Services
As trustee or successor trustee, MaxCorp is an impartial third party not subject to conflicts of interest. With a focus on providing high-quality management and administration of the trust using cost-effective measures, MaxCorp administers the trust according to the legal terms of the trust and estate documents, or court orders if the case is contested. While sensitive to the issues and concerns of everyone involved, MaxCorp strictly maintains the confidences of the trust terms for the benefit of current or future beneficiaries.
MaxCorp’s duties and services as trustee or successor trustee may include the following:
– Analyzing and following the legal terms of the trust;
– Identifying and collecting all trust assets and ensuring they are legally and properly held by the trustee;
– Maintaining and managing all trust assets, including but not limited to assisting with the sale(s) of trust property, if necessary;
– Working with financial and investment advisers and making fiduciary investment decisions;
– Maintaining and providing detailed accounting of receipts and disbursements;
– Providing detailed information and reports;
– Working with CPAs to determine tax liabilities and filing the necessary tax returns;
– Creating, maintaining, and updating monthly and annual budgets, as necessary;
– Distributing trust assets;
– Making impartial, reasoned fiduciary decisions, especially with respect to financial matters;
– Communicating and working directly with the settlor, beneficiaries, and any legal counsel regarding the administration of the trust; and
– Closing and wrapping up trusts in accordance with their legal terms.
In certain circumstances, MaxCorp works with the Personal Representative of an Estate to ensure all assets are put into the Trust in accordance with legal and valid Will and Trust documents.
In contested cases, MaxCorp’s attorneys represent MaxCorp as Trustee of the trust in court proceedings, filing necessary legal documents and responses and executing court orders involving the trust.
A Special Needs Trust (“SNT”) is an estate planning document that can provide a way for a person with a disability to continue to receive financial support while remaining eligible for public assistance and government benefits, such as Supplemental Security Income (“SSI”) and Medicaid. SSI pays for food, clothing, and shelter, whereas Medicaid covers basic medical needs. Both programs are needs-based for people with limited income and resources, such as those who are disabled, blind, or age 65 or older.
A SNT allows funds to be used for anything not covered by SSI and Medicaid, such as education, equipment, transportation, entertainment, travel and other personal expenses. A SNT is irrevocable and the beneficiary does not have control over the funds. A Trustee administers the SNT for the benefit of the beneficiary. Often a professional Trustee, like MaxCorp, is preferred and carefully selected to ensure the administration of the SNT complies with SSI and Medicaid rules and does not disqualify the beneficiary from any benefits.
There are two types of Special Needs Trusts in Hawaii:
(1) Self-Settled, First Party: a person with a disability under the age of 65 can establish a first party SNT with his or her own assets. However, this type of Trust must contain a Medicaid pay-back provision, which means that any remaining funds after the death of the beneficiary must be used to pay back the State for any medical expenses.
(2) Third Party: Family members can set up a third party SNT for a disabled family member, which does not include the Medicaid pay-back provision.
MaxCorp can be named as the professional trustee or successor trustee of either type of SNT. For Special Needs Trusts, MaxCorp ensures that the trust is administered in accordance with the specific legal terms and constraints of such trusts. Specifically, in addition to providing the typical trustee services, for Special Needs Trusts, MaxCorp’s services may include the following:
– Working with families to identify qualified payments for beneficiaries;
– Paying for services, expenses, and items properly allowed under the legal terms and conditions of the trust; and
– Regularly assessing benefits payable to the beneficiary based on current information
When a loved one dies, families or friends may find themselves with the responsibility of handling and wrapping up the personal and financial affairs. This can be a daunting, time-consuming task that can take several years or more, depending on the complexity of the case. MaxCorp will help you navigate this process from notifying family and friends of the passing of a loved one to making funeral arrangements, to gathering information and assets from various financial institutions, to providing legal reports and information to beneficiaries/heirs, to distributing assets and paying taxes. MaxCorp’s legal, accounting, and social work team are well-equipped to undertake this task in a cost-effective and timely manner.
