Mary Jane Connell, a partner in Carlsmith's Honolulu office, was quoted in the July 16 issue of Pacific Business News in an article regarding a new state law allowing for the establishment of a type of irrevocable trust in Hawaii-a domestic asset protection trust. The law, which took effect on July 1, allows individuals to place up to 25 percent of their net worth into such trusts. The law also creates an exception to current Hawaii law which requires a trust to end within 90 years or within 21 years after the death of the last living relative who was alive at the time the trust was drafted, whichever is longer. The new law would allow a properly drafted and administered trust to last forever.
According to Ms. Connell, one of the reasons for passing the legislation is to try to bring more business into the state. "It [brought] a lot of business to Alaska, and it can encourage people to bring business into Hawaii and invest their money here." Mary Jane Connell concentrates her practice on estate planning, probate and charitable organizations. In 2010, Ms. Connell was named the Honolulu Best Lawyers Trust and Estates Lawyer of the Year.