Program

WWW.HITAXINSTITUTE.ORG
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WELCOME
Practitioners interested in keeping abreast of the latest developments in tax and wealth
transfer matters are certain to welcome the opportunity to participate in the
52nd Anniversary Hawaii Tax Institute sponsored by the Hawaii Tax Institute Foundation
and Chaminade University of Honolulu. This year’s program will combine the far-reaching
experience of its distinguished panel of recognized tax and wealth transfer authorities
with a positive approach to current and practical subjects.
While the Institute is designed primarily to serve as a forum where tax and wealth transfer
oriented people may freely exchange ideas on practical problems, professional status is
not a prerequisite for registration. This program is designed for attorneys, accountants,
financial planners, bank and trust administrators, insurance agents,
non-profit administrators and others who would benefit from high quality continuing
education. A high level of learning has been the hallmark of prior Institutes and we shall
endeavor to again maintain this standard.
The Hawaii Tax Institute Foundation and Chaminade University of Honolulu do NOT
discriminate against any person on the basis of race, color, sex, sexual orientation,
religion, age, national or ethnic origin, political beliefs, veteran status, or physical disability
in admission to, access to, or employment in its programs and activities.
For additional information, please contact the Hawaii Tax Institute Foundation at
(808)-540-3931.
Hawaii Tax Institute Foundation • P.O. Box 1381 • Honolulu, Hawaii 96807 • (808) 540-3931
www.hitaxinstitute.org
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HAWAII TAX INSTITUTE COMMITTEE AND MEMBERS
IN S T IT U T E A DV IS O RY C O MMI TTE E
James W.Y. Wong
rosemarIe s.J. sam
Organization Director Emeritus
Certified Public Accountant
Attorney
Goodsill Anderson Quinn & Stiefel
CHarles K.H. au
sCoTT J.n. sCHroeDer, pH.D.
Certified Public Accountant
Erwin Cabrinha & Au, LLP
Dean of the School of Business
and Communication
Chaminade University of Honolulu
THomas g. CabrInHa
Certified Public Accountant
Erwin Cabrinha & Au, LLP
raCHel Hanlon
pHYllIs n.T. sHea
Certified Public Accountant
Shea & Company, CPA’s, Inc.
Senior Vice President
Wealth Management Office Manager
Bank of the West
Douglas D. WIlson
KurT K. KaWaFuCHI
vera WrIgHT
Attorney
Hochman Salkin Rettig Toscher
& Perez, P.C.
Tax Manager
Bank of Hawaii
melanIe KIng
Certified Public Accountant
KMH, LLP
CW Associates CPAs
Certified Public Accountant
Principal
Trustee Consulting, Inc.
alan m.l. Yee
alan T. YosHITaKe
Attorney
Seyfarth Shaw LLP
erICa osTerKamp
Attorney
First Hawaiian Bank
(DICK) Isoo osHIma
Certified Public Accountant
Oshima Company CPA LLC
H O N O R A RY ME MB E R S
roY m. aDams (Deceased)
marTIn D. gInsburg (Deceased)
Attorney
Sonnenschein Nath & Rosenthal, LLP
New York, NY
Professional/Attorney
Georgetown University Law Center
Counsel to Fried, Frank, Harris,
Shriver & Jacobson, LLP
Washington, DC
n. JerolD CoHen
Attorney
Sutherland Asbill & Brennan LLP
Atlanta, Georgia
george FreITas (Deceased)
Retired Director
Department of Taxation
State of Hawaii
gorDon D. HenDerson
Attorney
Weil, Gotshal & Manges LLP
New York, NY
JaCK s. levIn
Attorney, CPA
Kirkland & Ellis LLP
Chicago, Illinois
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HAWAII TAX INSTITUTE SPONSORS
Hawaii Tax Institute Foundation and Chaminade University of Honolulu gratefully acknowledge
the generous contributions of the following sponsors:
abell auction
Abell Auction is California’s only full-service auction house specializing in
fine art, jewelry, antique & modern furniture and furnishings, and quality
appointments. For a century, Abell has been sought after by professional
fiduciaries, conservators, and accountants for estate and appraisal services.
bank of Hawaii
Bank of Hawaii has the largest and most experienced trust department in the
State of Hawaii and offers fiduciary and family services, including banking,
investments, tax, financial planning, real estate, charitable foundations and
retirement planning.
bank of the West
Bank of the West Wealth Management Group provides financial products
and services through Bank of the West and its various affiliates and
subsidiaries. The group is part of BNP Paribas’ global wealth management
business of more than 6,000 professionals in 30 countries.
bernstein global Wealth management
Research is the basis of our ability to prudently manage the assets under our
care; it is also the foundation of the full array of investment products, both
global and local, that Bernstein offers.
bonhams
The Bonhams Group is a growing international auction house, offering more
sales than any other firm in the industry, hosting over 700 auctions per year in
every conceivable collecting category.
Christiana Trust
Christiana Trust is a Division of WSFS Bank and a wholly owned subsidiary
of WSFS Financial Corporation, founded in 1832. Christiana provides
a wide range of trust, directed trust, asset management and agency
services in Delaware and Nevada. Christiana’s mission is to provide a high
level of personal service, responsive and flexible decision making by a
knowledgeable team of professionals whose objective is to facilitate and
implement each client’s transaction efficiently and effectively.
eCa llp
A Certified Public Accounting Firm committed to working with their clients
to find practical business solutions to financial and related business
challenges.
Fiduciary Trust International
Since 1931, Fiduciary Trust Company International has provided integrated
wealth management to individuals, families, foundations and endowments
around the world.
First Foundation
First Foundation, a financial institution since 1990, provides integrated
investment management, wealth planning, consulting, trust, banking and
insurance services. The company is headquartered in Irvine with offices
in Irvine, Newport Beach, Pasadena, West Los Angeles, San Diego, Palm
Desert, Imperial Valley in California, and Las Vegas, Nevada.
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First Hawaiian bank
With over 150 years of experience, First Hawaiian’s Wealth Management
Group serves as a trusted advisor, helping clients grow, preserve, and
transfer their assets to future generations.
Fmv opinions
FMV Opinions is the nation’s largest estate and gift tax valuation firm for
large estates. FMV provides over 1,000 estate and gift tax valuations annually.
