Posts: 51
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Joined: Jul 2015
OK - first off, I'm a mainlander married to a HI girl, planning to move (back for her) to the Big Island soon. So there are obviously things I don't know yet about living in HI, but really should learn.
So - could someone explain to me the reason so many folks have trusts, whether family or living, in HI? We don't see many of them in OR. Is there something particular about HI laws?
...we are everywhere...
...we are everywhere...
Posts: 1,219
Threads: 52
Joined: Dec 2014
quote:
Originally posted by b_a
OK - first off, I'm a mainlander married to a HI girl, planning to move (back for her) to the Big Island soon. So there are obviously things I don't know yet about living in HI, but really should learn.
So - could someone explain to me the reason so many folks have trusts, whether family or living, in HI? We don't see many of them in OR. Is there something particular about HI laws?
...we are everywhere...
Trusts are a form of estate planning to simplify thr passing on of property to the next generation. Making someone a revocable co-trustee of the trust also allows helps make sure bills and taxes get paid in case health or competency issues come up later.
Posts: 51
Threads: 4
Joined: Jul 2015
Yes, I am aware of what they are - my inlaws both have them. I just don't understand why they are so prevalent in Hawaii. Is probate especially onerous?
...we are everywhere...
...we are everywhere...
Posts: 1,219
Threads: 52
Joined: Dec 2014
quote:
Originally posted by b_a
Yes, I am aware of what they are - my inlaws both have them. I just don't understand why they are so prevalent in Hawaii. Is probate especially onerous?
...we are everywhere...
Local families are large and some members are scattered all over the planet, recent transplants who have mainland families also want to keep it easy. The transplants tend to be retirees, so they have different needs than young couples. I think all those factors add up to family trusts being a popular choice.
