Category: Articles

  • Medicare Season Attracts Millions

    According to the Centers for Medicare & Medicaid, more than 10,000 people are turning 65 every day and may qualify for Original Medicare insurance. Once an individual obtains the core parts of Medicare, other options may lower out-of-pocket costs. Some beneficiaries choose to get their coverage from Part C Medicare Advantage plans.

    Each year, Medicare’s Annual Enrollment Period (from Oct. 15 to Dec. 7) allows current enrollees to look at options for the following year. They can decide whether to keep their plan or select a new one. If no changes are needed, beneficiaries do not need to do anything. If a beneficiary decides to change, the new plan becomes effective the first day of the new year.

    In 2022, according to the Kaiser Family Foundation, 28 million Medicare beneficiaries were enrolled in Medicare Advantage plans. This Fall, millions of beneficiaries may be scrolling through insurance websites, watching TikTok videos and reading marketing materials. Licensed agents might also give Medicare 101 workshops at your local senior fair.

    It’s time to take a closer look at your plans! If you are happy with your existing plan, just sit back, relax and enjoy your Medicare years.

    GET2INSURANCE.COM FAMILY OFFICE
    1003 Bishop St., Ste. 2700, Honolulu, HI 96813
    800-226-3660 | martha@get2insurance.com
    Get2insurance.com

    According to the Centers for Medicare & Medicaid, more than 10,000 people are turning 65 every day and may qualify for Original Medicare insurance. Once an individual obtains the core parts of Medicare, other options may lower out-of-pocket costs. Some beneficiaries choose to get their coverage from Part C Medicare Advantage plans.

  • Aloha Pen Pal

    I find volunteering the most humbling and rewarding when it connects the young and the old.

    On May 23, the RSVP (Retired and Seniors Volunteer Program) wrapped up a third pen-pal year with a lunch meeting — for the first time — with their sixth grade Pearl Ridge Elementary pen pals. I was unprepared for the chicken-skin experience. I guess we had no idea how close we became during our school year’s expansive weekly letter writing exchange. Our RSVP pen-pal program started during the pandemic. The focus was to mitigate feelings of loneliness. You might be surprised to know:  loneliness currently affects people of all ages. The US Attorney General recently stated, “Loneliness increases mental and physical issues, including dementia by 30%.” I feel having a pen pal helped us RSVP volunteers and sixth graders equally. There were hugs, some tears and heartfelt alohas as we met for the first time and then said our farewells.

    If you’re 55 or older and would like to be a pen pal, please join us at RSVP. It is an incredibly fulfilling opportunity.

    ADRC HAWAI‘I
    City & County of Honolulu Elderly Affairs Division
    925 Dillingham Blvd., Ste. 200, Honolulu, HI 96817
    808-768-7700 | elderlyaffairs.com
    RSVP Program (an AmeriCorps Seniors program)
    808-768-7778 | elderlyaffairs.com/site/460/rsvp.aspx

    I find volunteering the most humbling and rewarding when it connects the young and the old.

  • Opening a Window of Opportunity

    You think you are young at 40 years old, right? But what if your intended life-long job was terminated and you’re not ready to retire? What do you do when a door closes on you like that?

    All good questions that I had to ask myself back in 1993, when my position with a small company was terminated due to the downward spiral of Hawai‘i’s real estate market. I interviewed with five companies, but it didn’t take long to realize I couldn’t see myself spending the rest of my life working for any of them. Instead, I serviced them as an independent contractor.

    Working with my CPA, I followed his tax requirements to start my own company and also became an LLC (Limited Liability Company). I was quite excited at the prospect of being my own boss.

    I soon had the opportunity to purchase outright the real estate referral company I co-founded that was connected to the franchise company that closed the door on me in 1993. My agents and I have connected clients to realtors throughout Hawai‘i, as well as on the mainland. Because I have held a real estate license since 1985, I am proud to consider this company as my legacy.

    My grandchildren Tanner and Alexis, give me joy in my life.
    My grandchildren Tanner and Alexis, give me joy in my life.

    However, could I “be more” and do something meaningful? Using my business background, I am currently the executive director of three nonprofit associations. I also do the marketing for a small shopping center just outside of Waikiki, and service small companies who rely on me to consistently produce their newsletters, postcards, calendars or other marketing pieces. I love being helpful.

    And this year, I am also very happy to be back with Generations Magazine, where I worked from 2010 to 2020.

