When purchasing items with a credit or debit card online or over the counter, there are precautions you need to take.
In the last year, Americans received about 5 billion robocalls per month, up from the 2 billion a month just two years ago. Robocalls are automated calls made by a computer program, enabling the telemarketer or scammer on the other end to call multitudes of phone numbers in a short span of time. It took me under five minutes of “Googling” to find a website and fill out a form to order robocalling software that I could use to dial hundreds of telephone numbers an hour.
A frantic mother once called me after her daughter was injured in a ski accident. When she called the hospital to find out the status of her daughter, hospital personnel would’t release any information and didn’t allow her make decisions on her child’s behalf. Just imagine the stress this caused! This situation is all too common. When a child leave for college, for example, in the eyes of the law, he or she is now an adult and parental rights cease. This fact is often overlooked.
The people of Hawai‘i are generous with public charities. On the other hand, most of us do not have money to burn. The following are some good ideas about choosing where and how to give.
Making financial decisions takes time, attention and energy at any age. In the case of elderly adults, it can become increasingly difficult to manage daily finances, particularly if their health is declining or they’re experiencing cognitive issues. If you’re providing support to aging parents — or plan to in the future — here is some advice on how to handle the situation and prepare for what’s to come.
How often do we get and answer calls from telephone numbers of people who we think we know, only to discover it’s a telemarketer or scammer? Here are some prevention tips that may help…
My office has received an increase in calls from parents, siblings or other relatives trying to kick an adult child out of their house. Often, the caller has already requested that the child leave, only to receive an adamant “no” from the unwelcome person. In one instance, a mother was selling the home that she loved to move into a small, one-bedroom apartment, hoping her son would not be allowed to live there.
For many years, we have heard our federal and state politicians talk about “unfunded liabilities” of the government. An unfunded liability is any liability or expense that does not have sufficient savings or investments set aside to pay for it. The party responsible for paying the unfunded liability pays for it out of current income or savings or by borrowing the funds.
The risk of an unfunded liability is two-fold:
With rising health care costs, many Medicare participants use Medicare supplement insurance to help cover expenses that Medicare does not. However, many still struggle to pay the premiums for their Medicare supplement insurance. Surprisingly, another insurance product — one that can guarantee a monthly income stream — might be the solution.
How nice would it be if your child was born with an operating manual? There are many parenting books out there, but none that are specifically made for your child. The obvious reason for this is because the only person who can write an operating manual for a child, is the person who is raising the child.
A POLST is a special document in which you say what measures should be used to keep you alive. The acronym stands for — Provider Orders for Life Sustaining Treatment. It’s different from an Advance Directive in that it will be followed by emergency personnel before you reach the hospital, provided that they are aware of its existence.
Many couples are choosing to start families later in life compared to their parents and grandparents. And, increasingly, mothers are waiting to have their first child at age 35 or older. This trend has financial implications. On one hand, parents may be more financially secure and have clear priorities for the future. On the other hand, these parents are closer to retirement, so balancing kids’ expenses with saving can be a juggle.
There’s been a marked increase in text messages with a spoofed Caller ID that ask the recipient to click on a hyperlink — that’s always the objective of this type of scam. It is their methodology to hijack your device. Two Major Risks include: The recipient does not know who really sent the message; and the hyperlink may redirect the message recipient to a website where malicious software may compromise the recipient’s cellphone.
The term “stealing home” is associated with baseball. It occurs when a runner is on third base and uses guile, speed and luck to make a dash for home plate to score a run. This usually happens when the runner takes advantage of the pitcher being distracted. In the Elder Abuse Unit, however, my team has come to know the term in a different context. We have seen situations when a homeowner literally has had their residence stolen.
A few years ago, I created the Heartfelt Advance Care Plan booklet to provide my clients with a tool to improve their end-of-life care, to honor their choices and to reduce conflict and guilt among surviving family members. Those who do fill it out usually comment about how difficult yet rewarding it was to complete. Asking and answering detailed questions about end-of-life wishes, regardless of how difficult it may be, is tremendously helpful to both the dying and their survivors.
