 |
|
|
| Common Myths related to Estate Planning and Checklist for 2026 Estate Planning |
Happy New Year! In 2026, the estate tax exemption amount was scheduled to reset (or sunset) to $5,000,000. However, this “sunset” did not happen and instead, the exemption amount increased to $15 million per individual in 2026, which is an increase from the $13.99 million estate tax exemption amount in 2025.
As the change in estate tax exemption amount can be unpredictable, it will be to your benefit to create an estate plan (if you don’t have one already), or to make sure to go over and update your estate plan (if you have one already), in order to be able to keep up with any changes in tax laws related to estate planning, etc., that might take place over the coming years.
|
| |
| Myths related to Estate Planning |
There are certain myths related to estate planning which hinder people from preparing an estate plan. They include:
- Myth 1): I am too young to create an estate plan – if you own a house/condo, are married and/or have children, etc., you may not be too young to create an estate plan;
- Myth 2): I only have low-value assets – even low-value assets such as timeshares go through probate;
- Myth 3): I already made a Will/Trust some years ago so I don’t need to update it – you might purchase new assets during your lifetime which might necessitate changes to be made to your Will/Trust; and
- Myth 4): My family will not fight over my assets because they agree on everything – if your wishes are not set forth in writing under a Will/Trust, your family members might disagree on who gets what, after you die.
It is important to let go of any “myths” that you might harbor with respect to estate planning and make sure to prepare for the time that you will pass away.
|
| |
| Checklist for 2026 Estate Planning |
You may follow the checklist below that can help you start on your estate planning or help you with reviewing/updating your already-exiting estate plan:
- Decide who will receive your assets and who will manage your assets – you can determine who will receive your assets and who will be responsible for managing your assets;
- Take Inventory of your Assets – you can write down what you own e.g. home, bank accounts, life insurance, cars, and etc.;
- Check Your Beneficiaries – you can check your retirement accounts e.g. 401(k), IRA, and etc. to see who you had designated as the payable-on-death beneficiary and make changes as necessary; and
- Decide if you need a Will or a Trust – you can decide if you want a simpler estate planning document such as a Will (which will go through probate), or a more comprehensive estate plan such as a Trust (which can help you avoid probate).
You can also decide if you need Powers of Attorney (e.g. the Durable Power of Attorney and/or Health Care Power of Attorney) that can help protect you while you are still alive, but incapacitated.
|
| |
| Conclusion |
| As the change in estate tax exemption amount is unpredictable, and the need for an estate plan gains in significance as you get older, it will be good to start on creating an estate plan or reviewing/updating your existing one (if you have one already) as the new year in 2026 begins. |
| |
|
| |
|
| I started a podcast for the Hongo Law Office, LLLC! |
|
|
|
I started a podcast for the Hongo Law Office, LLLC!
While I will mainly discuss estate planning/administration issues by myself each month, I also welcome guests on my podcast. I am now inviting anyone to be on my show. Please email me at yuka.hongo12@gmail.com if any of you might be interested in appearing as a guest on my show!
In this 12th episode, I speak with lawyer Hideko Sakaguchi located in Osaka. Recently, I had the opportunity to hear Ms. Sakaguchi speak at a conference on divorce in Japan and I learned a lot from her. In this episode we discuss how her law firm acts as a bridge for clients who are going through divorce or inheritance issues which involve Japan and other countries. This can be a very big relief in stressful times. We also enjoyed speaking about "Oshikatsu" or "super fan activities" which is very popular in Japan right now. If you are struggling with an international issue around divorce or inheritance, please reach out to Ms. Sakaguchi.
Episode Link |
|
|
|
| |
|
| 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 |
|
|
| |
|
| |
| Attorney Yuka Hongo has been included as an honored listee in Marquis Who's Who for 2024. Marquis has chronicled the lives of accomplished individuals and innovators since 1898. |
|
|
|
|
| |
|
| |
| Hongo Law Office LLLC is proud to have been acknowledged as one of the "Best Probate Attorneys in Honolulu for 2026" by Expertise.com. |
|
|
|
|
| |
|
| |
| Attorney Yuka Hongo has been named a 2025 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. |
|
|
|
|
| |
|
| 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 the Transfer on Death Deed. She also provides services 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, New York, Washington, and the District of Columbia Bar Associations. Yuka is a member of the Advisory Committee for the Hawaii Tax Institute Program.
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 the State of Hawaii. Also, Yuka is fully bilingual in Japanese and English and has in-depth legal work experience 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 in these two countries. In addition, she loves working with people from other multicultural backgrounds and working on international matters.
Educational Presentations: Yuka has presented seminars in Japan and in the U.S. relating to various estate planning/estate administration issues.
Residence & Interests: Yuka lives in Honolulu, Hawaii and is single. She enjoys scoping out new eateries and restaurants. |
| |
| Add a friend to our list |
If you have a friend or colleague who would like to receive this newsletter, please give us the person's name and email address and we'll add them to our distribution list. Thanks.
You can also connect with Yuka on LinkedIn, X and YouTube. |
|
|
|
| |
|
|
|
|