Most valuation experts use FMV’s Restricted Stock Study™ to determine the
ubiquitous DLOM.
goodsill anderson Quinn & stifel, lllp
Goodsill Anderson Quinn & Stifel, LLLP, has served the legal needs of Hawaii
since 1878. The firm’s Trusts & Estates group is involved in the full range of
wealth transfers, including estate planning, decedent’s estate administration,
estate tax audits, and dispute resolution.
greenberg glusker
Wealth management, tax efficiency and family harmony are of great
importance to successful families. The shared values, thoughtful and
creative planning must be marked by the highest level of technical tax advice
and wealth preservation techniques. Greenberg Glusker’s Private Client
Services Group combines all these defining elements to provide a platform
for success of future generations of a family.
Highland Capital brokerage
Highland Capital Brokerage is a national brokerage company providing
point-of-sale support, advanced marketing, and creative estate and business
planning techniques to financial advisors. We deliver these services in an
efficient and client-focused manner. Our core competencies include life
insurance, annuities, and long term care.
John aaroe group
The Master Trust & Probate Division of John Aaroe Group was created 16
years ago to meet the unique challenges of trust and probate real property
sales by utilizing a proactive marketing platform to strategically maximize the
value of a property while offering best fiduciary protection.
KmH llp
KMH LLP, is dedicated to providing high quality professional service and
guidance for all accounting and business consulting needs.
merrill lynch
One of the world’s leading wealth management, capital markets and advisory
companies, with offices in 40 countries and territories and total client assets
of approximately $1.6 trillion.
morgan stanley
Morgan Stanley is dedicated to serving investors worldwide. We offer
tailored solutions designed to help you manage your long-term wealth as
well as customized investment solutions and services for individuals of
substantial means, families and foundations. Whatever your needs, we are
here to help you to succeed.
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HAWAII TAX INSTITUTE SPONSORS
northern Trust
Northern Trust is a leading provider of wealth management, asset servicing, asset
management and banking solutions to corporations, institutions, affluent families
and individuals. For 125 years, Northern Trust has earned distinction as an industry
leader for exceptional service, financial expertise, integrity and innovation with
assets under custody of $6.1 trillion, and assets under management of $960 billion.
prudential Financial
Prudential Financial is a worldwide financial leader with a long tradition of serving
the public interest. Prudential Financial has approximately 50 million customers.
The well-known Rock symbol is an icon of strength, stability, expertise, and
innovation that has stood the test of time.
schiff Hardin llp
From its very inception, Schiff Hardin’s focus has been on counseling and growing
with business and corporate clients. Schiff Hardin began counseling many of its
current banking and industrial clients in the 1870s and 1880s.
seyfarth shaw llp
A full-service law firm serving clients throughout the globe. The Firm’s growth is
the result of a deliberate strategy to meet the clients’ need for coordinated,
high-quality legal representation in a global economy.
south Dakota Trust Company llC
South Dakota Trust Company LLC, with more than $19 billion in assets under
administration, works with clients globally providing cost-effective, serviceoriented trust administration utilizing South Dakota law.
strategic valuation group, llC
SVG is a full service valuation firm, which provides valuation opinions for
businesses, real estate, and intangible assets. Our professionals have significant
experience in performing appraisals for estate and gift tax matters, litigation
support, mergers and acquisitions, financial reporting, ESOPs, and other matters.
The strauss law Firm
The Strauss Law Firm is devoted to helping our clients protect and provide for
their loved ones. We believe in cultivating long-term relationships built on trust
and professionalism, and in offering our clients cutting-edge solutions in captive
insurance, asset protection planning, estate and tax planning, and corporate and
securities law.
Tocqueville
Formed in 1985, New York-based Tocqueville Asset Management is a private,
employee-owned, boutique investment advisor that manages money for wealthy
families, high-net-worth individuals, institutions and the Tocqueville Funds.
Tocqueville’s investment processes seek to mitigate portfolio risk by employing
rigorous proprietary research and fundamental analysis. Tocqueville’s combination
of enduring money management and superior client service has helped it grow to
$12 billion in assets under management.
Whittier Trust
Whittier Trust is the oldest and largest independent multifamily office
headquartered on the West Coast. We provide unrivaled investment and wealth
management, including fiduciary, real estate and philanthropic services, all within
the highly personalized structure of a family office.
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HAWAII TAX INSTITUTE FACULTY
WILLIAM H. ATHA, II
Family Wealth Director
Morgan Stanley
Honolulu, Hawaii
TURNEY P. BERRY, Attorney
Wyatt Tarrant & Combs LLP
Louisville, Kentucky
JONATHAN G. BLATTMACHR,
Attorney
Pioneer Wealth Partners, LLC
New York, New York
CINDY D. BRITTAIN, Trust Advisor
The Northern Trust Company
Montecito, California
HARMON A. BROWN, Attorney
Schiff Hardin LLP
Chicago, Illinois
ANDREW D. COPANS, Attorney
McDermott Will & Emery
Los Angeles, California
ROBERT N. DURAN, Attorney
Semper Law Group, PC
Los Angeles, California
STACY S. EASTLAND, Attorney
Goldman Sachs
Houston, Texas
JOLINE GODFREY, President
Independent Means Inc.
Santa Barbara, California
PEGINE E. GRAYSON, Attorney
Whittier Trust
South Pasadena, California
DAVID GREEN, CPA
David Green CPA PLLC
Spokane, Washington
LANCE S. HALL, ASA
FMV Opinions, Inc.
Irvine, California
MARK C. HIGGINS, ASA
Higgins, Marcus & Lovett, Inc.
Los Angeles, California
MICHAEL J. JONES, CPA
Thompson Jones LLP
Monterey, California
KATHY JOSEPH, Founder
and Winemaker
Fiddlehead Cellars
Lompoc, California
ANDREW M. KATZENSTEIN,
Attorney
Proskauer Rose LLP
Los Angeles, California
KURT K. KAWAFUCHI, Attorney
Hochman, Salkin, Rettig,
Toscher & Perez, P.C.
