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Welcome to Hawaii Estate Planning Law Firms.com
Did You Know?
The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.
In Hawaii if you die without a will, your family could be in for more than they bargained for. You sons and daughters could be left fighting over their share of your estate. If you are located in another region of the country contact one of our estate planning attorneys nationwide. Don’t make them go through that hassle; contact our Hawaii Estate Planning Lawyer to help get your affairs in order.
[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Hawaii
Gross estate tax purposes
437
Gross estate tax Amount
645,429
Total allowable deductions Number
437
Total allowable deductions Amount
325,992
State death tax credit Number
150
State death tax credit Amount
10,022
Net estate tax Number
150
Net estate tax Amount
31,390
Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.
Our Hawaii Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.
If you don’t have a will, the state of Hawaii will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.
State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.
Our Hawaii Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.
Most parents use trusts to better prepare for their children’s needs at the time of their death.
Issues and topics related to Hawaii Estate Planning include:
Pensions and the Future of Savings
Audio, RM, 44 Kbps, 8:46, 11/17/2004
Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Transfer Tax
Definition:
The combined Federal Estate and Gift tax. A single exemption credit applies whether the property was transferred during a person's lifetime (gift tax) or is held by a person at the time of his/her death (estate tax).
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
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Did You Know?
Estate Tax Returns Filed in 2001: Gross
Representative Neil Abercrombie, Hawaii 1st Congression