In recent years, financial planners have shown the effectiveness of using a reverse mortgage line of credit to supplement a retirement portfolio. But while a line of credit can be a strategic part of a retirement income plan, there are often misconceptions related to how the credit line grows. In yet another Forbes article focused on reverse mortgages, Wade Pfau, Ph.D., CFA, professor of retirement income at The American College, sets the record straight with an in-depth analysis of how a Home Equity Conversion Mortgage (HECM) works, grows and stands to benefit borrowers.
Unless you keep up with critical changes, your estate plan will become ineffective and maybe even become harmful to you and your ‘ohana. What kinds of changes are we talking about?
Professionals in many industries tout their education and professional experience as a way to demonstrate their expertise and set themselves apart. The financial industry is a prime example. With almost 200 professional credentials available, advisors can sharpen their ability to serve clients well. If you are searching for a financial advisor and seeking clarity on what the acronyms after each professional’s name means, here is a primer on eight of the most commonly used designations.
To create secure passwords, you generally want to set the minimum password length to at least eight characters, but a minimum length of 14 characters is better.
It’s expensive living in paradise. It’s really expensive aging in paradise. Many seniors have had to resort to relying on the “cash economy” to help them out. “Cash economy” is the term used to refer to hiring or purchasing things“ under the table” or with cash so that there is no paper trail and therefore no taxes have to be paid.
We often struggle with the concepts of equal, equitable, fair, and adequate when it comes to the distribution of our assets among our children. Understanding the meaning of each term helps us make the decision that most closely reflects our intention.
We encounter risk in all facets of our life. Why do we take risk if we have a choice? Simply put: We take on risk in exchange for some kind of return. Generally, the potential for higher returns from investments comes with greater risks.
Receiving an inheritance is like winning the lottery. What could possibly be wrong with that? Callie Rogers, age 16, won $3.1 million in a British lottery. By the age of 22 she was broke, living with her mother, and working three cleaning jobs. William Post won $16.2 million in the Pennsylvania Lottery in 1988…
Searching for warmer weather, moving closer to adult children and grandkids or pursuing a change in scenery are just a few reasons why many Americans choose to move in retirement. These retirees often relocate for emotional reasons, but it’s important to consider the financial impacts, too.
At the start of a new year, many of us make a New Year’s resolution to get healthy. Did you make a resolution to start the year with a “healthy” computer, too? Here are some computer health tips…
It is only by knowing what is going on in our parents’ and grandparents’ lives that we can prevent certain abuses from occurring. Get involved and find out your loved one’s routine. Talk to them. Any deviation from their norm may be a warning sign to you that they are being targeted for a possible scam.
Making an estate plan that clearly documents intention helps surviving family members avoid fighting; especially in court. Yet lawyers will write the estate plan for exactly that purpose — writing as if it were going to be fought over in court. I call this legalese legal dis-ease. Write your intentions down in your own hand-writing for inclusion in your estate plan so that you don’t risk miscommunication or misunderstanding among surviving family members.
We have a right to say “enough is enough” when it comes to medical care, including the use of respirators and tube feeding. We also have the right to name who will speak for us when we cannot speak for ourselves. Having a clear and comprehensive advance health care directive is only way to be sure that your wishes will be known and carried out.
The most important goal for many of my clients is to retire on their terms – which often means planning a long, secure retirement that enables them to check off items on their ultimate bucket list. Retirement requires careful planning in addition to avoiding financial missteps along the way. Here are five common mistakes, and strategies to avoid them…
With all the natural disasters happening throughout the world, unscrupulous scammers are looking to take advantage of our empathy and generosity as we seek ways to help the victims of those disasters. These scammers will be soliciting donations using telephone messages, emails, and even social networking services like Facebook.
When my father-in-law “Gramps” had a stroke, he spent time at the hospital, rehab, and then a nursing home, before finally being able to return to his house. During those months of recovery away from home, my family made every effort to visit him daily. Between my wife, brother-in-law, mother-in-law and myself, we were pretty successful in making sure he would have the company of a loved one every day.