Los Angeles, California
VIKI KIND, MA
Kind Ethics
Granada Hills, California
AL W. KING, III, Attorney
South Dakota Trust Company
Sioux Falls, South Dakota
STEPHAN KING, CPA
Stephan King PC
Scottsdale, Arizona
ROBERT K. KIRKLAND, Attorney
Kirkland Woods & Martinsen PC
Liberty, Missouri
JUDY Y. LEE, Attorney
Goodsill Anderson Quinn &
Stifel LLP
Honolulu, Hawaii
OFER LION, Attorney
Seyfarth Shaw LLP
Los Angeles, California
STEPHANIE LOOMIS-PRICE,
Attorney
Winstead PC
Houston, Texas
JONATHAN LURIE, Attorney
McDermott Will & Emery
Los Angeles, California
ROBERT LYONS, CPA, MST
Marks Paneth LLP
New York, New York
EDWARD J. MCCAFFERY,
Professor
USC School of Law
California Institute of Technology
Los Angeles, California
MICHAEL T. MELTZER,
Portfolio Manager
Tocqueville Asset Management L.P.
New York, New York
CARL NOLET, Executive
Vice President
Ketel One Vodka
Netherlands
THOMAS J. PAULOSKI, Attorney
Bernstein Global Wealth
Management
Chicago, Illinois
JEFFREY N. PENNELL, Professor
Emory University School of Law
Atlanta, Georgia
ROBERT R. PLUTH, JR., Attorney
Schiff Hardin LLP
Chicago, Illinois
JOHN W. PROKEY, Attorney
Ramsbacher Prokey Leonard LLP
San Jose, California
CARY DOUGLAS PUGH, Judge
United States Tax Court
Washington, DC
CHARLES “CLARY” A. REDD,
Attorney
Stinson Leonard Street LLP
St. Louis, Missouri
JOHN T. ROGERS, JR., Attorney
Seyfarth Shaw LLP
Los Angeles, California
BRUCE S. ROSS, Attorney
Holland & Knight
Los Angeles, California
JOHN G. ROTH, Attorney
Hawaii Trust & Estate Counsel
Kamuela, Hawaii
RANDALL W. ROTH, Professor
University of Hawaii of Manoa
Honolulu, HI
CHRIS STACK, Attorney
Savingforcollege.com LLC
Darien, Connecticut
ROGER STINNETT, CPA
First Foundation Advisors
Irvine, California
PETER J. STRAUSS, Attorney
The Strauss Law Firm, LLC
Hilton Head Island, South Carolina
WINSTON TAIRA, Manager
King’s Hawaiian Holding Company
Torrance, California
SUSAN VON HERRMANN,
Attorney
Schiff Hardin LLP
San Francisco, California
WHITNEY WEBB, Master Trainer
Independent Means Inc.
Santa Barbara, California
SEAN R. WEISSBART, Attorney
Morris & McVeigh LLP
New York, New York
LIVINGSTON “JACK” WONG, CEO
Kamehameha Schools
Honolulu, Hawaii
LESLIE WRIGHT, Vice President
Bonhams
Los Angeles, California
DAVID R. YORK, Attorney
York Howell
Salt Lake City, Utah
PETER J. ZARIFES,
Managing Director
Whittier Trust
South Pasadena, California
RANDY L. ZIPSE, Attorney
The Prudential Insurance Co.
of America
Charles City, Iowa
LAURA A. ZWICKER, Attorney
Greenberg Glusker Fields Claman
& Machtinger LLP
Los Angeles, California
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8/3/15 12:14 PM
HAWAII TAX INSTITUTE PROGRAM
sunDaY, November 1
new pre-Conference Workshops
11:00 pm – 12:00 pm
early registration
12:00 pm – 3:45 pm
pre-Conference managing Trust relationships in a Digital World
This innovative and highly acclaimed program is designed to teach all Wealth
Transfer Advisors about the newest trends and tools that are being used to
manage client communications for each generation of the Trust Landscape.
This hands-on workshop will use videos, case studies and simulators to give
participants practical tools to use in their practice.
JOLINE GODFREY, President
12:00 pm – 3:45 pm
pre-Conference Fiduciary Taxation program
A comprehensive workshop covering 2015 tax updates, in depth, post-mortem
planning, decedent’s final 1040 return, initial and final year trust tax returns,
706/709 tax returns, tax filings for foreign assets and much more. This session will
feature hands-on training in filling out tax forms, case studies and practical advice
for every situation.
DAVID GREEN, CPA
STEPHAN KING, CPA
3:45 pm – 4:00 pm
Questions and answers
4:00 pm – 5:30 pm
pre-Conference Wine Tasting event: serving and Working with Women in
powerful positions, Including the male perspective
The future is here. This progressive program will explore how to serve and work
with women in powerful positions. Learn about how women market themselves
and how they feel comfortable and/or uncomfortable in a business or family
environment. This pre-conference session will include a special wine tasting
event with wines from Fiddlehead Cellars as featured in the movie Sideways.
KATHY JOSEPH, Founder and Winemaker
monDaY, November 2
6:30 am – 8:00 am
registration and Continental breakfast
8:00 am
official Welcome
8:00 am – 9:30 am
recent Developments and Current Trends Facing all Wealth Transfer advisors
An overview of significant changes in wealth transfer taxes that have occurred in
the past few years and a look at pending legislation. Keep on top of current trends
and developments that will affect all Wealth Transfer Advisors and their clients.
JEFFREY N. PENNELL, Professor
9:30 am – 9:45 am
break
9:45 am – 10:45 am
estate, Tax and Financial planning for same-sex Couples
A historic year for same-sex couples. Now all 50 states across the United States
have recognized that same-sex married couples have all of the rights and
responsibilities of marriage. This session will cover the various planning and
financial issues facing same-sex couples from the past, now and in the future.
Insurance Credit available for HI and CA only.
MICHAEL J. JONES, CPA
SUSAN VON HERRMANN, Attorney
RANDY L. ZIPSE, Vice President
10:45 am – 11:00 am
Questions and answers
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11:00 am – 11:45 am
Hot Topics in Private Foundations, Charitable Giving and Impact Investing –
Nonprofits in the Modern World
Creating a roadmap to achieve meaningful philanthropic goals and a lasting
legacy can be a daunting task, with seemingly endless available variations. A
strategic plan must consider the often significant available tax benefits, financial
and family dynamics, and the available charitable giving vehicles and current
trends. This session will include a discussion of program-related investments,
charitable contributions, substantiation and appraisal regulations, making pledges
and third party enforcement rights.