    The best part of being your own boss is that you can schedule your own work time, family time and fun time. When I started consulting, my daughters were in preschool and high school and my son was in elementary. I remember when I drove my son to school, he would ask “Mommy, what are you going to do today?” Wow! When I think back, he was the one person who made me account for my day!

    For the past 30 years, I’ve gone all out to mix quality work time with quantity family and fun time. Because of my daughters’ love of tennis, I volunteered as an assistant coach at their school. They, too, became coaches, as well as my husband, making it a real family affair. Nowadays, I have two active grandchildren to have fun with!

    Many people have tough decisions to make when it comes to work. My advice for when a door closes, is to see it as an invitation to open a window of opportunity into a fulfilling life you create on your own terms.

    You think you are young at 40 years old, right? But what if your intended life-long job was terminated and you’re not ready to retire? What do you do when a door closes on you like that?

  • Good Job, Buddy, You’ve Done Well

    It’s been nearly four months now since my good friend Brian Suda passed away in May. It’s easy to feel his presence — we were workmates for about 13 years. But his work is ever-present whenever I’m working on this magazine. This is where we met. It started back in 2010. I just gotten back from a long career in Los Angeles.

    The original team in the early years. A breakfast meeting of sorts. (L–R) Wilson, Amy, Brian and Percy.
    The original team in the early years. A breakfast meeting of sorts. (L–R) Wilson, Amy, Brian and Percy.

    Our first issue was on Kirk Matthews and I needed a local photographer. It was by happenstance that Brian’s wife, Pamela, was one of the magazine’s early advisors. So naturally, she recommended her husband Brian.

    My first communication with Brian was immediately friendly. He was very accommodating, which made it even easier to discuss directions with him. This was his greatest attribute as a professional and as a person: Brian was easygoing. Easily, friendship became the foundation of our relationship. We took it to heart; maintaining integrity of our work creatively with respect to each other’s craft. Always conscious of our own limitations, we often relied on each other to complete the visual goal. No matter the mundaneness of the subject or the parameters we had to work within, Brian always explored ways to elevate it to another level, even at his own expense — he was very talented and he was a perfectionist — which I’ve always admired. His easygoing attitude was also a plus for everyone working with him.

    The process of a photoshoot always has a level of stress. Brian hardly showed it, but he could be a little bit of a worrywart — as he admitted to me one day. We knew we could never control every aspect of a photoshoot, and when certain wrenches get thrown in the mix, Brian always had a plan “B” and then would say “Let’s just have fun.” And that just sums it up on how we mainly rolled.

    BRIAN HIROMI SUDAMay 18, 1960 May 29, 2023
    BRIAN HIROMI SUDA May 18, 1960 May 29, 2023

    Of course, afterwards, we’d always revel over a few cocktails, his choices being as carefully planned as a connoisseur’s. “We did it again!,” we’d say with a good laugh. We like patting ourselves on the back. That’s what friends are for: To give each other kudos for even making it out alive. We’d laugh at the unnoticed mishaps. And Brian was always out for a good laugh. I could tell him the sorriest story or joke and I’d get a good belly-chuckle. There are so many wonderful stories I could tell.

    In our profession, the joys we find are in the process — the camaraderie, the cheers over a beer. That’s what it’s all about. We love what we do. And we love the people we do it with. Through heartache and laughter, and rolling with the punches, we survive. That’s what we all do. Then, afterwards, we take it to the bar to swap stories — and give each other a round of pats on the back saying, “Good job, buddy. You’ve done well.” I miss you already, Brian. You’ve been an awesome photographer, colleague and friend.

    It’s been nearly four months now since my good friend Brian Suda passed away in May. It’s easy to feel his presence — we were workmates for about 13 years. But his work is ever-present whenever I’m working on this magazine. This is where we met. It started back in 2010.

  • 15th ANNUAL AGING IN PLACE WORKSHOP

    Generation’s Magazine’s 15th annual Aging in Place Workshop was held on Saturday, August 12 at the Ala Moana Hotel.

    Thanks to everyone who attended and those who participated as volunteers and sponsors. Your help was greatly appreciated.

    If you attended and would like to leave us a comment, please fill out our comment form by clicking on the QR below:

    Generation’s Magazine’s 15th annual Aging in Place Workshop will take place on Saturday, August 12 at the Ala Moana Hotel. Everyone is invited – there’s no admission fee and no reservations are required. For details, call 808-234-3117.

