Entries by michelle

Tax Identification Numbers (September 2013)

TAX IDENTIFICATION NUMBERS

By

Ethan R. Okura

Back in June, I wrote an article on how Obamacare affects the income taxes that trusts pay.  It’s a very complicated subject (taxes always seem to be, don’t they?) and my quick summary of how it works may have left you with more questions about how trusts are taxed than you had before you read the article.  Today I’m going to explain how Tax Identification Numbers work, both for Trusts and read more

Agreement of Sale (August 2013)

AGREEMENT OF SALE

By

 Ethan R. Okura

We all know that we had a recent real estate boom and bust cycle.  From the early 2000s until around 2007 or 2008 the real estate market was going gangbusters. Prices were rising, and a lot of transactions were taking place.  The main reason for this was easy financing.  Interest rates were low and banks were handing out mortgages like candy on Halloween!  The banks were giving loans to read more

How To Title Real Estate: LLC, Revocable Trust, Personal Name? (July 2013)

HOW TO TITLE REAL ESTATE:

LLC, Revocable Trust, Personal Name?

By

Ethan R. Okura

For many people—especially in Hawaii—real estate is the most valuable investment they own and the largest part of their estate.  There is so much advice and mis-information floating around about what is the best way to own real property.  Today I will talk about different entities and tenancies and how each applies to owning different types of real estate.

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How Does Income Tax Work With My Trust? (June 2013)

HOW DOES INCOME TAX WORK WITH MY TRUST?

By

 Ethan R. Okura

Last month after writing my article on Medicaid planning techniques, we received a message from a concerned client who is worried about higher income tax rates, the new 3.8% Medicare (sometimes called Obamacare) Surtax, and in light of these developments, whether a trust is still the right solution for his family’s needs. Perhaps he read a Forbes magazine article with an alarming read more

Asset Protection – Part 2 (April 2013)

ASSET PROTECTION – Part 2

By

Ethan R. Okura

Last month, we started talking about asset protection. We discussed what it is, why it’s necessary to protect ourselves in our country, and how having multiple layers of defense is the best approach.  I explained umbrella insurance, Limited Liability Companies (LLCs), and the difference between “Inside” and “Outside” liabilities.  We saw how LLCs can protect read more

QUESTION: Will a Revocable Living Trust protect my assets from lawsuits? (Sep 2012)

ANSWER:      Ethan R. Okura, Attorney Specializing in Estate Planning (Trusts, Wills, Medicaid Planning & Probate).  No, a revocable living trust will not protect your assets from lawsuits.  You can cancel your revocable trust and get assets out of the trust at any time.  Therefore, your creditors (people to whom you owe money) can also get assets out of your revocable trust.  An irrevocable read more

The New Estate Tax Law (January 2011)

Happy New Year, everyone!  We have some exciting new tax laws.  On December 17, 2010, President Obama signed into law the 2010 Tax Relief Act.  I will explain the most important changes in estate and gift taxes.

Temporary Law.  Important parts of the new law are only temporary.  If Congress does not further change the law, many of the benefits of the new law will disappear on January 1, 2013.

$5,000,000 read more