PEGINE E. GRAYSON, Attorney
OFER LION, Attorney
11:45 am – 12:00 pm
Questions and Answers
12:00 pm – 1:30 pm
Luncheon: From the Bench – Tax Court Insights and Recent Developments
THE HONORABLE CARY DOUGLAS PUGH,
Tax Court Judge
1:30 pm – 2:45 pm
Subchapter J: Income Taxation of Trust and Estates – The Forgotten Tax
A comprehensive discussion of Subchapter J of the Internal Revenue Code. Learn
about an often misunderstood area of the tax code. Discover what is income,
special rules regarding deductions, tax return reporting and filing issues, taxation
of distributions, special elections and much more.
JEFFREY N. PENNELL, Professor
2:45 pm – 3:00 pm
Questions and Answers
3:00 pm – 3:30 pm
Break: Aloha Ice Cream Social
3:30 pm – 4:45 pm
Millennials and Trusts: What’s Different?
This session will discuss the opportunities and challenges of the massive
demographic shift from boomers to millennials. A panel of millennials moderated
by a boomer will share provocative insights and ideas that will impact the manner
in which you deliver services to your clients.
Moderator:
JOLINE GODFREY, President
Panelists:
CARL NOLET, Ketel One Vodka
ROGER STINNETT, First Foundation
WINSTON TAIRA, King’s Hawaiian Bakery
WHITNEY WEBB, Independent Means, Inc.
4:45 pm – 5:00 pm
Questions and Answers
TuESDAy, November 3
7:00 am – 8:00 am
Continental Breakfast
8:00 am – 9:15 am
Designing and Planning the Perfect Wealth Transfer Strategies
Learn how to design and plan various wealth transfer strategies perfectly. This
session will explore the fundamental and key elements of each wealth transfer
strategy and the potential pitfalls of an improperly designed plan.
ANDREW D. COPANS, Attorney
JONATHAN LURIE, Attorney
ROGER STINNETT, CPA
9:15 am – 9:30 am
Questions and Answers
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7/29/15 12:25 PM
HAWAII TAX INSTITUTE PROGRAM
9:30 am – 10:30 am
How to Determine the proper valuation to use in Wealth Transfer strategies
This session will provide a comprehensive review of the legal and factual
issues affecting valuation through case studies, a method to identify a proper
appraiser, a discussion about how to effectively work with the appraiser, and
an analysis of how to review valuation reports to protect your clients from
penalties.
MARK C. HIGGINS, ASA
JOHN W. PROKEY, Attorney
PETER J. ZARIFES, Managing Director
10:30 am – 10:45 am
Questions and answers
10:45 am – 11:00 am
break
11:00 am – 11:45 am
Defending Your Client’s Wealth Transfer strategy
Understand the process and issues involved in defending your client’s wealth
transfer strategy. Explore the various approaches to resolve pre-litigation levels
of scrutiny and what to do if your client’s wealth transfer strategy is litigated.
LANCE S. HALL, ASA
KURT K. KAWAFUCHI, Attorney
STEPHANIE LOOMIS-PRICE, Attorney
THE HONORABLE CARY DOUGLAS PUGH, Tax Court Judge
11:45 am – 12:00 pm
12:00 pm – 1:30 pm
Questions and answers
luncheon: past, present and Future of estate planning and Fiduciary services
EDWARD J. MCCAFFERY, Professor
1:30 pm – 2:20 pm
FIDuCIarY TraCK
TraCKs: Fiduciary, Financial or Tax
practical Ways To avoid ethical Dilemmas and malpractice potholes for the
Wealth Transfer advisors
Competent and caring professionals always strive to act ethically and never
commit malpractice, yet ethics codes can be tricky and to err is human. This
presentation illustrates and analyzes common potholes and offers practical
ways to navigate a safe course around them. Highlighted issues include
conflicts of interest, scope of engagement, fee arrangements, clients with
diminished capacity, liability for the actions and inactions of other members of
planning team, anticipating and avoiding malpractice lawsuits by non-clients.
among others.
CPE/Legal Ethics Credit available.
JOHN G. ROTH, Attorney
RANDALL W. ROTH, Professor
FInanCIal TraCK
beyond Trusts and Taxes: Helping Clients with Holistic Wealth Transfer
Estate Planners typically focus only on financial assets and the transfer of those
assets to successive generations. Clients are increasingly concerned about
the potential negative effects of transferring large amounts of wealth to heirs.
This session discusses ways that Wealth Transfer Advisors can assist clients
in capturing their human capital and identifying their core values so that those
values can direct the clients for estate planning decisions.
DAVID R. YORK, Attorney
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Tax TraCK
Irs voluntary Disclosure program and the major Civil penalties of
International Information returns
An overview of the current Offshore Voluntary Disclosure Program (OVDP),
including a discussion of the streamlined procedures and a discussion of the
procedures for curing filing deficiencies where there is not unreported income.
This session will also include a survey of the major civil penalties for non-filing
of information returns for foreign bank accounts, assets, gifts and transactions,
including FBARs and Forms 5471/5472, 8938, 3520 and 3520-A.
ROBERT N. DURAN, Attorney
KURT K. KAWAFUCHI, Attorney
2:20 pm – 2:30 pm
Questions and answers
2:30 pm – 3:20 pm
TraCKs: Fiduciary, Financial or Tax
FIDuCIarY TraCK
What’s love got To Do with It? Where Family law and estate planning Intersect
As Wealth Transfer Advisors, our primary focus is on the tax and family succession
impact of our planning structures. What happens when our carefully crafted
structures get tangled up with the family law courts. This session will discuss how
planning structures such as GRATs, QPRTs, CRTs and ILITs might be handled in a
dissolution, and how discretionary trusts might be drafted to provide additional
protection to a beneficiary in the event of a dissolution.
