by Ethan Okura | Aug 5, 2019 | Articles
Last month I wrote my column on the basics of International Estate Planning. I explained the definitions of US Citizen, Non-resident Alien, and Resident Alien. The definition of a Resident Alien is different for Income Tax purposes than it is for Gift and Estate Tax...
by Sanford Okura | Jun 26, 2010 | Estate Taxes and Gift Taxes
There is now a new Hawaii estate tax. The bill proposing the tax (House Bill 2866) was vetoed by Governor Lingle on April 25, 2010. The Hawaii legislature overrode the veto on April 29, 2010, and the bill became Act 74 on April 30, 2010. It imposes a tax on the...
by Sanford Okura | Oct 14, 2009 | Articles
In estate planning, it is important to understand “stepped up basis.” When you buy property (for example, real estate or stocks) your “tax basis” in the property is the amount you pay for the property. When you sell the property, you have profit or “gain” equal to...
by Sanford Okura | Apr 29, 2009 | Estate Taxes and Gift Taxes
PROPOSED NEW LAWS There are some proposed new rules and laws which would affect estate planning. First, let’s review the current estate tax law. The estate tax is a federal tax. At this time there is no Hawaii estate tax or inheritance...
