Category: Wisdoms

  • Preying in Church

    Pope Francis recently said, “Be careful! Beware of someone who is sly or sneaky who tells you that you need to pay. Salvation cannot be bought.” He was warning us that scam artists use faith as a source of income.

    We must always be on guard against people that use emotion and desperation as tools to take our worldly possessions. Fear that the world is about to end can make the promise of a first class ticket to heaven very profitable.

    Church Scams can range from pocketing a portion of the collection plate to creating a cult, but they all rely on building trust. A good scam artist knows that this emotional tie to a seemingly trustworthy person will overcome the victim’s doubts. And who seems more trustworthy than someone praising the Word of God or “ministering” to other parishioners who want to better themselves and their family by going to church?

    The “Affinity Church Scam” is the most common con in places of worship. Con artists pretend to share the beliefs of the congregation but they prey on people’s desire for salvation. Sometimes an impassioned minister convinces the congregation to give their wealth to the church to ensure passage into heaven. He or she quotes the Bible, “It is harder for a rich man to enter heaven than for for a camel to pass through the eye of a needle.” Creating fear and guilt is a way to collect wealth far beyond what is needed to maintain and run a church. In Hawai‘i, some people have signed over their homes for the guarantee that they will enter the pearly gates.

    The “Sob-Story Church Scam” is another ruse used to take money from soft-hearted people. This scam works on sympathy. A fellow churchgoer, usually new to the congregation, seems to fall on hard times and needs money. Their story will pull at the heartstrings (and purse strings) of merciful church members.

    Avoid becoming a victim to church scams by using the same methods we advise to research charities. Make sure the money used is for aid. Church elders should verify that the financial need is real, and that donations will support a legitimate cause. Be careful! If you are giving money out of fear of damnation or in the hope of getting something in return (like salvation), your donation is not really a gift, but a bribe. Remember, there is no lay-a-way plan for heaven.

    To report suspected elder abuse, contact the Elder Abuse Unit at:
    808-768-7536  |  ElderAbuse@honolulu.gov
    www.ElderJusticeHonolulu.com

    Pope Francis recently said, “Be careful! Beware of someone who is sly or sneaky who tells you that you need to pay. Salvation cannot be bought.” He was warning us that scam artists use faith as a source of income. We must always be on guard against people that use emotion and desperation as tools…

  • Increase Your Retirement Funds

    If you are like many people, you are looking for a way to create funds and security for your future. If you own low-interest CDs or underperforming stocks, one idea is to transfer these assets to a qualified nonprofit organization in exchange for a charitable gift annuity. In return, the charity agrees to make payments for life to you, you and a loved one, or another person. Each payment is fixed, and the amount of each payment will depend on the age of the recipient. Payments can begin in the year the gift is made, be deferred until you retire or until a later age, depending on your personal goals. As a donor, you also receive a tax deduction for the net value of the gift.

    The nonprofit charity benefits from any funds that remain after the donors’ lifetime. A charitable gift annuity is a way to leverage your generosity by helping a charity that is important to you, while producing tax savings and supplementing other retirement assets you may have, such as income-producing real estate, a 401(k) or an IRA.

    Not every charitable organization is qualified to issue charitable gift annuities. Each state sets requirements, which must be met in order to issue them, along with requirements for annual public filings by the charity.

    To learn more, check with a knowledgeable financial adviser. You can also call us to discuss how a charitable gift annuity may be appropriate for you and to receive more information, including an illustration.

    NATIONAL KIDNEY FOUNDATION OF HAWAII
    808-589-5976 | jeff@kidneyhi.org
    For Planned Giving: www.kidneyhawaii.org
    Main: www.kidneyhi.org | www.kidney.org

    If you are like many people, you are looking for a way to create funds and security for your future. If you own low-interest CDs or underperforming stocks, one idea is to transfer these assets to a qualified nonprofit organization in exchange for a charitable gift annuity. In return, the charity agrees to make payments…

  • Who Should Think About Medicaid?

    An unpleasant fact of life is the prospect of needing long-term care someday. Statistics tell us that 70 percent of Americans will need long-term care for some period of time before death. So it is not just possible, but very likely that you or someone close to you will need long-term care.

    In Hawai‘i, the average monthly cost of care in a skilled nursing facility is $8,850. At least, that is the figure used by MedQUEST, the office that administers Medicaid benefits in the State of Hawai‘i. If you have researched nursing home costs, you know that the MedQUEST figure is low. In private-pay situations, the cost easily reaches $12,000 per month. The cost of receiving skilled nursing care at home is even higher.

