Aretha Franklin: Following in Prince’s Footsteps to Pay Millions in Death Taxes
Aretha Franklin: Following in Prince’s Footsteps to Pay Millions in Death Taxes By Ethan R. Okura A little over two years ago I wrote about Prince, the music recording legend, and how he passed away without a will. I detailed some of the problems that his...
“UNDUE INFLUENCE” AND OTHER WILL PROBLEMS
“UNDUE INFLUENCE” AND OTHER WILL PROBLEMS By: Ethan R. Okura In previous columns, I have addressed the subject of financial abuse of the elderly. This usually involves outright stealing or fraud. However, there is another form of financial abuse that is...
An Ethical Will: The Importance of Passing Down Your Values, Not Just Your Assets
An Ethical Will: The Importance of Passing Down Your Values, Not Just Your Assets By Ethan R. Okura Have you heard the proverb “Shirtsleeves to Shirtsleeves in Three Generations?” Or perhaps you’ve heard the saying as “Rags to Riches to Rags in Three...
How To Apply For Long-Term Care Medicaid
In last month’s column, I focused on the history of Medicaid and discussed some of the difficulties that arise when dealing with Medicaid’s many laws, rules and policies. I also told you about some of the problems that people have encountered when applying for...
Applying For Long Term Care Medicaid: Can You Do It On Your Own?
Applying For Long Term Care Medicaid: Can You Do It On Your Own? By Ethan R. Okura Medicaid was created in 1965 as Title XIX of the Social Security Act, alongside Medicare, which was Title XVIII of the Act, under President Lyndon B. Johnson. Medicaid is a joint...
LEGISLATIVE UPDATE: NEW DEATH WITH DIGNITY LAW PASSED
Legislative Update: New Death With Dignity Law Passed By Ethan R. Okura Recently, the Hawaii State Legislature passed a bill that gives terminally ill patients an option to take prescription medication that will cause them to pass away peacefully in their...
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII
WHAT OUT OF STATE CHILDREN NEED TO KNOW TO HELP THEIR AGING PARENTS IN HAWAII By Ethan R. Okura We often have clients who raised their families here in Hawaii, and then sent their children off to the mainland or elsewhere in the world to pursue their...
THE TAX CUTS AND JOBS ACT
THE TAX CUTS AND JOBS ACT By Ethan R. Okura In November 2017, I wrote an article about the proposed Tax Cuts and Jobs Act (TCJA). There were quite a few changes laid out in the proposed new law and there has been a lot of confusion as the bill went through...
Estate Planning Update 2018
ESTATE PLANNING UPDATE FOR 2018 By: Ethan R. Okura Happy New Year! The following is the 2018 update of important numbers used in estate planning and Medicaid planning in Hawai‘i. How much money and property can a person have at the time of death without paying...
’TIS THE SEASON OF GIVING
’TIS THE SEASON OF GIVING By Ethan R. Okura and Carroll D. Dortch From the American tradition of a big Thanksgiving feast to the various religious celebrations at this time of year, gifts and sharing with others are what make this holiday season so special....
Everything You Need To Know About The New Proposed Tax Changes
Everything You Need To Know About The New Proposed Tax Changes By Ethan R. Okura & Carroll Dortch On November 2, 2017, the Tax Cuts and Jobs Act was released. It is a Republican-sponsored bill from the House of Representatives that is intended to simplify...
Is Medicaid Going Away?
Is Medicaid Going Away? By Ethan R. Okura & Carroll Dortch There has been a lot of political changes in the federal government over the past year. With a Republican president in office and a Republican majority in Congress, some people are concerned about...
Must I Pay for My Parent’s Nursing Home Bills?
One of the frequent questions that we hear at Okura & Associates is: “Will I be responsible to pay for my mother’s (or father’s) nursing home expenses?” This can be a scary thought for a working adult who can’t physically provide care for her aging parent, and who...
Hawaii Real Property Tax Exemptions
Did you know that there are some exemptions that you can employ to save on your property taxes in Hawai‘i? One of the most commonly used exemptions is the real property tax exemption for homeowners. If you own a home in Hawai‘i, your property tax exemption is based on...
Legislative Update: New Elder Care Laws Passed
Recently, the Hawaii State Legislature passed two bills that affect our elderly population and their health care. One was Senate Bill 534, the Kupuna Caregivers Act; the other was House Bill 1396, Relating to Community Care Foster Family Homes, both of which were...