There is no “good grief” or “bad grief”— there is only grief. Drs. Kenneth Doka and Terry Martin* suggest that there are two types of grievers: “instrumental” and “intuitive.” Neither type is deficient; only different. Understanding the difference can allow family members to empathize with, rather than attribute bad motives to, another family member.
Setting New Year’s resolutions is a tradition for millions of Americans who see January 1 as a fresh start. However, we all know how easy it is to have resolutions fall to the wayside as the year progresses.
Fortunately, if the goal you have in mind is a financial one, there are ways you can break it down into steps that will keep you motivated and on track to achieve it.
Is estate planning really all about “who gets my stuff”? Your assets may be important, but when you sift through the reasons for doing estate planning, you may find that identifying who gets your stuff takes a distant back seat to far more important considerations.
If I were to open a crime college, a place to learn the fine art of thievery, one class that would assuredly be on the curriculum would be Advance Fee Frauds, commonly known as sweepstakes and lottery frauds. This con involves the victim being told the lie that money is coming their way (usually from lottery winnings, insurance refunds or inheritance) but a fee/tax/processing charge has to be paid first to receive it. This one scheme is responsible for more money being stolen in Hawai‘i than any other crime.
It is not just families who disagree about the interpretation of legal documents. There seems to be tension among estate planning attorneys in regard to recommending that clients write down their heartfelt intentions to accompany those documents. Many lawyers believe that it is the form that is most important — that the written legal language will communicate their client’s heartfelt wishes. Others believe that, no matter how carefully written, the form alone cannot transfer intention.
Many parents, in addition to planning for their own future, care deeply about helping their children find their financial footing as they enter adulthood. Having spent decades building up their nest eggs for retirement, they recognize the power of long-term financial planning and hope their children will capture the same benefits by starting to invest while they are young. Convincing someone just starting off in their careers to set aside money for retirement — which to them, may seem like light years away — can be a tough sell.
When hiring a caregiver, you may be tempted to try to make the process as simple as possible by treating the caregiver as a “private contractor.” You tell the person “I will pay you so much an hour, and you deal with the IRS and the State when it comes time to pay taxes.” After all, taking on the responsibilities of withholding taxes (and then paying the taxing authorities), buying Workers’ Compensation insurance, paying Social Security and Medicare tax, and all the rest, can be a real pain. However, the IRS and the State will take the position that the caregiver is an “employee,” that you are an “employer,” and that all the legal obligations that attach to those labels are applicable to your situation.
Only one out of every 44 cases of financial abuse among the elderly ever gets reported and even fewer make it to trial. This is the true story of one of those cases.
“What does a con artist look like?” The answers I receive are oftentimes humorous. Descriptions of used car salesmen and politicians are shouted out, with visuals of “shifty eyes,” bad toupees, rapid speech, and loud aloha shirts added in for effect.
Ideally, estate planning is “by invitation only.” Most people misunderstand this to mean that we, as the lawyers, are the ones doing the inviting. In actuality, it’s you, the clients, who are doing the inviting, by inviting us into your unique and textured lives.
Another way to consider gifting assets is to set up a charitable trust. Trusts can help you manage highly appreciated assets in a more tax-efficient manner while, in some cases, allowing you to split assets among charitable and non-charitable beneficiaries
There are three estate planning documents that every competent adult living in the State of Hawai‘i should have. Of course, “competency” can be an elusive quality, but once a Hawai‘i resident has turned 18, the law of our State presumes that person to be competent.
In Hawai‘i, we must always be on the lookout for scammers going door to door posing as trustworthy salespeople. They may be offering lawn care, home improvement services, alarm systems, and more, and also pretending to be legitimate companies just to get you to trust them. Five tips to help protect you and your home
I have been with the Prosecutor’s Office now for over 22 years, and 10 years ago created the Elder Abuse Unit. This unit was the first (and still is the only) team in Hawai‘i dedicated to prosecuting felony offenses where the victims were 60 years of age or older.