    If you do need nursing home care, how long will you need it? The average stay in a nursing home is between two and three years, but that figure is misleading. Many people pass within 
the first six months of moving into a nursing home, but those who make it past six months tend to last about six years. Thus, at $12,000 per month for six years, you could easily be looking at $864,000 in nursing home bills for yourself or a loved one. How will you pay those bills?

    If you are fortunate, you have $1,000,000 set aside for yourself, and another $1,000,000 for your spouse, if you are married. An alternative would be having long-term care insurance that would cover your (and your spouse’s) expenses for life. But what if you are not so fortunate?

    Our government has established a safety net called Medicaid that works alongside Medicare and private health insurance to provide the funds to pay for long-term care for those who qualify. To receive Medicaid benefits, a single individual can own very little in the way of assets, but a married couple can own enough to give the “well” spouse a shot at never having to try to qualify for Medicaid. However, in order for you to maximize the overall benefits for yourself (and your spouse), a good plan can make a world of difference.

    If you are going to save for nursing home expenses, the sooner you start, the better. If you are going to buy long-term care insurance, the sooner you do so, the better. In the same way, if Medicaid will be your family’s only viable option for paying for long-term care, the sooner you plan, the better. The longer you wait, the more opportunities will go by the wayside.

    So sit down and take stock of your resources. Do you have enough socked away to pay for long-term care? If not, do you have long-term care insurance, or could you qualify for it and afford the premiums? If you have not answered “yes” yet, you might wish to talk with an estate planning attorney who can guide you through setting up a plan to qualify for Medicaid benefits without having to impoverish yourself and leave nothing behind to your descendants.

     

    SCOTT MAKUAKANE, Counselor at Law
Focusing exclusively on estate planning and trust law.
    Watch Scott’s TV show, Malama Kupuna
Sundays at 8:30 pm on KWHE, Oceanic channel 11
    
O‘ahu: 808-587-8227  |  maku@est8planning.com  |  www.est8planning.com

    An unpleasant fact of life is the prospect of needing long-term care someday. Statistics tell us that 70 percent of Americans will need long-term care for some period of time before death. So it is not just possible, but very likely that you or someone close to you will need long-term care. In Hawai‘i, the…

  • Help Your Employees with Retirement

    As a small-business owner, one of the greatest benefits you can provide to your employees is a retirement plan that helps them save for their financial future. Your contributions to a retirement plan are a deductible business expense, and a strong compensation package helps you compete for and retain talented people. As an employer, you have flexibility in choosing a plan or combination of plans that work for your business. Broad categories include:

    DEFINED BENEFIT PLANS

    A defined benefit plan, such as a traditional pension plan, enables you to make annual contributions, which can be adjusted each year. Some plans feature an automatic annual increase, allowing you to reward employee loyalty. The plan pays out a specified benefit to retired employees.

    DEFINED CONTRIBUTION PLANS

    A defined contribution plan allows the employee, the employer or both to contribute to an individual account for the employee. A 401(k), allows the employee and employer to make consistent, tax-deferred contributions. The monies in the account are invested and participants choose investments that have the potential to grow taxdeferred. These plans allow annual contributions of up to $18,000 in 2015 and 2016. The employee has the ability to borrow from the plan to cover emergency needs, and employees age 50 and over may make “catch-up” contributions up to an additional $6,000 a year to build for retirement. Employers have the flexibility to establish vesting schedules or options such as a Roth 401(k), funded by after-tax contributions but with the potential to provide for tax-free withdrawals in retirement. Both Roth 401(k) and pretax 401(k) savings plans require minimum distributions in retirement. Both savings instruments will prepare your employees for retirement.

    IRAs

    There are two types of individual retirement accounts (IRAs) that allow you to make tax-deferred contributions. The Simplified Employee Pension
    (SEP) IRA option is one of the easiest and least costly plans to create. As the employer, you make 100 percent of the contributions, which are immediately vested for the employee. In 2015 and 2016, the maximum contribution can be 25 percent of an employee’s salary up to a total contribution of $53,000. It’s not possible to set up a Roth version or to offer loan provisions.