MaxCorp’s duties and services as Personal Representative of an Estate include the following:
– Collecting, valuing and taking possession of assets (not put into Trust and held individually by the deceased);
– Reviewing and executing appropriate sales and purchases for the benefit of the Estate;
– Settling creditors’ claims and outstanding debts;
– Working with a CPA to determine any tax liabilities and filing any necessary tax returns;
– Preparing a detailed final accounting;
– Communicating and working directly with family of the deceased, any heirs, and any legal counsel regarding the administration of the estate; and
– Distributing and closing the estate, including but not limited to working with any Trustee(s) or representing the estate in any court proceedings.
When an individual is deemed legally incapacitated (the “Protected Person”) and unable to manage their own financial affairs, the court may appoint a conservator. Legal incapacity may be based on a medical diagnosis due to an injury, illness, or disability. The conservator may assist with managing the Protected Person’s financial affairs, such as money, real estate and/or assets.
In certain circumstances when no family or friends are available or qualified to look after the personal needs and care of an incapacitated individual, the court may appoint MaxCorp as a legal Guardian to assist in managing the Protected Person’s personal affairs.
Serving as a court-appointed conservator and/or guardian, MaxCorp focuses on the well-being, care, and health of the Protected Person and acts solely with the Protected Person’s best interests in mind at all times. MaxCorp provides reports to the Court and other Interested Persons regarding the Protected Person’s assets (conservatorship) and the Protected Person’s well-being (guardianship).
MaxCorp’s duties and services as conservator and/or guardian may include:
– Reviewing and paying monthly and annual bills and expenses, including but not limited to mortgages, utilities and insurances, caregiver services, and medical bills;
– Collecting income and receipts, including, for example, rent from real properties;
– Communicating with the Protected Person’s care team, attorneys, CPAs, insurance agents, and other professionals;
– Communicating with the Protected Person’s family and friends and any other Interested Persons;
– Managing the Protected Person’s finances and assets in a prudent, diligent manner;
– Researching and advocating for any public assistance or government programs for the Protected Person;
– Maintaining detailed accounting and reconciling financial accounts on a regular basis;
– Accounting to the court and other Interested Persons in accordance with any court orders;
– Assisting in locating, placing, and transitioning clients to suitable care facilities, when appropriate; and
– Closing or terminating the conservatorship and/or guardianship upon the death of the Protected Person and transitioning any conservatorship assets to the Protected Person’s estate.
MaxCorp only serves as conservator OR conservator and guardian, and is not a party to the action to establish a conservatorship or guardianship. MaxCorp is not currently able to serve as only the guardian of the Protected Person. For inquiries regarding potential or pending conservatorship and/or guardianship court cases, please contact us.
Individuals may appoint MaxCorp as their agent to act during their lifetime under a durable power of attorney. If you become incapacitated and need someone to handle your affairs, such as doing your banking and paying bills, the durable power of attorney ensures that certain financial or medical-related decisions can be made and handled. This is most common when you may be struck by an accident, suffer from illness, or lose capacity to manage your personal affairs. The durable power of attorney outlines specifically the scope of MaxCorp’s powers and decisions as an agent of the individual and avoids the public, time-consuming, expensive, and sometimes slow process of conservatorship and/or guardianship proceedings.
For questions relating to a durable power of attorney, please consult with your Trust and Estate Planning Attorney. MaxCorp may serve as agent under a durable power of attorney, as well as serving in other capacities, such as Trustee, Successor Trustee, or Co-Trustee (with the Trust’s Settlor).
*Please note that MaxCorp is currently not able to serve as an agent under an advanced medical healthcare directive. If there are certain extraordinary circumstances or inquiries about MaxCorp’s services as an agent, please consult with MaxCorp’s Executive Director.
This website is intended for educational and informational purposes only. Nothing on this website constitutes legal advice. We expressly disclaim any responsibility for actions taken or not taken based on information on this website. The information is provided “as is,” without warranties of any kind, either express or implied. The content is general and may not reflect current developments and is subject to change without notice.