To join in on this discussion, you must first log in.

Discussion:CA Trust, HI Residents (moved to HI) - Is Trust Property Community Property?

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Hawaii User Group --> CA Trust, HI Residents (moved to HI) - Is Trust Property Community Property?


SamG (talk|edits) said:

3 February 2007
Here is the background for my question:

There was a California couple who established a California Revocable Living Trust while residents of California. The Trust was funded with various assets, including a brokerage account, while they were in California. They moved to Hawaii. Assets within the brokerage account have been bought and sold while they were in Hawaii. They are still Hawaii residents. The question is... are the assets bought within the brokerage account titled under the Revocable Living Trust community property or separate property? The husband has since died and we are trying to see if we can get a community property stepup in basis for the brokerage account assets.

I cannot seem to get a response from Hawaii on this issue. Thank you for your help!

Natalie (talk|edits) said:

March 7, 2007
I see this has been sitting here for a while. Have you received an answer yet? I take it CA is a community property state. Currently some of the assets in the trust were purchased while in Hawaii? If that is the case, it seems to me that the rules for Hawaii would come into play with respect to those assets, but I am not an attorney nor experienced in this area. Perhaps you should check with with an estate planning attorney in Hawaii.

Taxea (talk|edits) said:

7 March 2007
Natalie

I have searched all over this site to figure out how to send you a message...no luck...anyhow yes, I did miss your question. I am in Wahiawa Heights. Where are you? taxea (taxea@hawaii.rr.com)

To join in on this discussion, you must first log in.
Personal tools