    A SIMPLE IRA is a second option you can use if your business has less than 100 employees. Like a SEP, it’s easy to establish and administer, and the plan requires employers to match the employee’s contributions. In 2015 and 2016, the maximum contribution to a SIMPLE IRA for an individual is $12,500, with an additional $3,000 allowed for employees age 50 and older.

    DON’T FORGET ABOUT YOUR RETIREMENT

    It’s important for business owners to understand all their options when it comes to saving for retirement and helping your employees save for their financial future. While you may be hoping that the proceeds from the future sale of your business will provide for your retirement, you could be putting your future at risk if you’re not saving in another vehicle. A lot could happen to affect the value of your business or your ability to sell it. Establishing a retirement plan may provide a more secure source of future retirement income to supplement the sale of your business assets. Consider working with a financial advisor who specializes in small business retirement plans. A professional can help you make the best choice for you, your employees and your business.

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

    Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC®, is a Financial Advisor and Certified Financial Planner™ practitioner with Ameriprise Financial Services Inc. in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies, and has been in practice for 28. Ameriprise Financial Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Ameriprise Financial Services Inc. Member FINRA and SIPC. ©2015 Ameriprise Financial Inc. All rights reserved. File #1359721

    As a small-business owner, one of the greatest benefits you can provide to your employees is a retirement plan that helps them save for their financial future. Your contributions to a retirement plan are a deductible business expense, and a strong compensation package helps you compete for and retain talented people. As an employer, you…

  • Knowledge is a Gift

    We talk a lot about gifts and how to structure your gifts for maximum benefit. But one of the best gifts we can give ourselves is knowledge to stay healthy. Aging gracefully also preserves our savings and financial resources for our later years and for our heirs.

    Many nonprofit organizations offer public information about your health and lifestyle that can benefit you and your family. National Kidney Foundation of Hawaii offers important information about kidney disease at www.kidneyhi.org. Most people with chronic kidney disease (CKD) have no symptoms until the disease is advanced, so wise practices include regular exercise, a low salt diet, weight control, monitoring blood pressure, cholesterol and glucose levels, not smoking, drinking moderately, avoiding NSAID pain medication and getting an annual physical.

    Primary risk factors for CKD include diabetes, high blood pressure, cardiovascular disease, a family history of kidney failure and age over 60. Secondary risk factors include obesity, autoimmune diseases and urinary tract infections.

    The National Kidney Foundation of Hawaii also schedules free screenings throughout the year. Just call to find out exact dates and times.

    Knowledge keeps us healthy. As healthy givers, we are able to support our families, our favorite charities, and leave a legacy too

    NATIONAL KIDNEY FOUNDATION OF HAWAII
    808-589-5976 | jeff@kidneyhi.org
    For Planned Giving: www.kidneyhawaii.org
    Main: www.kidneyhi.org | www.kidney.org

    We talk a lot about gifts and how to structure your gifts for maximum benefit. But one of the best gifts we can give ourselves is knowledge to stay healthy. Aging gracefully also preserves our savings and financial resources for our later years and for our heirs. Many nonprofit organizations offer public information about your…

  • What is a POLST And Do I Need One?

    If you were to collapse unexpectedly, how aggressively would you want emergency medical personnel to act in trying to keep you alive? If you were a typical, healthy, individual, you would probably say, “do whatever it takes to keep me going, even if you have break a few ribs to do it!” (This can happen during CPR — cardiopulmonary resuscitation.) However, if you were in the end stage of a terminal disease, such as a cancer that had spread throughout your body, and you knew your death were imminent, you may say, “keep me comfortable, but if my heart should stop, please let me go. Don’t try to resuscitate me.” That is where a Provider Order regarding Life-Sustaining Treatment (POLST) comes in.

    A POLST is a special document that you and your doctor (or nurse practitioner) discuss, fill out, and sign to state your wishes about the measures that should be taken to keep you alive. It is different from an Advance Directive in that emergency personnel will follow it, provided that they are aware of its existence. Emergency medical technicians (EMTs) are required to do whatever they can do to restore and stabilize your heartbeat and breathing and take you to an appropriate facility for treatment. They will not take the time to read your Advance Directive and try to figure out how it might apply to your situation. But you can see how in some cases, resuscitation procedures may not be appropriate or wanted. A POLST, being a medical provider’s order, will be followed by the EMTs. Your Advance Directive will not come into play until you are in the hospital, and at that point, the EMTs may not have done you any favors by keeping your heart beating.

