An experienced estate planning lawyer who is ready to help
The goal of estate planning is to prepare for the future. Trusts can be a very effective way of meeting that goal. Many people use family trusts as part of their estate plan. Hongo Law Office, LLLC can help you determine if a family trust is a good option for your situation and guide you through the process of creating one.
Attorney Yuka Hongo helps clients in Japan and Hawaii create effective and appropriate estate plans that meet their needs and prevent future problems. She has lived and worked in Japan and the United States. Her unique background has helped many clients overcome the language and cultural barriers they face when dealing with estate planning issues.
Thinking about your family’s future
The purpose of a family trust is to provide for your family members after you are gone. You can name multiple family members as beneficiaries. It is usually set up as a revocable trust but can also be irrevocable. A person’s assets are put in the trust during their lifetime and then distributed after death.
A grantor – the person setting up the trust – will name a trustee to manage the trust. A trustee can be a family member, close friend or even a financial institution. The grantor will also name beneficiaries, who will receive the assets after the grantor’s death. Beneficiaries can include any family members, including spouses, children, grandchildren, nieces and nephews.
The assets that can be placed into the trust include your home and any other real estate you own, stocks, bonds and personal property, such as jewelry or works of art.
There are many benefits to setting up a family trust. If set up as a revocable trust, it is flexible. You can make changes to it whenever you want. Another benefit is that the assets in the trust are not subject to probate. The trust also can’t be challenged, as a will can be during the probate process.
There are certain things to consider when setting up a family trust. There are costs involved in order to set it up properly. In addition, you will need to transfer assets into the trust, which involves preparing paperwork. Also, any income earned by those assets in the trust is taxable – both for you and your beneficiaries after you are gone.
A comprehensive estate plan can give you comfort and security
Trusts can help you protect your assets and give you greater control over what happens to them after you are gone. There are many options and setting up trusts can be a complicated process. Attorney Hongo is ready to work with you to determine which type of trust works best for your situation.
Many people don’t like to think about these issues but taking the time to create a comprehensive estate plan can bring you peace of mind. If you don’t have an estate plan, your estate will need to go through probate. This can lead to attorney’s fees, court costs, tax implications and additional stress for your family.
Learn more about attorney Hongo can help you create an estate plan. Contact us to schedule a consultation at our Honolulu office. Attorney Hongo also meets with clients in Japan, which she typically visits twice each year.