Category: Wisdoms

  • Creating Secured Passwords

    You generally want to set the minimum password length to at least eight characters, but a minimum length of 14 characters is better. If it’s a single word, I recommend using a non-English word. Or you could use a phrase like “the cow jumped over the moon” without spaces between the words in the phrase.

    • One or more characters should be upper case.
    • One or more of the letters should be transposed as a numeral. For example, “i” or “l” can be the number 1. And “E” could be 3.
    • If permitted, include a control character such as “*” (shift-8) or “^” (shift-6).

    That is the core password, which is the base from which you create the password for the account you are using it for. For example, if your core password is “theC0wjumped^0verthem00n” you can add an “F” at the beginning and a “B” at the end for your Facebook account. For your Gmail, you can add “GM” at either end.

    How to remember passwords

    • Write them down in a notebook kept in a locked desk or file cabinet. Note what account it is for and the date it was created.
    • Do not keep them on your cellphone, tablet, computer or in your wallet or handbag.
    • When you’re done using the password, make sure to destroy the paper and discard it. Passwords ARE the “Keys to the Kingdom”.

    ——————-

    THE DEPARTMENT OF THE PROSECUTING ATTORNEY
    1060 Richards St., Honolulu HI 96813
    808-768-7400 | Office hrs: Mon – Fri, 7:45 am – 4:30 pm
    www.honoluluprosecutor.org/contact-us/

    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.

  • High Cost of Saving Money

    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. These workers usually are unlicensed, carry no insurance in case they get injured on your property or damage something when doing their job, and have no office you can go to if there is a problem with non-performance or faulty construction.

    It is a very common practice in Hawai‘i to hire people in this manner for yard work, car repairs or construction projects. And it is very common for the police or me to receive calls from victims of scams who tried to save money in this manner only to receive little or nothing in return. In fact, our office is prosecuting one person who defrauded over 24 people by simply representing himself as a licensed landscaper and taking their money and disappearing. When arrested, it was revealed that he not only didn’t have a license, but also had a criminal record for doing this crime before. If you have questions about elder abuse, call or email: 808-768-7536 | ElderAbuse@honolulu.gov

    To check if the person you are hiring has a license or complaints from previous clients, use the Department of Commerce and Consumer Affairs (DCCA) website, which is an easy and free tool to use.

     On your computer, type in the website: http://cca.hawaii.gov/

     Click on the blue box that says “Check A Business or License”.

     On the left-hand side of the new page, choose the type of search you want: business complaint history, business name, professional and vocational license, or licensee complaint history.

     Follow the directions on the next new page.

     If you have any questions you can call DCCA during business hours at 808-587-4272.

    Another good site is the Better Business Bureau. It displays information and reviews/complaints about local businesses, and scorecards.

     On your computer or device, type in the website: https://www.bbb.org/en/us/hi/honolulu

     Type the business name and location in the search bar and click on it in the list that appears.

    If you don’t have access to the internet there are public services at the library. ——-

    If you have questions about elder abuse, call or email: 808-768-7536 | ElderAbuse@honolulu.gov

    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…

  • Adequate, Equal, Equitable, or Fair?

    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.

    Adequate: the minimum level of money for children to survive. Raising our children to be independent and reasonably assured their situation will not turn to dependency meets the definition of adequacy.

    Equal: the same amount of financial value to each child. Our focus as parents changes from meeting the needs of our children to simply dividing our assets equally, regardless of each child’s station in life.

    Equitable: receiving the same financial opportunity to reach a specific objective considering current personal conditions, but without regard to how those happened.

    Fair: morally equal — a non-discriminatory attitude regardless of personal conditions, but with regard to how it happened. If one child chooses not to work and is still living at home, and one child works and is living independently, leaving the house for the non-working child to live in may be equitable (each having a place to live) but not fair (in a way, penalizing the working child).

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

    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.

  • Managing Risk at Retirement

    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. One philosophy to keep in mind, especially for those approaching retirement, is that Losses Hurt More than Equivalent Gains Help®. In other words, if you have $100,000 in a portfolio and it goes down 50 percent in a year, a 50 percent gain in the following year would result in your portfolio being valued at only $75,000. Keeping this in mind reminds you to seriously weigh any risks against potential returns.