    Generations Magazine -What is a POLST And Do I Need One? - Image 01
    Emergency first responders will follow a POLST from your doctor.

    Almost all 50 states have some version of the POLST, but some call it by other names. In New York, it is called MOLST, and in West Virginia, it is MOST. VA medical centers have their own term, SAPO, which stands for State Authorized Portable Order. Whatever the alphabet soup used to name the document, all of the orders generally work the same way.

    In Hawai‘i, if you have a POLST, we recommend that you print it on lime green paper so it will be recognizable immediately. The trick is to have your POLST nearby and in a conspicuous place in case you should need it. EMTs are trained to look for the green form and follow the POLST order. You can post a copy near your bed, and you can carry it with you when you leave the house. Just make sure your loved ones know where to find it if an emergency occurs.

    Note that the POLST does not have to say “don’t resuscitate me.” It can say the exact opposite if that is your wish. Either way, most people do not need a POLST. However, for someone whose death is imminent and who doesn’t want to risk being kept alive artificially against his or her wishes, a POLST is essential.

    SCOTT MAKUAKANE, COUNSELOR AT LAW Focusing exclusively on estate planning and trust law. Watch Scott’s TV show, Malama Kupuna Sundays at 8:30 pm on KWHE, Oceanic channel 11
    www.est8planning.com
    O‘ahu: 808-587-8227 | maku@est8planning.co

    If you were to collapse unexpectedly, how aggressively would you want emergency medical personnel to act in trying to keep you alive? If you were a typical, healthy, individual, you would probably say, “do whatever it takes to keep me going, even if you have break a few ribs to do it!” (This can happen…

  • The Most Difficult Conversation

    During the winter break, I read a book called Difficult Conversations, how to discuss what matters most. The authors teach ways to engage in conversations, maintain good relationships and convey and receive meaning and intentions without blame and defensiveness. They point out that the key to engaging in successful difficult conversations is to talk about feelings, intentions, underlying meaning and past experiences that shape who we are. Attempting a difficult conversation without sharing feelings and intentions is compared to throwing a live hand grenade. The results are usually destructive.

    Making your will or trust can be the most difficult conversation of all because it is often a one-way conversation. And sadly, when reading these trusts and wills, we find that they tell “what to do” and “how to do,” but leave out the author’s deepest meaning, intent and wishes. No wonder only 30 percent of people ever make a will or trust. Worse yet, 70 percent of wills and trusts do not go as intended because they omit the person’s intention and leave the heirs to guess.

    So, I encourage you to consider making your estate plan if you haven’t yet done so. If anxiety, fear and uncertainty are holding you back, this is where an attorney skilled in estate planning can guide you. When you do engage in this process, make sure that in this most difficult conversation, you relay not only the legal “how to,” but also work with your attorney to convey your deepest meaning, intentions and wishes.

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

    During the winter break, I read a book called Difficult Conversations, how to discuss what matters most. The authors teach ways to engage in conversations, maintain good relationships and convey and receive meaning and intentions without blame and defensiveness. They point out that the key to engaging in successful difficult conversations is to talk about…

  • Beware the ‘Friendly’ Stranger

    I It’s difficult to believe that anyone would take advantage of our aloha spirit. Unfortunately, the Prosecutor’s Office has seen an increase in cases of friendly strangers who turn out to be con artists preying on seniors.

    Edith (not her real name) was walking through Kapi‘olani Park when Alexander Nebre approached her. He said that someone told him that she needed help. Coincidentally, Edith was having problems with her plumbing. Nebre said he was a licensed plumber and contractor and could help her out. When invited into her apartment, Nebre “found” extensive termite damage. “Luckily” for her, he could make these repairs for a fraction of the cost of a “big company with lots of overhead.”

    Edith fell for Nebre’s lies and paid him over $20,000 for repairs, which he never did. In December, Nebre was sentenced to 15 years in prison and ordered to pay back $100,000 he stole from Edith and five other seniors. The average amount court-ordered defendants return to their victims is $25 to $50 a month. By my calculations, Edith and the other victims will be paid back in 166 years!

    “Friendly” con artists can be found anywhere, but often target seniors in home repair stores, like The Home Depot and Lowes. They say they have some expertise that the overwhelmed homeowner needs, and they can do the job significantly cheaper than any competitor.

    A great many of these so-called “experts” are unlicensed and unqualified. They either ask for payment up front or ask the victim to purchase materials, but they take the receipt. They might produce a phony invoice for materials — an invoice they found and stamped “Paid” themselves. The victim accepts this as “proof” that their money was used to buy materials/tools for the job.

