Do I have to pay Estate Taxes?
Both the Federal government and the State of Hawaii have the right to tax assets owned by a person when they die, before their heirs are permitted to use those assets. The State of Hawaii instituted an estate tax in 2010 and the Federal Government continues to have an estate tax. Therefore, it is very important to be certain your estate plan takes estate taxation into consideration.
Nine months after a person dies, estate taxes are due in cash payable to the Internal Revenue Service and the State of Hawaii. The executor of your estate may be forced to auction a family heirloom, part with stocks you wanted the family to keep, liquidate business assets, sell property, or borrow money to pay estate taxes.
First Hawaiian Bank Wealth Management Group provides financial products and services through First Hawaiian Bank and its various affiliates and subsidiaries. First Hawaiian Bank and its affiliates do not provide tax or legal advice.
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