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Stepped Up Basis In 2010 (August 2010)

In the Estate Planning Insights column for October 2009, I explained the “stepped up basis.”  When a person dies owning property such as real estate or stocks, the fair market value of that property on the date of death will become the new tax basis of that property. ...

Why You Should Convert to a Roth IRA (July 2010)

WHY YOU SHOULD CONVERT TO A ROTH IRA Forget all the articles you have read about whether you should convert to a Roth IRA.  Forget about “Roth IRA Conversion Calculators.”  If you have a substantial amount in a retirement plan that can be converted to a Roth IRA, you...

Tenants by the Entirety (December 2009)

TENANTS BY THE ENTIRETY Most married couples in Hawaii buy their home as “tenants by the entirety.” Many have transferred their home to their trusts.  Which is better?  To own your home as tenants by the entirety, or to put your home into your trusts?  Let’s look at...

The Stepped Up Basis (October 2009)

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...

Small Estates

            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. ...

Notice of Public Hearing and DHS Proposed Rule Change

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...