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Estate Planning Alert provided as an educational service by Yuka Hongo, Estate Planning/Administrative and Captive Insurance Attorney
 
Newly Proposed Legislation Affecting Estate Taxes, etc.
Senator Bernie Sanders (Democrat) of Vermont has proposed a new legislation recently that may cause an increase in estate taxes, and etc. in the United States.
 
Proposed Changes
The following is a list of the changes that Bernie Sanders has proposed under the "For the 99.5 Percent Act":

1) The Estate Tax Exemption will be reduced from the current $11.7 million dollars per individual to $3.5 million per individual;

2) Currently, an estate exceeding $11.7 million is taxed uniformly at 40 percent. Under the proposed law, estates in excess of $3.5 million will be taxed at different percentages, a higher tax rate being applied to a higher estate amount;

3) The Gift Tax Exemption is reduced from $11.7 million to $1 million;

4) The current Step-up in basis that allows a property’s cost value to be “stepped up” to the current value, which helps a person who inherits the property to avoid payment of capital gain taxes when he/she sells the property, will be eliminated.
 
Conclusion
Although it is unclear whether the entire Senate will vote to pass the legislation, it is good to think about your estate planning in consideration of any changes in the estate tax rules that may take place in the United States.
 
Client Comments
"Lawyers in the U.S. can be difficult to talk to at times, but I think people find it easy to talk to Ms. Hongo. I also like the fact that Ms. Hongo follows up with her clients on a timely basis."
Sachiko Trillo, Honolulu
"Hongo Tsuji Tax & Consulting, our accounting firm, introduced me to Ms. Hongo. I consulted her with regards to estate planning, and I appreciated the fact that she took care of our documents in a timely manner."
K.A., Tokyo
 
"I appreciated Ms. Hongo's professional expertise and the kind way in which she took care of our matter. I am truly happy that she helped us."
Mitsuko Seto, Osaka
"Ms. Hongo not only prepared my trust, but also took care of legal matters involving my company. Her fee is reasonable and she follows up with you in a timely manner."
S. Suzuki, Company Owner
 
"Ms. Hongo took care of our matter in a kind manner. We liked the fact that her office was located in Waikiki, near our home."
Sugiyama, Waikiki
"I became a successor to 2 condominiums that my wife owned in Hawaii, after my wife passed away. Ms. Hongo took care of our probate matter in a short timeframe of 1 year. We feel very grateful to her."
Shuichi Sakamoto, Nasu
 
"Our clients were very satisfied with Ms. Hongo's service because she was able to explain matters such as probate in an easy-to-understand manner. Ms. Hongo is someone we can rely on for any matter."
Noboru Ohhashi, List Sotheby's, Tokyo
"Given that the U.S. real estate recording process and its pertaining laws differ from those of Japan, and it is difficult to learn about them in English, I appreciated Ms. Hongo being able to explain them to me in an understandable manner. I would like to seek her help in the future for other matters."
K. Iwasaki, Honolulu
 
"Ms. Hongo helped me with the estate planning for my real estate in Hawaii. I was glad she was able to help me during her visit in Japan."
S.T., Kawasaki
"It was our long-term goal to prepare a trust for our family. We are now able to take the next step in our lives, as Ms. Hongo applied her proficient bilingual skills to efficiently take care of our matter. We are very grateful for what she did for us."
A.P., Honolulu
 
You're invited to call or email
"If you have questions about estate planning/administration or captive insurance, please don't hesitate to call. I'll be glad to hear from you." – Yuka

Call (808) 237-9944 or email yuka.hongo12@gmail.com
 
Meet Yuka Hongo, Esq.
Yuka Hongo is a respected estate planning attorney based in Honolulu, Hawaii. She has practiced law for 10 years and is fluent in both English and Japanese.
 
Practice Areas: Yuka represents clients in matters relating to estate planning/administration, including probate and the preparation of transfer on death deeds. In addition, she assists clients in forming captive insurance companies in the State of Hawaii, and performing the corporate maintenance work on an ongoing basis for such companies.

Education: In 2000, Yuka graduated from Oberlin College (Oberlin, OH), where she earned a Bachelor of Arts Degree in Economics and East Asian Studies. In 2004, she graduated from Loyola Law School (Los Angeles, CA), where she earned her Juris Doctor Degree.

Court Admissions and Bar Memberships: Yuka is a member of the Hawaii, California, the District of Columbia Bar, and New York Bar Associations.  Yuka is a member of the International Law Section of the Hawaii State Bar.

Additional Qualifications: Yuka is a Certifying Acceptance Agent who can obtain the ITIN tax number for foreigners in the U.S. In addition, she is a life insurance agent and a licensed notary public in Hawaii. Also, Yuka is fully bilingual in Japanese and English and has in-depth experience including complicated translations working with both languages.

Multicultural Background: Yuka has experience living and working in both the U.S. and Japan and has a thorough understanding of both cultures and the people who live in both countries. In addition, she loves working with people from other multicultural backgrounds, and working on international matters.

Accounting Experience: Yuka worked for the Tokyo office of a prominent U.S. accounting firm for the past number of years and has extensive experience working with tax and legal issues that arise from cross-border transactions.

Educational Presentations: Yuka has presented seminars in Japan relating to Transfer on Death Deeds in Hawaii and trusts in the United States.

Residence & Interests: Yuka lives in Honolulu, Hawaii and is single. She enjoys scoping out new eateries and restaurants.
 
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Yuka Hongo, Esq., Estate Planning/Administration and Captive Insurance Attorney
Hongo Law Office, LLLC
2155 Kalakaua Avenue, #410 • Honolulu, Hawaii 96815
Hawaii (808) 237-9944 • California (310) 923-2315
yuka.hongo12@gmail.comwww.hongolaw.com
Yuka Hongo, Esq. is licensed to practice law in California, Hawaii and the District of Columbia
© Copyright 2021 by Yuka Hongo, Esq. All rights reserved.