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4 types of trusts you may consider for your estate plan

When considering your estate planning needs, you may want to review various planning options. One of the benefits of creating an estate plan is that you can customize your plan to your specific needs and desires due to the number of available tools. Of course, you may also find yourself feeling overwhelmed by the different paths you could follow in order to create your plan.

Even a single option could have various categories that you could potentially use. For instance, a variety of trusts exist that may help you meet your needs. Understanding the uses of these trusts could help you better decide which could make your plan more comprehensive and allow you to put your remaining assets to use as you wish even after your passing.

Are you sure you should sign that commercial lease agreement?

Are you looking to open a new office? You may have searched Honolulu for the perfect space, and when you found it, you got excited to get into it and start working. That excitement may serve you as you begin putting in the hard work it will take to make your business a success, but when it comes to signing a commercial lease, it could cost you.

Rushing through the leasing process could ultimately cause problems. Your lease is more than likely much more than just how much the rent will be. Without a clear understanding of all of the provisions of the lease, going too fast could come back to haunt you. For instance, many people make the following mistakes when entering into a commercial lease.

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.

Know the Benefits of Forming a Real Estate LLC in Hawaii

For property owners throughout Hawaii, matters of real estate law, business law and estate planning often intersect. To protect a real estate investment, sound guidance is needed in each of these areas of law.

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.

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
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