 |
|
|
| Importance of Providing for Specific Language for the Type of Ownership Interest Conveyed by a Deed |
| Introduction |
A deed grants title to property to a new grantee(s) in different types of ownership interest(s). Tenancy by Severalty, for example, transfers the entire title to a sole grantee, while a Joint Tenancy or Tenancy by the Entirety (for married couples) transfers the entire title to two or more grantees, where each grantee will own an equal, undivided interest in the property. While a sole grantee under a Tenancy by Severalty will not be able to avoid probate, tenants under a Joint Tenancy or Tenancy by the Entirety will be able to avoid probate upon the death of any tenant under such ownership interests, until the death of the last surviving tenant.
It is important to review the deed that is prepared by your service provider as some deeds fail to provide for the specific language that is needed to convey the type of ownership interest that is to be transferred by the deed, as such absence may produce unfavorable consequences, such as the inability to avoid probate.
|
|
|
| The Effect of Excluding Specific Language Needed to Convey the Type of Ownership Interest |
Exclusion of specific language such as “convey unto grantee as Tenants by the Entirety” can actually result in the deed not granting ownership under Tenancy by the Entirety, thereby not having the effect of giving each joint tenant an equal interest in the property.
If the deed, for example, provides that the ownership of the property be granted to “X and Y, as Husband and Wife,” but the deed does not specifically provide for language in the deed “to convey as Tenants by the Entirety,” ownership will not be granted under Tenancy by the Entirety, which will have the effect of property owners being subjected to probate once one of the grantees passes away, which could have been avoided if ownership had, in fact, been transferred under Tenancy by the Entirety.
|
|
|
| Conclusion |
| When asking a vendor to prepare a deed for a property that you recently bought, etc., it would be a good idea to review the deed that is prepared to see that it provides for the specific language to properly convey the type of ownership interest that you are interested in receiving. |
|
|
| Guest Article by Colin Teraoka, executive vice president of Alakai Global, Inc. |
Update on Japanese-owned Captive Insurance Companies in Hawaii
Hawaii Continues to Grow as a Domicile Captive Insurance Companies
On December 31, 2021, Hawaii had 247 domiciled captive insurance companies producing gross written premiums of $12.28 billion. This is a significant increase from 2017 in which Hawaii had 230 active captives writing $7.35 billion in premiums. Not only the number of captives but the average gross written premiums per captive has increased. This indicates Hawaii’s continuing ability to attract substantial programs in the competitive market among domiciles for captive insurance companies.
The Number of Japanese-owned Captives Continues to Trend Upward
Of the 252 Hawaii captives active on March 31, 2022, 49 captives were directly or indirectly Japanese owned which represents 19.4% of the total. Interestingly, 144 of the 252 captives were established before 2015. Out of the 144 captives, 18 or 12.5% were Japanese owned. Since 2015, 108 captives have been added to the list; 31 or 28.7% are Japanese owned. Simply stated, Hawaii has averaged 4 new Japanese captives a year since 2015.
The Number of Publicly held Japanese-owned Captives Has Held Steady
Of the 49 directly or indirectly owned Japanese captives on March 31, 2022, 18 or 36.7% were owned by publicly held Japanese companies. Of the 31 new Japanese owned captives created after 2014, 9 or 29% were owned by publicly held Japanese companies. While the bulk of Japanese owned captive formations are from privately held Japanese companies, Hawaii continues to attract a fair share of large publicly held Japanese owners to its domicile.
Colin Teraoka
Alakai Global, Inc.