  • Grief & Bereavement — Part VII

    Portrait of depressed senior man crying during therapy session with female psychiatrist trying to console himEstate planning attorneys help their  clients make sound, intentional decisions relating to their estate plans when they manage to help clients minimize guilt, conflict and anxiety. At the same time, survivors should be allowed experience the natural process of grief.

    An estate planning attorney can achieve this balance by:

    • Creating a safe, comfortable physical environment
    • Utilizing good counseling skills
    • Encouraging and facilitating open, transparent and respectful communication among family members and others involved in the estate.

    Physical Environment

    Facing one’s mortality, visiting with an attorney, worrying about costs and dealing with new terminology can cause clients to experience stress. No one can make sound decisions while under stress. In Janice Mucalov’s article entitled “Lawyers: Gatekeepers for Psychological Issues,” she outlines the precarious nature of this issue.

    “Emotionally distressed clients pose greater risks than non-distressed clients,” she writes. “Because emotions cloud their thinking, you may fail to appreciate the nature of the client’s problems, or they may fail to understand your advice.”

    Truly, the estate planner’s first effort should be in creating a safe, calm environment for the client. This will reduce stress.

    Counseling

    Attorneys will want to learn and apply good counseling skills in order to help clients make the best decisions regarding their estate plans. Carl Rogers introduces a  particularly useful method of counseling for estate planning in his work On Becoming a Person. He proposes developing and applying three qualities of counseling:

    • Meet and interact with each client in counseling with genuineness and congruence.
    • Enter each relationship and treat each clientwith unconditional positive regard.
    • Enter and engage each counseling session with empathic understanding.

    Communication

    Estate planning attorneys must emphasize that because life is fluid, a periodic review of the client’s estate plan is essential in order to ensure that the plan remains current. How often the client meets with the attorney depends on the client’s particular situation and need. The process, however, remains constant. Estate planners can provide guides for each client to sit in self-reflection and consider for themselves what is most important with respect to healthcare and quality of life choices, as well as how to plan their financial estate.

    STEPHEN B. YIM, ATTORNEY AT LAW
    2054 S. Beretania St., Honolulu, HI 96826
    808-524-0251 | stephenyimestateplanning.com

    Estate planning attorneys help their  clients make sound, intentional decisions relating to their estate plans when they manage to help clients minimize guilt, conflict and anxiety. At the same time, survivors should be allowed experience the natural process of grief.

  • The Great Certainties: Death & Taxes

    They say that the only certainties in life are death and taxes. When your life comes to an end, your loved ones can be left facing both certainties at the same time. The good news is that to some extent, we can postpone both, and we can avoid (notice I did not say evade) taxes almost entirely. Postponing death is a matter of staying as healthy as we can through diet, exercise, meditation, having an emotional support system, and maintaining a positive state of mind. Of course, if we don’t look both ways before we cross the street, then all those vegan rice cakes, pickleball games and Ommm sessions go out the window. On the other hand, postponing or avoiding taxes takes a lot less work and can be almost as fun as staying healthy.

    The taxes that could take a swipe at your loved ones after you die are mostly these: income tax, capital gains tax, estate tax, and generation-skipping transfer tax. Although the gift tax only applies to transfers made during your lifetime, your lifetime transfers may impact your ultimate estate tax liability. Other taxes may apply as well, but those are the big ones collected by the IRS. Each state also imposes and collects a variety of taxes. Hawai‘i does not officially have a gift tax, but it does collect the other taxes listed above. Hawai‘i’s estate tax takes into account lifetime gifts, so while there is no state gift tax during your lifetime, your estate may have to pay additional Hawai‘i estate taxes that more or less make up for the fact that you did not have to pay Hawai‘i gift tax during your lifetime.

    But don’t despair. There are relatively painless ways to minimize or avoid all of these taxes, especially if you would prefer to support your favorite charity instead. When it comes down to it, estate tax can be completely avoided through a combination of taking advantage of the estate tax “coupon” (the amount that you can give away estate tax free) and the unlimited estate tax charitable deduction. If the value of your estate exceeds the coupon amount, you can give the coupon amount to your loved ones (so far, no tax) and any excess to your favorite charity, just like that, you have passed on significant wealth without giving any of it to the tax man.

    Disinheriting both the IRS and the State of Hawai‘i means that some assets that could have gone to family will instead go to good causes that will benefit your community, possibly for years after you are gone. Not only that, you will have proven that taxes may not be a “certainty” after all. Your trusted advisors can show you the way.