LAURA A. ZWICKER, Attorney
FInanCIal TraCK
recent Developments in retirement benefits
An update on the recent developments that effect Qualified Plans, Traditional IRAs
and ROTH IRAs. A review of how Qualified Plans, Traditional IRAs and ROTH IRAs
operate and the benefits they provide.
MICHAEL J. JONES, CPA
Tax TraCK
Irs attacks on sales to Intentionally Defective Irrevocable Trusts
Learn about the latest IRS attacks in sales to IDITS. This session will discuss
the Woebling case, the proposals to eliminate discounts in the FLP context and
the recent step transaction cases that may affect this Wealth Transfer Planning
Strategy.
ANDREW M. KATZENSTEIN, Attorney
3:20 pm – 3:30 pm
Questions and answers
3:30 pm – 4:00 pm
break: ohana Tea and Cookies
4:00 pm – 4:50 pm
TraCKs: Fiduciary, Financial or Tax
FIDuCIarY TraCK
possibilities and pitfalls: How To Captivate Your Clients with the Fastest growing
business Tool
With 60+ years of history, its own Internal Revenue Code Section, and over 70
Domestic and International Domiciles to choose from for licensure, the $200
Billion Dollar a Year captive insurance industry continues to grow in popularity
and gain recognition as a valid and often times vital business tool. This session
will focus on Captive Insurance Companies, what they are and how they function,
the multitude of benefits they provide to business owners, services providers and
local economies alike, and will highlight the potential pitfalls associated with poorly
planned and improperly implemented captives.
PETER J. STRAUSS, Attorney
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7/28/15 3:15 PM
HAWAII TAX INSTITUTE PROGRAM
FInanCIal TraCK
Covering Your Digital assets and managing Cyber risks: are You, Your Firm,
and Your Clients prepared?
Learn how issues surrounding “digital property” are becoming part of the analysis
for all Wealth Transfer Advisors and their clients. Analyze the latest trends on how
the Uniform Law Commission and State Agencies are addressing these issues.
Better understand what is digital property, what planning strategies work and
don’t work and what steps fiduciaries and all Wealth Transfer Advisors must take
to protect it.
ROBERT K. KIRKLAND, Attorney
JOHN T. ROGERS, JR., Attorney
Tax TraCK
Designing a graT strategy that always Works Well – even in Flat or
Declining markets
A fascinating discussion about designing a GRAT strategy that will work well in a
flat or declining market. This session will explore various strategies that reduce
the risk of a GRAT underperforming in an unstable economic situation.
STACY S. EASTLAND, Attorney (Presented Remotely)
4:50 pm – 5:00 pm
Questions and answers
WeDnesDaY, November 4
7:00 am – 8:00 am
Continental breakfast
8:00 am – 9:00 am
ethical Considerations and Why Your Healthcare Directive might not Work in the
Hospital, Including a bioethical perspective and Toolkit
This session will discuss the scope and design of an Advance Health Care
Directive and why family members and/or doctors sometimes do not honor the
terms of an Advance Health Care Directive. Analyze the ethical considerations
and learn how to create a personalized quality-of-life statement, to include
with the Advance Health Care Directive, to enhance medically appropriate and
compassionate healthcare decisions. Understand how to encourage the patient
and family to make meaningful end-of-life decisions while spending money on
what really matters.
CPE/Legal Ethics Credit available.
VIKI KIND, MA
LAURA A. ZWICKER, Attorney
9:00 am – 9:15 am
Questions and answers
9:15 am – 10:15 am
Deathbed Tax planning
When a client’s family calls and says “Dad just got word from the doctor that he
has 2 weeks to live”, what tax planning can you do? This session will discuss
how to avoid 1014(e) and obtain a basis step up, FLP/discount planning, loans to
children to convert cash to a discountable note, sales of insurance policies to
IDITs, renegotiating outstanding notes to create bigger valuation discounts, annual
exclusion gifting, paying off IDIT notes to avoid income tax on post death payoff,
and much more.
ANDREW M. KATZENSTEIN, Attorney
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10:15 am – 10:30 am
break
10:30 am – 11:45 am
post-mortem estate planning (Including Qualified Disclaimers)
Now that your client has died, learn how to plan in the after-life. This presentation
will cover the techniques used to plan in the after-life, which includes the
mechanics and estate planning considerations inherent in electing portability,
choosing a fiscal year in conjunction with making the IRC Section 645 election,
making distributions out of estates and trusts (both ordinary income and capital
gain) to avoid the severely compressed income tax rate structure to which estates
and trusts are subject, and strategies for maximizing basis step-up, and the use of
qualified disclaimers.
CHARLES “CLARY” A. REDD, Attorney
11:45 am – 12:00 pm
Questions and answers
12:00 pm – 1:30 pm
luncheon: Transfer of Wealth from the royal Family – purpose, mission and
vision of the Kamehameha schools
LIVINGSTON “JACK” WONG, CEO
1:30 pm – 2:20 pm
FIDuCIarY TraCK
TraCKs: Fiduciary, Financial or Tax
selecting modern Trust structures based upon Family assets
This session will address how taking an asset-based approach to estate planning
and trust administration can be critical to a family when it comes to maximizing
efficiency, flexibility, control, asset protection and tax savings. Learn how to
identify which assets are best suited for particular wealth transfer strategies.
AL W. KING, III, Attorney
FInanCIal TraCK
Inbound Wealth planning for the global Family
Just when the general rules of international tax principles under the Internal
Revenue Code and related Treasury regulations have been reviewed and applied,
an applicable international tax treaty or a new tax law or modification can change
everything. This session will discuss the ever-evolving nature of international
tax, the non-U.S. resident or non-U.S. citizen with activities in the United States
(referred to as “inbound” activities). All Wealth Transfer Advisors need to become
aware of core international tax principles to avoid the unintended application of
U.S. tax.
CINDY D. BRITTAIN, Trust Advisor
Tax TraCK
The Definitive guide to Income Tax planning for same-sex Couples
Marriage comes with many joys, but income tax ramifications are not usually one
of them. For federal tax purposes, married same-sex couples have only recently
been treated as married taxpayers. Regardless of whether a couple has been
together for decades or is in the process of planning their wedding, this session
will address how the income tax rates imposed on married couples specifically
impact same-sex couples and provide clever planning opportunities that samesex couples can use to save income tax as they enter into their nuptials.
