by Sanford Okura | Nov 29, 2009 | Medicaid and Nursing Home Costs
The February 2006 Estate Planning Insights column was entitled “Big Change in Medicaid Laws.” On February 1, 2006, Congress passed the Deficit Reduction Act of 2005. President Bush signed the bill into law on February 8, 2006. This new federal law makes important...
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 | Aug 31, 2009 | Articles
When a person dies with $100,000 or less in assets, there are simple ways to settle the estate. One way is to use an Affidavit for Collection of Personal Property. Another way is to have the clerk of the circuit court open a Small Estate proceeding. ...
by Sanford Okura | Jul 30, 2009 | Medicaid and Nursing Home Costs
On February 8, 2006, President Bush signed the Deficit Reduction Act. This federal law made big changes to Medicaid for nursing home costs. Important parts of the new law were supposed to be effective from February 8, 2006. However, the Hawaii Department of Human...
by Sanford Okura | Jul 9, 2009 | Articles
The following is a copy of the Notice of Public Hearing on the proposed changes to Hawaii’s Medicaid rules found in Hawaii Administrative Rules. The public hearing is scheduled for July 28, 2009. Many of the proposed changes are required by the...
by Sanford Okura | Jun 12, 2009 | Trusts and Wills
THE SPECIAL NEEDS TRUST Suppose you have a child with a disability. Perhaps the child was born with a mental disability. Perhaps he or she was born with a physical disability. In some cases, the child may have been normal at birth, but later in life acquired a...
by Sanford Okura | May 29, 2009 | Medicaid and Nursing Home Costs
MEDICAID PLANNING I am thinking about a meeting I had recently. The daughter of a client came to discuss her mother’s situation. Mother is elderly. She suffers from...
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...
by Sanford Okura | Mar 26, 2009 | Articles
Whenever you give away assets, there are laws in three different areas to consider: 1) gift taxes; 2) Medicaid rules for nursing home costs; and 3) capital gains taxes. Many people think you can give only $10,000 tax-free to each individual. Actually, the amount is...
by Sanford Okura | Feb 6, 2009 | Articles, Asset Protection
The economic news continues to get worse and worse. First, here is a brief summary of some of the advice I offered in last month’s Estate Planning Insights. Make sure that your savings accounts, checking accounts and certificates of deposit are in...
