The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.Hawaii does not impose an inheritance tax.
Hawaii imposes an estate tax based on the current federal tax code.
The exemption amount for residents is the same as the current federal estate tax exemption ($5,450,000 in 2016). For non-residents, the exemption amount is multiplied by a factor equal to the value of the property located in Hawaii divided by the federal gross estate.
The tax rates range from 10% of the net taxable estate for estates of $1 million or less to $600,000 plus 15.7% of the excess over the applicable exemption amount.
Hawaii imposes a GST tax on transfers involving property located in the state as well as transfers from a resident trust.
Hawaii does not impose a gift tax.
The minimum age of a person competent to make a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when –
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment.
The minor child reaches age 18 in regard to other custodial transfers.
The minor child dies.
Non-qualified Annuities: Exempt from creditors of the owner if payable to a spouse, child, parent or other dependent.
Life Insurance Cash Value: Exempt from creditors of the insured/owner if the beneficiary is the insured’s spouse, child, parent or a dependent.
Life Insurance Proceeds: Exempt from creditors of the insured/owner if the beneficiary is the insured’s spouse, child, parent or a dependent.
The Hawaii state legislature has introduced, but not yet passed, The Uniform Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition. To read more about the Act, click here.
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