by Ethan Okura | Feb 8, 2013 | Articles, Estate Taxes and Gift Taxes
2013 ESTATE PLANNING UPDATE By Ethan R. Okura Here is a 2013 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? As I mentioned in last...
by Ethan Okura | Jan 6, 2013 | Estate Taxes and Gift Taxes
NEW LAW: SAVED FROM THE FISCAL CLIFF? By Ethan R. Okura As you may know, President Obama cut short his vacation in Hawaii to return to Washington D.C. and deal with the problem of the fiscal cliff. For those of you who weren’t aware, the fiscal cliff refers...
by Sanford Okura | Jul 20, 2012 | Estate Taxes and Gift Taxes
HAWAII ESTATE AND GENERATION SKIPPING TRANSFER TAXES On July 5, 2012, Governor Abercrombie finally signed into law the Estate and Generation-Skipping Tax Reform Act, which is Act 220. Parts of this law were badly needed to clean up the poorly written Hawaii Estate Tax...
by Sanford Okura | Jan 20, 2012 | Articles, Estate Taxes and Gift Taxes, Medicaid and Nursing Home Costs
Here is a 2012 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? Under a temporary federal law, $5,000,000 is tax free this year. From January 1,...
by Sanford Okura | Apr 1, 2011 | Estate Taxes and Gift Taxes
Hawaii State Death Tax Calculation Chart Step 1: Determine Taxable Estate (from federal form 706, Part 2, Line 3) (However, use $3.5M as exemption)* Step 2: Determine Adjusted Taxable Estate (Subtract $60,000 from Taxable Estate in Step 1) Step 3: Find Adjusted...
by Sanford Okura | Feb 28, 2011 | Estate Taxes and Gift Taxes
The new tax law gives us a wonderful opportunity to protect assets from nursing home costs and also from taxes. It makes temporary changes to the federal tax laws. It allows you to give away during your lifetime up to $5 million of assets without any gift...