    SCOTT MAKUAKANE, Counselor at Law
    Focusing exclusively on estate planning and trust law.
    808-587-8227 | maku@est8planning.com
    est8planning.com

    They say that the only certainties in life are death and taxes. When your life comes to an end, your loved ones can be left facing both certainties at the same time. The good news is that to some extent, we can postpone both, and we can avoid (notice I did not say evade) taxes…

  • Pay Off Debt or Invest: A Balancing Act

    Debt financing vs. equity financing are shown on a photo using the textIf you find yourself with extra cash — either a lump sum or excess dollars from your monthly paycheck — you may be wondering what to do with it. If you have debt — such as a mortgage or student loans — the prudent option may be to pay off your balances. Yet it might make more sense to put the money to work in the form of investments that have the potential to generate greater returns than the interest rate on your debt.

    Deciding what to do requires analysis.

    When Paying Down Debt Makes Sense

    Depending on your financial circumstances, there may be good reasons to try to get at least some debt off your books. Among the most notable:

    • You hold loans that come with high-interest rates. This is especially the case if you’ve accumulated credit card debt, where rates tend to be particularly burdensome.
    • You want to improve your credit score. Paying off debts can help boost your credit rating, which may put you in a better position to pursue auto or home loans.
    • You feel more comfortable lightening your debt load. It isn’t just a matter of dollars and cents. If the level of debt you hold makes you uneasy, it may be worth  lessening the load when you can.

    A general rule of thumb is to place a priority on paying off any debts where interest rates reach levels of 7% or greater. These costly loans can be a big drain on your resources and may exceed the returns you’d be able to achieve in a typical mix of investments.

    When Investing Makes Sense

    In some situations, it may be best to put available dollars to work in investments to help you achieve future goals. Growing wealth can help achieve a more  c comfortable future, particularly if:

    • Your current debt load is manageable, not placing an undue burden on your overall monthly cash flow situation.
    • You are coming up short of a key financial goal that’s important to you, and an infusion of extra cash could help you achieve that goal. For example, you should make a priority of adjusting your budget (and using your extra cash to help make it happen) if you have not been in a financial position to take full advantage of employer-matching contributions to your workplace retirement plan.
    • There is a shortfall in your emergency fund. You should have at least three-to-six months’ worth of income set aside in liquid savings to pay the costs of an unforeseen expense.

    Finding a Middle Ground

    Depending on the circumstances, a case can be made for a “hybrid” approach: using some of the cash to pay down debt while investing the other portion of your funds. Once again, this is a matter of choosing your priorities. You may not be able to accomplish everything you’d like, but you can determine what combination of debt repayment and investing makes the most sense for you, based on the priorities laid out above.

    Work with a trusted and experienced financial advisor to ensure any decision you make is consistent with your overall financial plan and investment strategy.

    MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
    1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
    808-952-1240 | michael.w.yee@ampf.com
    ameripriseadvisors.com/michael.w.yee
    Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 39 years. Ameriprise Financial and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial Services, LLC. Member FINRA and SIPC. ©2023 Ameriprise Financial, Inc. All rights reserved.

    If you find yourself with extra cash — either a lump sum or excess dollars from your monthly paycheck — you may be wondering what to do with it. If you have debt — such as a mortgage or student loans — the prudent option may be to pay off your balances. Yet it might…

  • Don’t Let The Clock Run Out on Part D

    It’s official: You signed up for Original Medicare Parts A and B. Your enrollment isn’t quite finished yet though — at least, it shouldn’t be. Your next step is to enroll in a prescription drug plan. This is true even if you’re not presently taking any medications. It is important that you enroll in a timely fashion to avoid lifetime late enrollment penalties. The two ways to get drug coverage are through a Medicare Advantage Plan (Part C) which usually includes a prescription drug plan (known as MA PDP); or to enroll in a stand-alone Part D plan.

    When selecting an MA PDP or Part D plan it is important to consider:

    • Are the medications you’re taking on the plan’s list of covered drugs?
    • Monthly premiums, deductibles, copayments and coinsurance.
    • Which pharmacies are in network.

    If you need help paying for your prescriptions, consider applying for Extra Help, a low-income subsidy program from the Social Security Administration. If you are not sure if you qualify, contact Hawaii SHIP to have a trained specialist compare Part D plans for you and help determine your eligibility.

