New Hawaii Home Protection Clauses
In 2012, Tenancy By The Entirety Clause (TBE) was passed by Hawaii Legislature, allowing married couples to have joint ownership of their home.
It prevents a creditor from one of the spouses, from attaching a lien on the home to please the spouse’s debt.
A Spendthrift Clause is a valuable way to protect your beneficiary’s inheritance from creditors.
For example, if you leave $100,000 to a child who has a great deal of loan debt, the debt holders cannot come after the $100,000 if it is held in the trust.
It’s an excellent way to protect your hard-earned assets from your beneficiary’s creditors.
A No Contest Clause prevents in-laws, ex-spouses, divorced family members and your beneficiaries from challenging your will or trust by disinheriting anyone who challenges your distribution.
If a beneficiary sues for a greater share of your estate and losses, he or she will not receive anything from your estate.
It is a great way to prevent fighting amongst your beneficiaries’.
A Buy-Out Clause allows one of your beneficiaries to purchase your home from the other beneficiaries for the fair market value of the home minus a real estate commission.
It is a great benefit if you have an adult child who currently lives in your home and would like to continue to live in the home after you pass.
Also, if we help you sell a current piece of Real Estate we may be able to greatly reduce your Capital Gains tax which could be a significant tax savings to you and your family members.