    It is especially imperative to consider the balance of risk and potential return as investors approach retirement as they have less time to recover their losses if their portfolio declines in value. A financial professional can help you assess your personal risk parameters for your investment portfolio.

    LEE FINANCIAL GROUP HAWAII, INC.
    808-988-8088 | info@leehawaii.com
    www.leehawaii.com

    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.

  • Blessing or Curse?

    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. By the time he died in 2006, Post had gone from scooping up annual lottery payments of $497,953.47 to scraping by on $450 per month in disability compensation. Jack Whittaker won what was then the largest Powerball payout in history. It took him four years to blow through $113,386,407.77 of his winnings. The impact on himself and his family was catastrophic.

    These examples show how a sudden windfall can turn from a blessing into a curse. The lesson applies to all of us. Instead of giving your loved ones direct access to what you leave behind, consider protecting any intended beneficiaries whose youth, bad habits, or bad friends might turn your gift into dust and destruction. By placing their inheritance in trusts, administered by people or institutions who will provide good judgment and wise guidance, you can protect your legacy with wise planning.

     

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

    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…

  • Making a Smart Move in Retirement

    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. If you have a desire to pull up roots in retirement, pause to think about the following financial items.

    Consider the costs to sell your home. Even if you’re downsizing, trading spaces comes with a price tag. Staging, finding a realtor, hiring a moving company and cleaning services are all expenses that may be key to putting your home on the market. You may need to be prepared to manage two mortgages for some time or be ready for a quick closing time frame depending on the housing market in your area.

    Be strategic about the long-term financial effects. If you make a profit on the sale of your current home, use the money to fund one of your financial goals. Adding it to your retirement fund, investing it to pay for your grandkids’ college education, or putting it into a trust are some of the many ways the windfall can accelerate achieving a financial milestone. If you acquire a higher mortgage to purchase your new home, map out how the additional debt impacts your retirement long-term. Ideally, you’ll be able to absorb the increased cost without compromising your retirement lifestyle.

    Know the potential tax impacts. Moving across state lines can change how much you pay in taxes. This is particularly true for retirees because there’s wide variation in whether and how much states tax retirement income. Property and income taxes can also vary, which may be important if you plan to work or own a business in retirement. Check with your tax professional to assess the tax impact of your new locale. If you sell your current home and it has appreciated in value, discuss whether you owe a capital gains tax.

    Research health care services in your new location. Ask your medical insurance provider if your plan covers the services, specialists, prescription drugs and medical clinics that you need near your new home. The quality of care and cost may be different than what you’re used to, so it’s important to do your research. Additionally, it’s worth thinking about the long-term care and assisted living facilities that are nearby. Even if you hope to age in your new home, knowing your options can be crucial in case you or your spouse experience an unexpected medical event.

    Account for your retirement lifestyle. The reason many retirees move in retirement is to live out a lifestyle they have dreamed about for years. As you decide whether you want to move, be prepared for additional expenses to travel, invest in a hobby or start a business. Your food and entertainment spending may also increase as you fill your newfound time and explore your new city.

    Moving to pursue your retirement dreams is exciting, but there can be a lot of factors to consider in deciding when and where to purchase your new home. For expert help reviewing your options, connect with a realtor, financial advisor and tax professional.

    MICHAEL W. K. YEE, CFP
    1585 Kapiolani Blvd., Suite 1100, Honolulu HI 96814
    808-952-1222, ext. 1240 | michael.w.yee@ampf.com
    Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner with Ameriprise Financial Services, Inc. in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 31 years. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC.©2018 Ameriprise Financial, Inc. All rights reserved. File #2251865

    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.

  • Resolve to Have a Healthy Computer

    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:

    ❖         Back up your data: Back up all your important data such as photos, documents, calendar, contact list, e-mails, etc. The best options are to back up your data to an external hard drive, burn your data to CD/DVD, or use iCloud or Google Drive.

    ❖         Clean up your storage: AFTER backing up your data, start deleting apps, programs and files that you rarely use or that are outdated. This alone can speed up your computer.