Before you panic about the new “Hawai‘i Aid in Dying Law,” it’s a great law but not for the reasons you may think. Governor Ige signed the Our Care, Our Choice Act on April 5, 2018 and it will become law on January 1, 2019. The new law’s purpose is to establish a regulated process whereby a mentally competent adult resident of Hawai‘i with a terminal illness and less than six months to live may choose to end life with a prescription.
In today’s world of wondering whether information is reliable or not, it is critical to protect our kūpuna and their families. You may hear or see an advertisement for a business professional with a bunch of initials after their name and wonder what do all those initials really mean?
Class reunions are poignant reminders of change. With each passing year, our classmates grow a little grayer, perhaps a little balder, and maybe a little more expansive at the midsection. Good thing we are not like our classmates, right? Actually, we are. Father Time is catching up with all of us. That sobering fact should inspire us to reflect each year on our estate plans and whether they still do what we want them to do.
Inflation is the normal state of affairs in the U.S. economy. Most economists consider an annual increase in the cost-of-living of two or three percent per year to be a manageable level of inflation. This increase usually is a good trend, because it is an indication of a growing economy.
On average, I get one to three calls a day from the public seeking advice about elder abuse. Fortunately, only about 20 percent of the calls involve matters needing my office’s involvement. The rest are from people that see “elder abuse” in our name and hope we can help with their situation.
Many people ask to have their ashes spread at places that hold treasured memories for them, and Disney theme parks are not the exclusive venue for these requests.More often than you realize, human ashes are scattered covertly at sports stadiums, concert halls and golf courses.
The wrath of natural disasters has been on full display as hurricanes, earthquakes, wildfires and floods have ravaged large swaths of the world. While our first thoughts go to the victims of these tragic events, it may also cause you to step back and think about your own preparedness for a natural disaster.
In the last issue, I covered the lessons my mother-in-law, “Mary,” taught me through her encounters with various scam artists she has met over the years. Unfortunately, those incidents were only the tip of the iceberg.
I had been preparing to write about the importance of conversation in estate planning while watching a documentary on HBO called Cries From Syria. In the midst of this heart-wrenching story about the Syrian situation—a girl, who could not have been older than 8 or 9—facing death from starvation and preparing her will. It had nothing to do with money.
According to the Family Wealth Checkup study by Ameriprise Financial, there’s a correlation between financial confidence and communication. While many families are discussing financial issues, they tend to shy away from topics like inheritance and estate planning, leaving some with unrealistic expectations.
The Hidden Costs of Probate Court by Stephen B. Yim, Attorney at Law from the Oct-Nov 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Hiring Strangers as Caregivers by Scott Spallina, Senior Deputy Prosecuting Attorney from the Oct-Nov 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Rollover Your IRA for Good by Jeffrey B. Sisemoore, JD, National Kidney Foundation of Hawaii from the Oct-Nov 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Secret Money for Veterans by Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC from the Oct-Nov 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Prepare for Retirement Milestones by Michael W. K. Yee, Financial Advisor and Certified Financial Planner from the Oct-Nov 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Medicare Facts You Need to Know by Michael W. K. Yee, Financial Advisor and Certified Financial Planner from the August-September 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Put Your Voice Into Your Estate Plan by Stephen B. Yim, Attorney at Law from the August-September 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Drive-By Victims: Homeless Seniors by Scott Spallina, Senior Deputy Prosecuting Attorney from the August-September 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Vacation With Your Important Papers by Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC from the August-September 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Giving Retirement Assets by Jeffrey B. Sisemoore, JD, National Kidney Foundation of Hawaii from the August-September 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Paying Yourself in Retirement by Michael W. K. Yee, Financial Advisor and Certified Financial Planner from the June-May 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life
Will You Leave a Legacy by Jeffrey B. Sisemoore, JD, National Kidney Foundation of Hawaii from the June-May 2016 issue of Generations Magazine, Hawai‘i’s Resource for Life