Under cover of darkness, two young boys sneak aboard a yacht at the marina and fill a bag with all the small valuables they can find. They hear someone coming, and hide in a closet. A uniformed man comes aboard, places something in a cabinet, and leaves.
The next morning, Charles Privit discovers the theft and promptly calls the police. His brother Jeremy arrives while a burglary detective is taking a report. The detective returns to his car and radios police headquarters. Charles starts his yacht's engine, and Jeremy helps him cast off from the dock. A minute later the yacht explodes, killing Charles.
The two young thieves are picked up quickly enough, when they attempt to sell their loot. Told of Charles Privit's death, they only too willingly tell McGarrett about the mystery man they saw aboard the yacht.
Mr. and Mrs. Privit had left their entire estate to Charles, whom they considered the more responsible of their sons. Jeremy, a classic ne'er-do-well, is Charles' only heir. However, Jeremy gained nothing from his brother's death because he spent his inheritance a long time ago. A company called Reversions, Inc. offered Jeremy a lump sum buyout of his future inheritance, which he accepted.
McGarrett and Ben visit Reversions and meet the company president, Zachary Talbot. The company is an inheritance discount firm. They buy out inheritances by paying the heir a discounted lump sum in cash, and collect their money upon the benefactor's death. The company is planning to move from the United States to Switzerland. McGarrett asks for, and receives, a list of the company's recent clients.
Ben, Danno and Chin talk to four other heirs who sold their inheritances to Reversions. Their benefactors all died within six months of each other, all in apparent accidents. In each case, including Jeremy Privit, Reversions approached the heirs about buying them out. The Ala Moana Bank was the co-trustee and co-executor of all five estates.
A skeptical Manicote tells McGarrett that Reversions is a legal business with a clean record. However, Talbot and his current board of directors took charge of the company only nine months ago. McGarrett believes that Talbot and his crew killed the five victims, to collect the company's outstanding accounts before they leave the United States. To prove that those deaths were in fact murders, McGarrett wants to set a trap. The bait would be an undercover operative posing as a potential heir who needs money now. This heir stands to inherit a fortune so large, Reversions won't be able to resist taking one more bite.
Jeremy Privit is killed in a helicopter explosion. Five-O subsequently learns that Charles Privit had disinherited his brother, leaving Reversions with no way to collect its payout to Jeremy. Manicote now agrees to the undercover operation. However, McGarrett needs an outsider because his own people would easily be uncovered in a background check. Manicote says he knows just the man for the job.
Calvin Cutler is an assistant district attorney from the mainland, currently visiting Honolulu for a research project. He agrees to help Five-O because he wants the extra points for his civil service record. With a change of appearance and intensive preparation by McGarrett, Cutler becomes Edgar Anthony Baines. Edgar is the well-bred, cash-poor nephew and only living relative of the wealthy, reclusive and nonexistent Kevin Baines.
A lawyer delivers a copy of "Uncle Kevin's" will to Ala Moana Bank. The bank president gives the will to clerk Natalie Harper, and instructs her to have department head Henjo Tokada review it. Later, Ben and Chin follow Harper to a café and Tokada to a bar. At the café, Harper sits at an outdoor table. After she leaves, another man picks up something from her table.
Cutler makes the rounds of Honolulu, living large and running up unpaid bills which he conspicuously disputes with his creditors. Eventually the man who made the café pickup from Harper, approaches Cutler in the bar Tokada had visited. Luke Foster gives Cutler his Reversions business card, and invites him to come to the company's office.
At the office, Foster introduces Cutler to Zachary Talbot. Cutler tells them that Uncle Kevin, who doesn't think highly of his nephew, is seriously ill and confined to his beach house at Diamond Head. After checking out "Ed" and Uncle Kevin, Talbot offers to buy out Cutler's prospective $12 million inheritance. Cutler accepts. Among the papers he is given to sign is an application for accident insurance.
Cutler informs McGarrett about the insurance by mailing a note to Uncle Kevin. Jeremy Privit's death makes sense now. The accident insurance protects Reversions in the event an heir is disinherited. Five-O springs into action, as Cutler could be in danger when Talbot moves against Uncle Kevin.
Posing as a gas company employee, Foster gains entry to Uncle Kevin's house and plants a bomb. However, when he tries to leave he finds all the doors and windows locked. He shouts for help through a barred window, and is confronted by McGarrett. Fearing for his life, Foster readily admits he killed the five benefactors and Jeremy Privit at Talbot's orders. He also agrees to testify against Talbot.
Danno and HPD officers arrive at Cutler's apartment just in time to save Cutler from an "accidental" fall from his window. With Foster in custody and Cutler safe, McGarrett arrests Talbot and his directors as they are preparing to leave for their Switzerland-bound flight.