In 2024… The federal lifetime exclusion amount is $13,610,000. Hawaii’s lifetime exclusion amount remains at $5,490,000. The annual exclusion is $18,000. The annual exclusion for gifts to a non-U.S. citizen spouse is $185,000.
Q: Do I need to update my trust or medical directive with a clause regarding assisted suicide? There is no need to add a clause to either a trust or advance healthcare directive with respect to Hawaii’s Death with Dignity Act, due to the fact that the person must be mentally competent to make an…
Q: My spouse and I are funding our joint bank account to our separate trusts. We were told by our banker that trusts cannot jointly own a bank account. What do you recommend? A: My advice is to choose which trust to open up the new trust bank account under, and make each other…
Q: There is so much misleading information on joint and separate revocable trusts connecting to asset protection. Is there anyway you could clarify? The bottom line is that a revocable trust does not provide any asset protection for the person who created it (the “settlor”). Because the trust is revocable, all assets in the trust can…
In 2022, the federal lifetime exclusion amount is $12,060,000. The State of Hawaii remains at $5,490,000.