ROBERT LYONS, CPA
MICHAEL T. MELTZER, Portfolio Manager
SEAN R. WEISSBART, Attorney
2:20 pm – 2:30 pm
Questions and answers
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HAWAII TAX INSTITUTE PROGRAM
2:30 pm – 3:20 pm
FIDuCIarY TraCK
TraCKs: Fiduciary, Financial or Tax
planning for and administering our Clients’ Treasured Collections,
Known and unknown
This session will discuss a broad spectrum of issues relating to your client’s
collection of tangibles, including valuation considerations, types of valuations
and the factors in the equation of value. Learn about the latest trends and recent
developments in the planning techniques used for your client’s tangible assets.
ROBERT K. KIRKLAND, Attorney
LESLIE WRIGHT, Vice President
FInanCIal TraCK
Complex planning at the Intersection of Income and Transfer Taxes:
Don’t bring a spork to a Knife Fight
Planning at the intersection of income and transfer taxation can be complicated.
In this compendium of advanced wealth transfer case studies, this session
will explore those complexities and propose potential solutions to some of the
toughest problems Wealth Transfer Advisors face today. Sophisticated wealth
forecasting software will be used to illustrate key findings.
THOMAS J. PAULOSKI, Attorney
Tax TraCK
maximizing the value of 529 plans
While 529 plans have been designed to allow families to save and invest for
college, there are many additional benefits of which families are unaware that
may benefit the participants. This presentation provides additional insight on the
use of 529s and explores their numerous benefits, and the mechanics of how
to maximize their value for income tax, gift and estate tax, creditor protection,
beneficiary flexibility and other features not often known or presented.
WILLIAM H. ATHA, II, Family Wealth Director
CHRIS STACK, Attorney
3:20 pm – 3:30 pm
Questions and answers
3:30 pm – 4:00 pm
break: a gathering – Wine and Cheese sampling
4:00 pm – 4:50 pm
TraCKs: Fiduciary, Financial or Tax
FIDuCIarY TraCK
How To select a Trustee and a successor Trustee
One of the most important decisions that a client will make is the selection of
a fiduciary. This workshop will cover the factors to consider in the selection
of a trustee, personal representative, agent under financial power of attorney
and agent under health care power of attorney. In addressing the different
considerations, there will be a discussion of the duties and responsibilities of the
different fiduciaries, and the compensation of the different types of fiduciaries,
including a discussion of changes to the trustee compensation statute in the State
of Hawaii.
JUDY Y. LEE, Attorney
FInanCIal TraCK
estate planning for Individuals with less than $10 million
Estate Planning for clients who may not be subject to transfer tax appears simple,
but reliance on bypass/QTIP planning may not be appropriate. This session
will discuss how Wealth Transfer Advisors will need to analyze each situation
differently and balance a client’s competing objectives of control for the surviving
spouse, asset protection, minimizing state estate tax and using portability
elections.
JONATHAN G. BLATTMACHR, Attorney (Presented Remotely)
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Tax Track
Using Personal Goodwill To Leverage Your Estate Plan
With two recent significant victories for the taxpayer, the Tax Court has opened the
door to estate planning with Personal Goodwill. This presentation will discuss the
migration of Personal Goodwill as a concept in Marital Dissolution, to a mainstay
of Income Tax, to a brand new world in wealth transfer planning. We will closely
examine the Bross Trucking and Estate of Adell cases, along with certain Income
Tax cases to establish some parameters to better identify Personal Goodwill and
go through limited case studies to aid in navigating the uncertainties.
LANCE S. HALL, ASA
4:50 pm – 5:00 pm
Questions and answers
ThUrsdaY, November 5
7:00 am – 8:00 am
continental Breakfast
8:00 am – 9:15 am
Unwinding Family Limited Partnerships and Limited Liability companies
For years, Wealth Transfer Advisors have focused on the formation of limited
liability companies (“LLCs”) and limited partnerships (“LPs”), and the benefits of
creating these entities. What has not received as much attention is the end-game
for LLCs and LPs. As the estate tax exclusion has increased, many families want to
exit these entities. Terminating an LLC or LP poses a number of complex (and many
times counter-intuitive) income tax issues that may be ignored or overlooked,
particularly if the expertise of the advisor is more concentrated on estate planning
than income taxation. This presentation explores the income tax issues and pitfalls
that may arise in connection with a complete or partial liquidation of an LLC or LP.
HARMON A. BROWN, Attorney
ROBERT R. PLUTH, JR., Attorney
9:15 am – 9:30 am
Questions and answers
9:30 am – 10:45 am
recent developments in Trusts and Estates Litigation and Financial Elder abuse
An overview of significant fiduciary duty principles and financial elder abuse
issues that are constantly litigated. Become better aware of the developments
in the law of testamentary capacity and undue influence; related remedies;
intentional interference with expectancy; financial elder abuse; aiding and
abetting. Keep on top of the general trends and the most recent developments that
are occurring in litigation against fiduciaries and Wealth Transfer Advisors.
BRUCE S. ROSS, Attorney
10:45 am – 11:00 am
Questions and answers
11:00 am – 11:30 am
Mahalo desserts, refreshments and raffle
11:30 am – 12:45 pm
Business succession or Business cessation? Passing the Baton
to the Next Generation
This final session will be a wide-ranging and freewheeling discussion of the
opportunities and challenges in business succession planning. This dynamic
duo will consider how intra family relationships often play a pivotal role in the
success or failure of the plan, offer insights regarding the latest Chapter 14 and
other tax related developments, and share over 40 years of planning experience in
discussing various business succession plans that work and don’t work.
TURNEY P. BERRY, Attorney
CHARLES “CLARY” A. REDD, Attorney
12:45 pm – 1:00 pm
Questions and answers
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IMPORTANT INFORMATION
regIsTraTIon: Register online or by mail.
Web site: www.hitaxinstitute.org
mail: Hawaii Tax Institute, P.O. Box 1381, Honolulu, Hawaii 96807
ConTaCT InFormaTIon:
phone: (808) 540-3931
Web site: www.hitaxinstitute.org
loCaTIon: Sheraton Waikiki Resort located at 2255 Kalakaua Avenue, Honolulu, Hawaii 96815
will be the headquarters for the 52nd Annual Hawaii Tax Institute..
