by Sanford Okura | Feb 24, 2010 | Estate Taxes and Gift Taxes
2010 – AN UNUSUAL YEAR FOR TAX LAW There is no federal estate tax this year. Since the State of Hawaii has no inheritance tax, Hawaii residents can die this year with any amount of assets and pay no death taxes at all. This is only for the year 2010. ...
by Sanford Okura | Dec 18, 2009 | Estate Planning
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...
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 | Estate Planning
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 | Sep 29, 2009 | Powers of Attorney and Health Care Directives
“DO NOT RESUSCITATE” With an Advance Health Care Directive, you can make “end of life” decisions. You can choose to die naturally, without life support. However, if your heart stops beating, emergency medical personnel will resuscitate you, even if you have an...
by Sanford Okura | Aug 31, 2009 | Estate Planning
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 | Estate Planning
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...
