happen to your company in the future. Whether it is through your death or your retirement, something will happen to your business, and you have the right to decide what that is. A strong business succession plan is a key component in preserving the value of your assets.

How You Can Use a Variety of Tools to Make a Comprehensive Estate Plan

One of the beautiful things about estate planning is the range of options for achieving specific goals. Whether you have a modest estate or a multitude of complex assets, there are estate planning tools to help ensure that your needs are met in later years and that your assets are protected for future generations.

Is a Living Trust Right for Your Asset Protection?

If protecting assets for future generations is one of your primary goals in life, you may fear that some of your wealth will diminish or your estate will come under unnecessary scrutiny if it must go through the probate process. Because a last will and testament goes into the public record, your personal business could become known by any individual wishing to gain access to it. That is one reason you may want to consider alternative estate planning options.

You may already know that creating a trust and placing assets into that trust could help you avoid probate. Trusts also remain private, which means that public entities cannot easily gain access to trust-related information. In any case, it is important to create the right type of trust for your specific situation.

Consider Your Trust Options for Avoiding Probate and Taxes

If your goal is to ensure your own comfort later in life while preserving wealth for future generations, a trust may be an effective tool in your estate plan.

There are many different kinds of trusts to consider, so it is important to choose a trust that fits your specific situation.

What is a leasehold?

The concept of leasehold property has been a part of the Hawaiian real estate terrain for many decades. While many single-family properties on the islands have switched to fee simple ownership that is similar to a more conventional purchase of a home or property, the leasehold option remains a common one here, particularly on Oahu in Waikiki, Downtown, Makiki and the University areas.

The leasehold tends to jump out in the real estate sections because the prices are much lower than fee simple (the commonly assumed ownership of a property) and there are reasons for that.

Why create a health care directive?

Protecting your right to accept or refuse medical treatment isn't something you likely think about on a daily basis. You're young, and you just got married. You're thinking about your bright future, and none of that involves worrying about medical emergencies or being unable to make medical decisions on your own behalf.

But the reality is, unfortunate things do happen, no matter how young you are or what stage of life you are in. And if you were to become unresponsive or unable to make a medical decision, due to an accident, emergency or serious or sudden illness, your family or loved ones cannot read your mind.

Planning Your Estate? Now Is the Time to Draft Powers of Attorney.

When thinking about estate planning, most people think of a will. However, estate planning is not limited to just wills or trusts. While those documents are very important to have, you should also start thinking about assigning power of attorney and drafting this document.

What is power of attorney?

While it is never fun to think about growing old and being unable to make certain decisions for yourself, it is important that you are prepared when the time comes. Power of attorney is a legal document that allows someone to act on your behalf if you become incapable of doing so yourself.

Contact

Law Offices of Reuben S. F. Wong
1164 Bishop Street, Suite 1006
Honolulu, HI 96813

Toll Free: 888-567-4597
Phone: 808-531-3526
Fax: 808-531-3522
Honolulu Law Office Map