HoTel InFormaTIon: Sheraton Waikiki Resort, while available until 5:00 p.m. local time on October 9,
2015, is offering a special run of the house room rate of $285 which includes City View, Mountain View,
Partial Ocean View and Ocean Front rooms, for all Hawaii Tax Institute participants. (866) 716-8109 or
www.sheratonwaikiki.com. Category assignment will not be known until the day of arrival and will be
dependent on the availability in each category on arrival day.
Travel aCCommoDaTIons: Carefree Tour and Travel is the official travel agency for the Hawaii
Tax Institute and is offering discounted airfare and car rental for all Hawaii Tax Institute participants.
Contact person is Gerri Yoshida at [email protected]; (808) 526-2222 (Ext. 107) – Telephone; and
(808) 523-2034 – Facsimile.
ity pool
Sheraton Waikiki infin
Sheraton Waikiki
HOTEL INFORMATION
Sleek and comfortable, the modern rooms of Sheraton Waikiki create a beautiful home where
tourists and business travelers can feel welcome throughout their trip. A number of dining options
allow guests and locals to enjoy great food choices or simply hangout, with Rum Fire among the
top options. Sophisticated accommodations feature plump furnishings and private balconies open
to stunning beach and mountain views.
• Popular hangouts in the hotel including Yoshiya, Edge of Waikiki, Ingredients, Kai Market
and Rum Fire
• 1.6 miles from University of Hawaii at Manoa
• 1 mile from Waikiki Aquarium
• Unique “super pool” plus adults-only infinity pool with plenty of chaise lounges and 2 spa tubs
• Sheraton Fitness Center by Core
• Limo or Town Car service available
• Valet parking
• High-speed internet access
PAGE 15
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CONTINUING EDUCATION
CONTINUING EDUCATION CREDITS: Up to 40 hours (including the pre-conference sessions) of
continuing education Group-Live credits are available to attendees of the conference. Program Level:
Overview – Prerequisites: Generally familiar with estate planning principles – Advanced Preparation:
None – Recommended Field of Study: Taxes except for two sessions which are Behavioral Ethics. This
conference meets the educational requirements of many national/state organizations and agencies
with mandatory CLE/CPE requirements. Learning Objectives: Upon completion of the program,
participants will be able to identify, analyze and resolve practical estate planning, administration, tax
reporting and wealth transfer issues.
ACCOUNTANTS/CPAs (CPE): This program meets the guidelines for CPE set by the Hawaii State Board
of Accountancy, State of Hawaii Insurance Division, and the National Association of State Boards of
Accountancy (NASBA). This program offers CPE ethics credits.
indicates CPE/Legal Ethics Credit available.
Continuing legal education credit has been applied for in every state that has mandatory continuing
legal education requirements and has been routinely granted for past Institutes. In the past,
continuing education credit has also been available for other estate planning professionals, including
accountants, financial planners, banking and insurance professionals. We urge you to contact our
office in advance with questions regarding the availability of credit for a specific jurisdiction or
profession, as we cannot guarantee that credit will be available in all cases. The Hawaii Tax Institute
Foundation is registered with the National Association of State Boards of Accountancy (NASBA) as
a sponsor of continuing professional education on the National Registry of CPE Sponsors. Complaints
regarding registered sponsors may be submitted to the registry’s website learningmarket.org. State
boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
CERTIFIED FINANCIAL AND TRUST ADVISORS (CTFA): We have applied for credit with the Institute of
Certified Bankers – ICB qualified credits and approval are pending.
CERTIFIED WEALTH STRATEGISTS (CWS): Trust Officers – This program qualifies for 40 hours of credit
with the Cannon Financial Institute.
INSURANCE AGENTS: This program meets the guidelines for continuing education set by the State
of Hawaii, Dept. of Consumer Affairs – Insurance Division, and the California Dept. of Insurance. The
courses have been submitted and are pending approval, for Hawaii and California only.
indicates Insurance Credit available for HI and CA only.
FINANCIAL PLANNERS (CFP): The program meets the guidelines for CFP credits and the Hawaii Tax
Institute Foundation and Chaminade University are registered CFP Board CE Sponsors.
Note: This program does not offer CFP ethics credits.
LAWYERS (MCLE, VCLE, MCPE): The Hawaii Tax Institute Foundation and Chaminade University of
Honolulu are State of Hawaii and State of California approved MCLE providers, and certify that this
activity qualifies for MCLE credit. Continuing legal education credit has been applied for in every state
that has mandatory continuing legal education requirements and has been routinely granted for past
institutes, including Hawaii’s new VCLE and MCPE requirements.
indicates CPE/Legal Ethics Credit available.
LEGAL SPECIALIZATION (CALIFORNIA ONLY): The Hawaii Tax Institute Foundation and Chaminade
University of Honolulu, a State Bar of California approved Legal Specialization provider, certify that
this activity has been approved for Legal Specialization credit in Taxation law, and Legal Specialization
credit in Estate Planning, Trust and Probate law, and Legal Specialization of Current Developments.
We urge you to contact our office with questions regarding the availability of credit for a specific
jurisdiction or profession, as we cannot guarantee that credit will be available in all cases.
PAGE 16
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REGISTRATION INFORMATION
Qualification for Admission
The Institute serves as a forum for members of all professions dealing with tax, fiduciary, insurance,
non-profit and financial related issues. The program is designed for attorneys, accountants, bank and
trust administrators, financial planners, non-profit administrators and insurance agents. Anyone who
feels that the Institute will be of benefit is invited to register.
Location
Sheraton Waikiki Resort, Honolulu, will be the headquarters for the 52nd Anniversary Hawaii Tax
Institute.
Registration
Registration fees for the 2015 Hawaii Tax Institute are noted in this program. Early registration or
indication of intent to register is encouraged. We offer government and student discounts. Mail-in
registration should be addressed to P. O. Box 1381, Honolulu, Hawaii 96807. On-line registration can be
completed at www.hitaxinstitute.org.