    ❖         Maintenance: If you are tech savvy, you can use a utility program to do low-level diagnostics on your computer’s hardware and operating system, but my advice is to use a professional service to do the examination and fix any problems found. The store where you bought it may offer this service or can recommend a reputable local service agent.

    ❖         Change passwords: Start with the password to your computer (and phone) and then move on to any online accounts. Write passwords down in a notebook along with the date and secure the notebook in a safe place. WARNING! Your wallet or purse is NOT a safe place!

    —————

    THE DEPARTMENT OF THE PROSECUTING ATTORNEY
    1060 Richards St., Honolulu HI 96813

    808-768-7400  |  Office hrs: Mon – Fri, 7:45 am – 4:30 pm
    www.honoluluprosecutor.org/contact-us/

    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…

  • Visit Often to Forestall Elder Abuse

    Recently, I had the opportunity to spend a couple of weeks with my parents on the mainland, attending family functions, overeating and watching more “Murder She Wrote” than at any other time in my life. As I tried to learn to appreciate afternoon naps, their phone would constantly ring. Various solicitors, scam artists and charities seemingly thought my parents had all this money and that they wanted to invest, spend, or give it away to strangers over the phone.

    I tried to explain to my folks that by answering the phone each time it rings, the robocallers knew there was a live person connected to their phone number. If my parents simply let the answering machine screen the calls first, the amount of unwanted calls would slowly die down (and nap time could last longer). They insisted, however, on picking up the phone in case it was someone they wanted to talk with or if there was an emergency that they had to respond to immediately.

    In addition to all the phone calls they were getting throughout the day, the doorbell rang constantly with a salesman, pollster, huckster, or charity/church solicitor on the other side of the door when I answered. I simply told these uninvited/unwelcome strangers that I wasn’t interested and shut the door on them before their pitch began.

    This whole experience reminded me of the importance of visiting my family often and seeing what is going on in their lives. Over the years, I have received many calls to the Elder Abuse Unit from adult children in distress because they just discovered something that happened to their parents.  Usually, it is along the lines of finding out their mom or dad has been giving large sums of money to others (like neighbors, caregivers, other relatives) despite the fact they really can’t afford to do so. Occasionally,  the family member will discover that a con man has scammed their parents out of a large sum of money (so far the largest amount reported was $400,000 to some “contractors” for work never done). And in two separate instances, adult daughters reported that widowed fathers married bar girls 30 years their junior.

    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.

    ——————-

    If you have questions about elder abuse, call or email: 808-768-7536  |  ElderAbuse@honolulu.gov

    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…

  • Honoring the Mighty Pen

    In the movie “The Descendants” the main character, Matt King, must explain to family and friends that his wife Elizabeth made an end-of-life decision by way of an Advance Health Care Directive and, because she was determined not to be kept alive in a persistent vegetative state, the doctors will withdraw life-sustaining treatment.

    Matt shares the advance directive with his father-in-law, whose response was “this is like reading Korean.” Matt’s 10-year-old daughter Scottie didn’t read the advance directive, but she remembered her mom stating: “Racing or competing. I’ve heard her say, ‘I’m going out with a bang.’” And that is exactly what happened: a speedboat accident.

    The end-of-life decision document written by legislators as a “one size fits all check the box”  is anything but clear with regard to intention and could very well be written in a foreign language.

    Every family has its own unique culture and identity which is reflected in the language they speak to one another.

    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.

    ———————-

    STEPHEN B. YIM, ATTORNEY AT LAW
    2054 S. Beretania St., Honolulu HI 96826

    808-524-0251  |  www.stephenyimestateplanning.com

    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…

  • Everybody Should Have One

    The one estate planning document that everyone 18 and older should have is an advance health care directive.

    Karen Ann Quinlan and Nancy Cruzan were young women whose legacies are legal battles over medical care for individuals who cannot speak for themselves.

    Karen’s case determined that “medical treatment” includes life-sustaining measures, and that those measures can be declined by a patient or someone acting on the patient’s behalf.

