Estate Planning Alert provided as an educational service by Yuka Hongo, Estate Planning/Administration Attorney
 
What is Portability and its Impact on the Reduction in Estate Tax Exemption Amount in 2025
Definition of Portability
Portability is a process by which the unused estate tax exemption of the first spouse to die is transferred to the surviving spouse.
 
How Portability is Applied
Consider married couple A (husband) and B (wife). A dies in 2024 and his estate is valued at $2.61 million. This means that he has $11 million of unused estate exemption amount ($13.61 million estate tax exemption amount in 2024 - $2.61 million). If B elects portability, in 2024, she now has a total exemption amount of $24.61 million ($13.61 million + $11 million). If B does not elect portability, she will be able to claim only $13.61 million in estate tax exemption.
 
How to Make Sure that Portability is Applied
Please note that as portability is not automatic, an estate tax return must be filed within 9 (“nine”) months of the date of death of the first spouse, even if no estate tax return needs to be filed because no taxes are due. If an estate tax return is not filed, portability is not applied and the unused tax exemption of the first spouse to die cannot be used by the surviving spouse.
 
Importance of Portability for the Possible Reduction in Estate Tax Exemption Amount in 2025
There is talk of lessening the estate and gift tax exemption in 2025 by a half of what it is at this time, which means that the estate tax exemption amount could be reduced to as low as $5-6 million in 2025. In the event of a reduction in estate tax exemption amount, portability can be extremely helpful to married couples who have a large estate and would like to reduce their estate tax payments as much as possible.
 
Conclusion
It is helpful to be informed about concepts such as portability in order to be well-prepared for the time that the estate tax exemption in the U.S. can be reduced by a significant amount.
 
 
New York Office Opening
Attorney Yuka Hongo is pleased to announce the opening of a Hongo Law Office location in New York. Beginning October 1, 2023, the new office will be located at 305 Broadway, Suite 700, New York, NY. Attorney Hongo is licensed to practice law in Hawaii and New York, as well as in California, and the District of Columbia, and is looking forward to extending her services to more New York-based estate planning and estate administration/probate clients. To schedule an appointment with the New York office, call (646) 825-6944 or send a message to yuka.hongo12@gmail.com.
 
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
 
 
Hongo Law Office LLLC is proud to have been acknowledged as one of the "Best Probate Attorneys in Honolulu for 2024" by Expertise.com.
Hongo Law Office - Best Probate Lawyers in Honolulu Award 2024
 
 
Attorney Yuka Hongo has been named a 2023 Elite Lawyer in the area of Estate Planning in Hawaii. The award recognizes attorneys who have displayed a high level of competence in their practice.
Hongo Law Office - Elite Lawyer 2023
 
You're invited to call or email
"If you have questions about estate planning and administration, 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 related to estate planning such as the preparation of trusts, wills, and Transfer on Death Deeds. She also provides a service in the area of estate administration, including probate.

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. In 2022, Yuka graduated from Keio University (Tokyo, Japan) where she earned a Master of Laws 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 Attorney
Hongo Law Office, LLLC
2155 Kalakaua Avenue, #410 • Honolulu, Hawaii 96815
Hawaii (808) 237-9944 • California (310) 923-2315
305 Broadway, #700 • New York, New York 10007 • (646) 825-6944
yuka.hongo12@gmail.comwww.hongolaw.com
Yuka Hongo, Esq. is licensed to practice law in California, Hawaii, New York and the District of Columbia
© Copyright 2024 by Yuka Hongo, Esq. All rights reserved.