HB2280 Summary

• Amends Hawaii Revised Statutes Section 28-5.2 to define "property" in the context of charitable asset protection to include all interests in real property, tangible and intangible personal property, cash, remainder interests, land, and conservation or preservation easements.

• Specifies that remainder interests in charitable remainder trusts and current interests in charitable lead trusts are considered property held for charitable purposes.

• Clarifies that property held in a revocable trust providing a remainder interest for charitable purposes is not a charitable asset while the settlor is alive, since the settlor can revoke or change the interest.

• Expands the Attorney General's authority to protect charitable assets by enforcing their application, preventing misapplication or waste, and commencing or intervening in legal actions related to charitable assets.

• Takes effect upon approval.