    Nancy’s case was a battle between Nancy’s family, who believed that Nancy would not want to be sustained on a tube, and the State of Missouri, which asserted that only the patient can make that decision. Nancy’s family convinced the court that Nancy did not want to be kept alive artificially, and food and water were withdrawn.

    The bottom line?

    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.

    ——————-

    SCOTT MAKUAKANE, Counselor at Law
    Focusing exclusively on estate planning and trust law.

    www.est8planning.com
    808-587-8227  |  maku@est8planning.com

     

    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…

  • 5 Retirement Planning Mistakes to Avoid

    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.

    Preparing for retirement can be overwhelming, so it’s easy to think, “I’ll tackle it next year.” Simply put, the earlier you start focusing on retirement, the earlier you can prepare a plan that accounts for your goals and concerns. And, focusing on saving today gives your investments the opportunity to snowball in value through the power of compound interest.

    Medical costs are rising, with no clear end in sight. Your best defense is to figure out what protection and sources of income you could ap-ply toward potential medical expenses. Common vehicles include Medicare and supplemental insurance premiums, long-term care policies, continuing health insurance through an employer and health savings accounts. Know which policies cover various expenses, and stay familiar with the amount of your deductibles, co-pays and out-of-pocket maximums.

    Predicting your tax bill in retirement can be complicated, but it’s worth the effort. Retirement income for many retirees comes from a variety of taxable and non-taxable sources. Your tax rate will be based only on your taxable income, so it’s important to know and manage the tax treatment of your retirement paycheck. When you turn age 70-½, you are required to take a minimum distribution from your traditional IRA. This money is generally taxable. If you don’t need the money and want to avoid the resulting tax bill, consider transferring your distribution (up to $100,000) directly from your IRA to a qualified charitable organization. A tax professional can help you determine the strategy that’s right for your situation.

    Before you tap your retirement savings early, think through the consequences. IRS rules allow investors to withdraw 401(k) savings for qualified expenses (non-qualified items trigger a 10 percent penalty). But just because you can, doesn’t mean you should. Removing money from an income-bearing account reduces the long-term growth potential you can earn through continued saving and compound interest.

    A well-rounded retirement plan includes documenting your wishes for how you want your affairs handled if you become incapacitated or when you pass away. Creating (or updating) your estate plan enables you to help minimize any estate or inheritance tax for your beneficiaries and add in other specifications that help your assets transfer smoothly to the next generation.

    Time is on your side when you start preparing early. Tackling one step at a time is a great way to make progress on your retirement plan and avoid potentially costly missteps. If you want a second opinion, engage a financial advisor who can review your situation in detail.

    ————–

    MICHAEL W. K. YEE, CFP
    1585 Kapiolani Blvd., Suite 1100 Honolulu, HI  96814
    808-952-1222, ext. 1240 | michael.w.yee@ampf.com

    Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner with Ameriprise Financial Services, Inc. in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 31 years.

    Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

    Ameriprise Financial Services, Inc. Member FINRA and SIPC.

    ©2018 Ameriprise Financial, Inc. All rights reserved. File #2248827

    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…

  • How to Avoid ‘Donating’ to Scammers

    [et_pb_section][et_pb_row][et_pb_column type=”4_4″][et_pb_text]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. They will be claiming to represent charity organizations which are completely fictitious or even claim to represent or be connected to legitimate charity organizations such as the Red Cross. If you decide to donate to any charity organization, you need to do your homework.
    • Verify if in fact the organization you are donating to is accepting donations for the specified charity.
    • If so, make sure the mailing address to send the donation is accurate.
    • Try not use a credit card or a debit card. Preferably send a cashier’s check from your bank and not from your personal checking account.
    • If donating via an online service like GoFundMe.com, again make sure the charity is legitimate and be cautious about giving personal financial information, like credit/debit card numbers, PIN numbers, etc.
    • Be very wary if they ask for donations ONLY using Western Union.
    • And finally, legitimate charity organizations do not solicit donations in the form of gift cards.
    THE DEPARTMENT OF THE PROSECUTING ATTORNEY 1060 Richards St., Honolulu HI 96813 808-768-7400  |  Office hrs: Mon – Fri, 7:45 am – 4:30 pm www.honoluluprosecutor.org/contact-us/[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

    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.