Executive Vice President
Certified Public Accountant (Hawaii)
International Christian University, 1979
California State Polytechnic University, Pomona, MBA 1973
Hawaii State Captive Insurance Manager
www.alakaiglobal.jp |
|
|
|
| |
|
| Client Comments |
| "Lawyers in the U.S. can be difficult to talk to at times, but I think people find it easy to talk to Ms. Hongo. I also like the fact that Ms. Hongo follows up with her clients on a timely basis." |
| Sachiko Trillo, Honolulu |
|
|
| "Hongo Tsuji Tax & Consulting, our accounting firm, introduced me to Ms. Hongo. I consulted her with regards to estate planning, and I appreciated the fact that she took care of our documents in a timely manner." |
| K.A., Tokyo |
|
|
| |
|
| "I appreciated Ms. Hongo's professional expertise and the kind way in which she took care of our matter. I am truly happy that she helped us." |
| Mitsuko Seto, Osaka |
|
|
| "Ms. Hongo not only prepared my trust, but also took care of legal matters involving my company. Her fee is reasonable and she follows up with you in a timely manner." |
| S. Suzuki, Company Owner |
|
|
| |
|
| "Ms. Hongo took care of our matter in a kind manner. We liked the fact that her office was located in Waikiki, near our home." |
| Sugiyama, Waikiki |
|
|
| "I became a successor to 2 condominiums that my wife owned in Hawaii, after my wife passed away. Ms. Hongo took care of our probate matter in a short timeframe of 1 year. We feel very grateful to her." |
| Shuichi Sakamoto, Nasu |
|
|
| |
|
| "Our clients were very satisfied with Ms. Hongo's service because she was able to explain matters such as probate in an easy-to-understand manner. Ms. Hongo is someone we can rely on for any matter." |
| Noboru Ohhashi, List Sotheby's, Tokyo |
|
|
| "Given that the U.S. real estate recording process and its pertaining laws differ from those of Japan, and it is difficult to learn about them in English, I appreciated Ms. Hongo being able to explain them to me in an understandable manner. I would like to seek her help in the future for other matters." |
| K. Iwasaki, Honolulu |
|
|
| |
|
| "Ms. Hongo helped me with the estate planning for my real estate in Hawaii. I was glad she was able to help me during her visit in Japan." |
| S.T., Kawasaki |
|
|
| "It was our long-term goal to prepare a trust for our family. We are now able to take the next step in our lives, as Ms. Hongo applied her proficient bilingual skills to efficiently take care of our matter. We are very grateful for what she did for us." |
| A.P., Honolulu |
|
|
| |
|
| |
| Hongo Law Office LLLC is proud to have been acknowledged as one of the "Best Probate Attorneys in Honolulu for 2022" by Expertise.com. |
|
|
|
|
| |
|
| You're invited to call or email |
"If you have questions about estate planning/administration or captive insurance, please don't hesitate to call. I'll be glad to hear from you." – Yuka
Call (808) 237-9944 or email yuka.hongo12@gmail.com |
|
|
|
|
|
| Meet Yuka Hongo, Esq. |
| Yuka Hongo is a respected estate planning attorney based in Honolulu, Hawaii. She has practiced law for 10 years and is fluent in both English and Japanese. |
|
|
| |
|
Practice Areas: Yuka represents clients in matters relating to estate planning/administration, including probate and the preparation of transfer on death deeds. In addition, she assists clients in forming captive insurance companies in the State of Hawaii, and performing the corporate maintenance work on an ongoing basis for such companies.
Education: In 2000, Yuka graduated from Oberlin College (Oberlin, OH), where she earned a Bachelor of Arts Degree in Economics and East Asian Studies. In 2004, she graduated from Loyola Law School (Los Angeles, CA), where she earned her Juris Doctor Degree. In 2022, Yuka graduated from Keio University (Tokyo, Japan) where she earned a Master of Laws Degree.
Court Admissions and Bar Memberships: Yuka is a member of the Hawaii, California, the District of Columbia Bar, and New York Bar Associations. Yuka is a member of the International Law Section of the Hawaii State Bar.
Additional Qualifications: Yuka is a Certifying Acceptance Agent who can obtain the ITIN tax number for foreigners in the U.S. In addition, she is a life insurance agent and a licensed notary public in Hawaii. Also, Yuka is fully bilingual in Japanese and English and has in-depth experience including complicated translations working with both languages.
Multicultural Background: Yuka has experience living and working in both the U.S. and Japan and has a thorough understanding of both cultures and the people who live in both countries. In addition, she loves working with people from other multicultural backgrounds, and working on international matters.
Accounting Experience: Yuka worked for the Tokyo office of a prominent U.S. accounting firm for the past number of years and has extensive experience working with tax and legal issues that arise from cross-border transactions.
Educational Presentations: Yuka has presented seminars in Japan relating to Transfer on Death Deeds in Hawaii and trusts in the United States.
Residence & Interests: Yuka lives in Honolulu, Hawaii and is single. She enjoys scoping out new eateries and restaurants. |
| |
| Add a friend to our list |
If you have a friend or colleague who would like to receive this newsletter, please give us the person's name and email address and we'll add them to our distribution list. Thanks.
You can also connect with Yuka on Facebook, LinkedIn, Twitter and YouTube. |
|
|
|
| |
|
|
|
|