AHCD vs. POLST vs. HIPAA
One of the most important things you can do as part of your estate planning is authorizing someone to make decisions on your behalf in the event you become incapacitated and can’t make decisions for yourself anymore. This person whom you authorize is called your...
THE BEST NURSING HOME IN HAWAII
Last month we talked about the different types of nursing homes and long-term care facilities available in Hawaii. We covered ARCH, Adult Foster Homes, and Nursing Homes. There are also assisted-living facilities, which we did not discuss, but which are an important...
THE THREE TYPES OF NURSING HOMES
We have had hundreds of clients over the years who have gone to nursing homes to provide for their care as they aged. Some of them lived full, rich, engaged lives in the nursing home until the very end. Others suffered from severe physical disabilities or dementia...
UPDATING OLD ESTATE PLANS
Spring is in the air! So what does that mean? It’s time for spring cleaning; time to get rid of all the junk that accumulated over the past year; time to deep clean the house and freshen it up. It’s also time to clean up and update that old estate plan! Remember that...
Asset Protection and Fraudulent Transfers
As you may be aware, the United States is one of the most litigious countries in the world. This means more people sue each other in court in the US than almost anywhere else. We have one lawyer for every 252 citizens in the US, as compared to only one lawyer for...
2017 ESTATE PLANNING UPDATE
Happy New Year! Here is the 2017 update on important numbers used in Estate Planning and Medicaid Planning in Hawaii. How much money and property can a person have at death without paying estate taxes? At the end of 2012, Congress passed a law making the exemption...
AN ESTATE PLAN FOR THE HOLIDAYS
In last month’s article, I wrote about why everyone should have a Will. I didn’t want to bore you with a bunch of technical legal information, but I tried to impress upon you how important it is by sharing stories of how badly things can go wrong when you don’t have a...
WHY YOU NEED A WILL RIGHT NOW: PROBLEMS WITH INTESTATE DISTRIBUTION
How many of you don’t have a Last Will and Testament drawn up? How about your adult children or grandchildren? There are many reasons why people don’t have a Will: Don’t want to think about dying; Fear of cost; Not sure whom to name as beneficiaries or personal...
THE TOP 4 MEDICAID MYTHS
Have you heard information about Medicaid for nursing home costs from a friend, relative, or neighbor? If so, chances are you’ve also heard one of the Medicaid myths that aren’t true. Here are 4 common misconceptions about qualifying for Medicaid to pay for your...
LAND COURT VS. REGULAR SYSTEM
Today I’m going to talk about the two different systems for recording ownership of real property (land and buildings) in the State of Hawaii. The “Regular System” of recording land ownership comes from the traditional English Common Law and is a “race-notice”...
DIGITAL ASSETS: PASSING ON YOUR ELECTRONIC PHOTOS, FILES, ACCOUNTS, AND DATA
When a loved one passes away, probably the furthest thoughts from your mind at that time are: How do I access and preserve their digital assets of value? And, what are their passwords? First, let’s define “digital assets.” A strict definition from Wikipedia is...
WILL YOUR WILL WORK? THE PROBLEMS WITH ONLINE WILLS AND TRUSTS
I have had several potential clients and even friends ask me my opinion about online, do-it-yourself, estate planning documents. In recent years several websites have popped up offering a glamorous opportunity to prepare your will, trust, and/or other estate planning...
THE ESTATE OF THE ARTIST FORMERLY KNOWN AS PRINCE
A few weeks ago, the news media were replete with articles about the highly successful, music genius, rock-legend Prince. He has sadly joined the ranks of world-famous icons who have died leaving fans wanting more. He has also apparently joined the group of such...
JOINT TENANTS
We often see clients who have been advised by someone else that holding bank accounts or real property as “Joint Tenants” (also called “Joint Tenancy”) is a cheap way to avoid probate costs. It’s true that if one of the joint tenants passes away, the other joint...
REVOCABLE OR IRREVOCABLE: THAT IS THE QUESTION!
When a client comes in to our law firm for the first time, they usually ask us to explain the basic concepts of estate planning and to make recommendations on how they should proceed. Our attorneys will share with the client how doing a plan with us can help to...