Maximum Legal Services Corporation

11/03/2017

Yesterday the Trump Administration unveiled their new Tax Plan. One of the simplest and most clearly stated provisions of the Trump tax plan has to do with what it calls the "death tax". Although a majority of Americans favor repeal of the estate tax, many don't know its specific provisions.

Under current law, the estate tax affects a very small number of people each year. A credit is available that effectively lets estates pay no tax if their value falls below a certain amount, which for those who die in 2017 is $5.49 million. For those few americans that have wealth over the 5.49 million cap, there are simple ways to reduce your estate plan by giving to charity or transfer small amounts of money to the next generation tax-free. Current law allows you to give $14,000 every year to as many different people as you want—and you can also cover anyone’s medical bills and tuition.

10/27/2017

It all started with the mismanagement of guardianship of the property funds.

Federal prosecutors say Katherine Kealoha stole almost $150,000 from two children for whom she was appointed guardian.

10/21/2017

Come visit us at the @ Windward Community College

09/23/2017

"Did you know that women live an average of 4.9 years longer than men? A longer life- expectancy rate means that women have additional planning concerns to consider, compared to their male counterparts."

Because they tend to live longer than men and often don’t earn as much, women have special hurdles to leap when constructing their estate plans. Here’s how to deal with them.

09/15/2017

The Trustee of a Special Needs Trust is a long term function and involves investing the assets and having sensitivity to the needs of the beneficiary for purposes of making distributions and should be someone with an understanding of how to properly distribute trust assets without affecting the beneficiary’s eligibility for benefits. Before just naming anyone, consider naming a 3rd party trustee that can assist with the complex nature of administering a Special Needs Trust. Questions about Trust Administration? Call MaxCorp at 808-585-0920 to find out how we can help your family!

A Third-Party Special Needs Trust (also referred to as a “Supplemental Needs Trust”) allows parents or other relatives of a special needs beneficiary…

08/29/2017

"Estate tax planning has become so effective that wealthy families can now easily pass large portions of their estates to their heirs without paying the tax. There's nothing wrong or illegal about it: Shielding an estate from Uncle Sam often merely involves setting up an appropriate trust and filling it with assets. Other wealthy families can avoid the tax through gifts, since the amount that's exempt from gift taxes has also gone up."

https://www.cnbc.com/2017/08/29/only-morons-pay-the-estate-tax-says-white-houses-gary-cohn.html

Tax data show that very few of today's rich are actually paying the so-called death tax.

08/29/2017

Don't let this happen to your family! Naming a third party trustee, such as MaxCorp, can prevent these situations from happening.

http://www.baltimoresun.com/news/maryland/harford/aegis/ph-ag-fruhling-theft-case-0802-20170801-story.html

Jason Fruhling must pay $167,000 in restitution over 10 years as part of his guilty plea to stealing money meant for his late grandmother's trust fund to pay her assisted living expenses.