    “Cheap and cash-only” repairs are very tempting. If a “friendly” stranger wants to do work for you, ask not only for their license number but also for identification. A con artist will use a legitimate license number that belongs to someone else, so call the Consumer Resource Center (1-800-394-1902) to see if the license and name match. Also ask if there have been any complaints about that person. If this seems like too much humbug, remember, one simple phone call can save you thousands of dollars and keep you from having to call the police or meet with me.

    To report suspected elder abuse, contact the Elder Abuse
    Unit at: 808-768-7536 | ElderAbuse@honolulu.gov
    www.ElderJusticeHonolulu.com

    I It’s difficult to believe that anyone would take advantage of our aloha spirit. Unfortunately, the Prosecutor’s Office has seen an increase in cases of friendly strangers who turn out to be con artists preying on seniors. Edith (not her real name) was walking through Kapi‘olani Park when Alexander Nebre approached her. He said that…

  • Joint Bank Accounts: Think Twice

    Earlier, I wrote about a woman from Waianae, who added her daughter to her bank account. The daughter was to use the money to pay contractors to remodel the mother’s home. This money was solely the mother’s, but instead of helping the mother, the daughter helped herself to the money (over $200,000) and disappeared.

    After writing that piece about how parents need to call the police when their children steal from them — I got inquiries about whether it was really theft since the mother placed the daughter on a joint account. The answer is yes. If the person you add to your bank account contributed nothing to the account, and that person takes money without your permission, a theft has occurred. Access is not ownership.

    Say for example that you let your neighbor borrow your car once. You gave him a spare set of keys but never take the time to get the keys back. One morning, your car is gone. Later you find the neighbor went joy riding. He committed the crime of unauthorized driving your car, a class “C” felony. Just because you let him drive the car before, and he had access to it, doesn’t mean he now has a controlling interest in the property.

    I caution people about adding others to their bank accounts. It may seem more convenient just to put another person on a bank account instead of writing checks or giving them cash when they need money, but a person runs a risk of becoming a victim of theft and similar crimes like the one mentioned above. Even if the person you add to the joint account is trustworthy, the more people who have access to your account, the greater the risk that it will be compromised — check register errors, a lost or stolen checkbook and identity theft are examples.

    One way to reduce the risk of theft of all your money is to create a separate, joint account for a particular purpose, like paying the bills. Only deposit enough money into that account to cover the bills. For example, if your monthly household expenses are $1,000, you can have your personal account automatically deposit that sum into a dedicated joint account with your family member who will be paying your bills. This may seem like humbug to set it up, but it will be much less effort than trying to recover from a crime committed by someone who could not resist the temptation of having access to large sums of money.

    To report suspected elder abuse, contact the ELDER ABUSE
    UNIT at: 808-768-7536 | ElderAbuse@honolulu.gov
    www.ElderJusticeHonolulu.com

    Earlier, I wrote about a woman from Waianae, who added her daughter to her bank account. The daughter was to use the money to pay contractors to remodel the mother’s home. This money was solely the mother’s, but instead of helping the mother, the daughter helped herself to the money (over $200,000) and disappeared. After…

  • 2016 Tax Planning that Works for You

    Are you looking for ways to reduce capital gains tax on the sale of your appreciated assets, save and plan for the future or save on your income taxes? A planned gift can help you achieve your goals. It’s possible to increase your income now or in the future and save money on taxes — while you create your legacy and support charitable work in your community.

    Here are a few ideas to consider for year-end planning:

    • If you own low-yielding assets and want a higher income, a charitable gift annuity or charitable remainder trust may be worth exploring. In exchange for your charitable gift of cash or appreciated securities, you reap multiple benefits, including payments for your lifetime, a current income tax deduction and bypassing all or a portion of the capital gains on appreciated assets.
    • Making a charitable gift of your old, unneeded or obsolete life insurance policy can provide you with a charitable income tax deduction now and a reduced taxable estate later.
    • If your estate plans include leaving your residence to charity, you may wish to create a charitable life estate arrangement. You can make a charitable gift of your property today and receive a current income tax deduction while maintaining your lifetime use and enjoyment of the property.

    To see if these ideas may work for you, call your tax advisor.

