ESTATE PLANNING INSIGHTS By Ethan R. Okura

Happy New Year! Here is the 2017 update of important numbers used in estate and Medicaid planning in Hawai‘i.

• How much money and property can a person have at death without having to pay estate taxes?

At the end of 2012, Congress passed a law making the exemption from estate taxes $5 million (adjusted for inflation) with no built-in expiration date. Taking into account inflation, the actual amount exempt from estate tax for 2017 is $5,490,000. The Hawai‘i estate tax law was previously amended to follow the federal estate tax law, so there is also a $5,490,000 exemption from Hawai‘i estate tax. (In other words, if you pass away in 2017 with less than $5,490,000, and you didn’t already use up any of your exemption by making gifts during your life, you will not owe any federal or Hawai‘i state estate tax.)

See more articles by Ethan by visiting https://okuralaw.com/blog/

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