Hotel Information
Sheraton Waikiki Resort, Honolulu, while available, is offering a special run of the house room rate
of $285 which includes City View, Mountain View, Partial Ocean View and Ocean Front rooms, for all
Hawaii Tax Institute participants. (866) 716-8109 or www.sheratonwaikiki.com. Category assignment
will not be known until the day of arrival and will be dependent on the availability in each category on
arrival day.
Parking
All day self-parking will cost $8.00 per day with validation. All day valet parking will cost $13.00 per day
with validation. Validation may be obtained in the registration area of the conference.
Overnight self-parking: $25.00, overnight valet parking: $33.00. No validation for overnight parking.
USB Flash Drive and Hard Copy of Program Materials
A USB Flash Drive detailing each speaker’s plenary and track session presentations will be distributed
to all applicable registrants prior to the opening session. You are also encouraged to download and/or
print all plenary materials and the track session materials for which you will be attending in advance of
the program. Hard copy of program materials will be available for an additional cost of $295.00.
Tickets Transferable
Admission cards will be transferable, thus permitting various members of one firm to be in attendance
for discussion of topics relating to their individual interests. Only one person per ticket may be in
attendance at a given time.
Tickets and Materials
All tickets and materials will be located at the Registration Desk.
Cancellations/Refunds
Refunds will be made, provided written requests are post-marked by October 9, 2015, less a
$125 administrative fee. All refunds will be processed following the Institute.
NO REQUESTS FOR REFUNDS WILL BE ACCEPTED AFTER OCTOBER 9, 2015.
Tax Deductions
All expenses (including registration fees, travel and lodging, except meals) incurred to maintain and
improve professional skills are tax deductible. (Cost of meals may not be fully deductible under the
provision of the 1986 Tax Reform Act) (Treas. Reg. 1-163.5; Coughlin vs. Commissioner, 203 F.2d 307).
For more information regarding administrative policies, please contact our office
at (808) 540-3931.
PAGE 17
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REGISTRATION FORM
52 nd ANNUAL HAWAII TAX INSTITUTE
NOVEMBER 2-5, 2015
SHERATON WAIkIkI RESORT
HONOLULU, HAWAII
REGISTER ONLINE OR BY MAIL:
Web site: www.hitaxinstitute.org
Mail:
Hawaii Tax Institute Foundation
P.O. Box 1381
Honolulu, Hawaii 96807
Name (Mr./Ms.):
Photocopy form for additional registrants
Firm/Company :
E-mail:
Telephone:
Firm/Company Address:
City:
State:
REGISTER ONLINE: www.hitaxinstitute.org
All Sessions
Single Day Pass
Sunday
By 10/9/15
After 10/9/15
$850.00
$975.00
$295.00
Monday
Tuesday
Zip:
Wednesday
$425.00
Thursday
Registration fees include one USB flash drive (containing a complete set of materials), daily lunches, wine
tasting event (Sunday), ice cream social (Monday), tea & cookies (Tuesday), wine & cheese (Wednesday),
desserts & refreshments (Thursday) and daily continental breakfasts.
CANCELLATION FEE: $125. NO REFUNDS after October 9, 2015.
MATERIALS: Each Registrant will receive a USB flash drive containing all program materials. You will also
have access to download and/or print all materials in advance of the program. Hard copy of program materials are available for an additional cost of $295.00. If you would like a hard copy of program materials, please
check this box
and send us a separate check.
Enclosed is a check payable to: “Hawaii Tax Institute Foundation”.
CONTINUING EDUCATION CREDIT:
Yes
Seeking Continuing Education?
No
PRIMARY PROFESSION (please choose at least one):
Attorney
State(s) _____, _____
CPA
State(s) _____, _____
Insurance
State(s) _____, _____
CFP
Trust Officer
Investment Advisor
Enrolled Agent
Government
CWS
Other
Accountant
CTFA
The Hawaii Tax Institute has gone green. Recharging outlets are available. Please send an email to
[email protected] to receive announcements and future brochures by email.
The Hawaii Tax Institute Foundation and Chaminade University of Honolulu do NOT discriminate against any
person on the basis of race, color, sex, sexual orientation, religion, age, national or ethnic origin, political beliefs,
veteran status, or physical disability in admission to, access to, or employment in its programs and activities.
WIN A FREE REGISTRATION!
(First time registrants only)
visit WWW.HITAXINSTITUTE.ORG for details
111556_v6 CS5.indd 19
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111556_v6 CS5.indd 20
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Stephanie Loomis-Price, Attorney
Winstead PC
Houston, Texas
Livingston “Jack” Wong, CEO
Kamehameha Schools
Honolulu, Hawaii
The Honorable Cary Douglas Pugh, Judge
United States Tax Court
Washington, DC
Charles A. Redd, Attorney
Stinson Leonard Street LLP
St. Louis, Missouri
Bruce S. Ross, Attorney
Holland & Knight
Los Angeles, California
Jonathan G. Blattmachr, Attorney
Pioneer Wealth Partners, LLC
New York, New York
Harmon Brown, Attorney
Schiff Hardin LLP
Chicago, Illinois
Stacy S. Eastland, Attorney
Goldman Sachs
Houston, Texas
Robert K. Kirkland, Attorney
Kirkland Woods & Martinsen PC
Liberty, Missouri
Edward J. McCaffery, Professor
University of Southern California
Los Angeles, California
TAKE AdvANTAgE OF THE EARlY REgiSTRATiON FEES.
REgiSTER bY OCTObER 9, 2015, ANd SAvE!
viSiT OUR WEb SiTE: WWW.HiTAxiNSTiTUTE.ORg
Jeffrey N. Pennell, Professor
Emory University School of Law
Atlanta, Georgia
Turney P. Berry, Attorney
Wyatt Tarrant & Combs LLP
Louisville, Kentucy
SPEAKE RS FR OM ACR OSS TH E C OUNTRY
A Special Invitation To:
(First time registrants only)
visit WWW.HITAXINSTITUTE.ORG for details
WIN A FREE REGISTRATION!
HAWAII TAX INSTITUTE FOUNDATION
P.O. BOX 1381
HONOLULU, HAWAII 96807
NONPROFIT ORG.
U.S. POSTAGE
PAID
HONOLULU, HAWAII
PERMIT NO. 1690