    NATIONAL KIDNEY FOUNDATION OF HAWAII
    808-589-5976 | jeff@kidneyhi.org
    For Planned Giving: www.kidneyhawaii.org
    Main: www.kidneyhi.org | www.kidney.org

    Are you looking for ways to reduce capital gains tax on the sale of your appreciated assets, save and plan for the future or save on your income taxes? A planned gift can help you achieve your goals. It’s possible to increase your income now or in the future and save money on taxes —…

  • Secure the Next Chapter of Your Life

    One challenge to living a good life is learning how to balance the realities of today with what lies ahead — to live in the present while you wisely plan for the future. Since change is always around the corner, you owe it to your future self to consider what you’d like the next chapter of your life to be. Here are four ways to think ahead constructively.

    1. BE INTENTIONAL.

    Take time to visualize and articulate the next phase of your life. Whether your plan includes starting your own business, moving to a new job or new career, dedicating more time to volunteer work or entering into a secure retirement — it’s all good. The more detailed you can be, the better. Empower and motivate yourself by naming your goals and claiming them for yourself. You only have one life, so reach for the experiences that will be most meaningful to you and bring you a sense of fulfillment that money can’t buy.

    2. MAKE SAVING AN ON-GOING PRIORITY.

    When change comes along, it’s easier to take a leap of faith with a financial safety net in place. Regular contributions to savings — bank accounts, certificates of deposit, IRAs and employer-sponsored retirement plans, mutual funds, and stocks and bonds — can help you weather potential financial hiccups or storms that may arise on your way to retirement. Make saving a regular activity and build financial muscle that you can flex in the event of a windfall.

    3. STAY COVERED.

    Insurance is a product we all should have, yet hope we never have to use. Your insurance needs will change over time, making it especially important to review your coverage levels periodically. Homeowner’s, auto and even health insurance are required by law but don’t stop there. Disability and life insurance policies, as well as annuities with a reliable income stream, may give you and your loved ones peace of mind. A will and health directives also help make life easier under difficult circumstances.

    4. ESTABLISH A SOLID PLAN.

    Change can be scary, but it also makes life exciting. Give yourself a better chance of succeeding in the next phase of life by establishing financial guardrails. With a well-defined path for saving and investing, you can meet your personal mission. Work with a qualified financial advisor to create a savings and retirement plan designed to help you reach your goals. Revisit it regularly as you turn the pages in the next important chapter of your life.

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

    Michael W. K. Yee, CFP®, CFS®, CRPC®, is a Financial Advisor and CERTIFIED FINANCIAL PLANNER practitioner™ with Ameriprise Financial Services Inc. in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years.
    Ameriprise Financial Inc. 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 Inc., a registered investment adviser.
    Ameriprise Financial Services Inc. Member FINRA and SIPC.
    ©2015 Ameriprise Financial, Inc. All rights reserved. File # 1306947

    One challenge to living a good life is learning how to balance the realities of today with what lies ahead — to live in the present while you wisely plan for the future. Since change is always around the corner, you owe it to your future self to consider what you’d like the next chapter…

  • The Legacy Relay

    wp7902c58e_01_1aWatching a running relay race is exciting. Running together at full speed and passing the baton to a teammate is thrilling to watch. I would ask you to consider that your estate plan is your relay. The definition of the word relay is “a series of persons relieving one another.” Your baton is your legacy — your intentions and wishes passed on with your material wealth. The passer of the baton must be in sync with the receiver for success. And both the passer and receiver bear responsibility for this transfer. Running together in sync, stride-for-stride is essential and requires planning. This is why including your beneficiaries and fiduciaries in the estate planning process, with clear communication is necessary in the estate planning process. Running in sync together with clear understanding of intentions can make for a successful relay of your legacy.

    If you are considering estate planning in the new year, please resist the urge to ask your attorney to simply set something up to minimize tax and avoid probate. I would ask you to give consideration to your innermost desires, intentions and needs. Go further and ask yourself the reasons underlying your desires, intentions and needs. Then, communicate these intentions to the attorney. This will build the foundation for your estate plan, and pave the way for a clear relay of your desires, intentions and needs so that your beneficiaries and fiduciaries receive your message clearly. Then, they will be more able to honor and respect your choices.

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

    Watching a running relay race is exciting. Running together at full speed and passing the baton to a teammate is thrilling to watch. I would ask you to consider that your estate plan is your relay. The definition of the word relay is “a series of persons relieving one another.” Your baton is your legacy…