by Sanford Okura | Apr 29, 2011 | Estate Planning
2011 ESTATE PLANNING UPDATE By Sanford K. Okura Here is a 2011 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...
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 | Mar 18, 2011 | Estate Planning
On February 23, 2011, Governor Abercrombie signed into law Senate Bill 232, which makes civil unions legal in Hawaii, starting January 1, 2012. Although the law says that a civil union is not a marriage, it gives partners in a civil union the same legal rights and...
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...
by Sanford Okura | Dec 21, 2010 | Estate Planning
COMMUNITY PROPERTY If you own property in any of the following states, it is important that you understand the basics about community property: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Also Puerto Rico and...