    HAWAII SHIP
    Free, local, one-on-one Medicare counseling is provided by the Hawai‘i State Health Insurance Assistance Program.
    250 South Hotel St., Ste. 406, Honolulu, HI 96813
    Oahu: 808-586-7299 | Toll free: 888-875-9229
    hawaiiship.org

    It’s official: You signed up for Original Medicare Parts A and B. Your enrollment isn’t quite finished yet though — at least, it shouldn’t be. Your next step is to enroll in a prescription drug plan. This is true even if you’re not presently taking any medications. It is important that you enroll in a…

  • Ask Medicare About IRMAA

    Whether you are newly enrolled into Medicare or had coverage for awhile, you may be one of the beneficiaries subject to a higher monthly premium for Medicare Part B. Approximately 7% of all Medicare enrollees pay a higher premium. Those impacted are notified by letter.

    You may request a redetermination of your Part B premium Income-Related Monthly Adjustment Amount (IRMAA), by filing form SSA-44 (ssa.gov/forms/ssa-44.pdf). For assistance, call SSA at 1-800-772-1213, 7am–7pm, weekdays.

    Why the increase?

    Medicare Part B beneficiaries with high incomes pay an additional amount. If you are subject to the income-related adjustment, it will be calculated based on your tax return’s modified adjusted gross income two years prior to each new calendar year in which you have Part B or based on the date you enroll. The premium increase is based on income.

    Requesting Redetermination

    Complete form SSA-44 to request a redetermination based on a life-changing event, such as: work reduction or stoppage, loss of pension or income producing property, employer settlement payment, marriage, divorce/ annulment, death of spouse. By demonstrating an income decrease occurred after the initial  determination, your premium increase may be waived.

    GET2INSURANCE.COM FAMILY OFFICE
    1003 Bishop St., Ste. 2700, Honolulu, HI 96813
    800-226-3660 | martha@get2insurance.com
    Get2insurance.com

    Whether you are newly enrolled into Medicare or had coverage for awhile, you may be one of the beneficiaries subject to a higher monthly premium for Medicare Part B. Approximately 7% of all Medicare enrollees pay a higher premium. Those impacted are notified by letter.

  • BBB: A Beacon for E-Shoppers

    Shopping online can feel like walking through a bustling bazaar. Unique finds and great deal are everywhere, but not all sellers are created equal. This is true whether you’re shopping for gifts, buying clothes, ordering vitamins from an online pharmacy or reserving a hotel room for your next trip off island.

    To ensure you spend your hard-earned money at reputable vendors, visit the Better Business Bureau before you click “buy.” This trustworthy, independent nonprofit vets businesses of all sorts. Here’s a look at steps to use BBB — and other tools — to ensure you’re engaging with trustworthy companies online:

    Visit Third-Party Business Review Sites

    Independent platforms like BBB offer free resources to check a business’s reputation. Newer players like Yelp, Trustpilot and Amazon are helpful, but BBB has additional benefits. It also existed before the internet.

    Founded in 1912, this nonprofit was created to foster honest advertising and ethical business practices. In today’s digital age, its function continues to be of paramount importance.

    Uniquely, when searching the BBB website, it’s possible to limit results to accredited businesses.

    Accredited businesses are committed to BBB’s mission of creating an ethical marketplace where buyers and sellers trust each other. They’ve been researched and vetted. Licensing has been checked, government actions reviewed, background searches have been completed. BBB has reviewed complaints and subsequent responses.

    Read Responses to Complaints

    Businesses will inevitably garner complaints online. What distinguishes a trustworthy business from a less reliable one is how it responds to these complaints. A good business will acknowledge the complaint, take responsibility if at fault and take clear steps to rectify the situation.

    The BBB regularly reviews how accredited businesses respond to complaints.

    Lean on the Tried and True

    With online forums and social media platforms constantly evolving, hallmark institutions like the BBB remain stalwart. In this complex and often confusing digital age, trustworthy tools like the BBB remain as useful as ever.

    Online shopping should be enjoyable — and as scam-free as possible. Taking a few extra minutes to research vendors can limit potential hassle. Deals can be too good to be true; that’s why BBB is here to serve you.

    BETTER BUSINESS BUREAU
    12639 W Explorer Dr., Ste. 200, Boise, ID 83714
    808-628-3920 | bbb.org
    Report a scam: bbb.org/scamtracker
    File a complaint: bbb.org/file-a-complaint

    Shopping online can feel like walking through a bustling bazaar. Unique finds and great deal are everywhere, but not all sellers are created equal. This is true whether you’re shopping for gifts, buying clothes, ordering vitamins from an online pharmacy or reserving a hotel room for your next trip off island.