Category: Wisdoms

Keeping Peace in the Family

On May 27, 2015, Reuters reported that a Georgia judge had appointed a mediator to help the family of the late Dr. Martin Luther King Jr. decide whether to sell Dr. King’s Nobel Peace Prize and his personal Bible. Dr. King carried this Bible during the historic marches and rallies of the ’60’s, and President Obama took the oath of office on it at his second inauguration. According to the article, the “fight pits the slain civil rights leader’s sons, Martin Luther King III and Dexter King, who want to sell the medal and Bible, against King’s surviving daughter, Bernice King, who opposes the sale of items she calls ‘sacred’ to the family.”

This family drama illustrates two important principles. The first is that a well-thought-out and thoroughly implemented estate plan will give your family priceless guidance. The second principle is that there are better places than courtrooms to resolve conflicts.

The Benefits of Good Planning

Putting time and effort into devising a plan with enough details to make it work effectively will pay enormous dividends for your loved ones. Putting the right managers in place, and making your wishes very clear will help your family to focus on honoring your memory and moving on with their lives. In order to work, an estate plan needs to be reviewed and updated from time to time. Things change constantly and sometimes rapidly (the law, your finances, your family, your list of trusted advisors; failing to make necessary adjustments will cause your plan to fall short.

Mediate Rather Than Litigate

Mediation is a way of getting disagreeing parties together, helping to find their common ground, and then working toward solutions that may not make everybody happy, but satisfy their shared goals and values. If you know that your loved ones are at odds, you might engage a skilled mediator now, to assure that the eventual settling of your estate will be done peaceably later on. If you find yourself in conflict after a loved one or family member dies, propose that your differences be mediated privately rather than hashed out in open court. Mediation saves time and money; sometimes it opens the door to heal relationships.

Even if you don’t have a Nobel medal or a historic Bible, you can give your loved ones alternatives to shooting it out in court over “who gets what” or which heirloom gets sold. You may not be able to make everybody happy with your estate plan or with the assistance of mediation, but you can head off or minimize problems that may tear your family apart and tarnish your legacy.

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
808-587-8227| maku@est8planning.com

On May 27, 2015, Reuters reported that a Georgia judge had appointed a mediator to help the family of the late Dr. Martin Luther King Jr. decide whether to sell Dr. King’s Nobel Peace Prize and his personal Bible. Dr. King carried this Bible during the historic marches and rallies of the ’60’s, and President…
Who You Gonna Call? Scambusters!

In the movie Ghostbusters, when someone needed help with anything paranormal (ghosts, demons … or maybe even night marchers), there was only one number to call — Ghostbusters!

Unfortunately, when a person suspects fraud or financial scams going on, there are a variety of agencies that handle different aspects of this dishonest behavior. As we discussed in the last issue of Generations Magazine, if you suspect elder abuse is occurring, call your local police department; for immediate emergencies, don’t hesitate to dial 911. But if you suspect fraud, there are other agencies you may call:

Charity Division of the Attorney General — 808-586-1480: This division will look up a charity and indicate whether it is licensed. This service is a big factor in determining if the charity is real.

American Institute of Philanthropy — www.charitywatch.org: Here is another resource that monitors charities and if charitable donations are being put to good use.

DO NOT CALL Registry — 888-382-1222 or www.donotcall.gov: This helps reduce phone calls from legitimate businesses (unfortunately scammers can still call saying you won the lottery). And solicitors from charities and politicians will still call you.

Direct Marketing Association (DMA) Mail Preference Service — 202-955-5030: This number removes your name and address from prospective mailing lists to decrease the amount of junk mail you receive from them.

Opt Out Prescreen.Com — 888-567-8688: This number will allow you to “opt-out” of getting offers for preapproved credit cards and insurance deals. This decreases junk mail and the risks of having your mail stolen and someone opening up a credit card in your name.

Medicaid Fraud & Patient Abuse Unit — 808-586-1058: This is a department within the Attorney General’s Office that investigates abuse of dependent adults committed by Medicaid providers, care facilities and paid caregivers.

Long Term Care Ombudsman — 808-586-0100: This department investigates and resolves complaints about the care or services provided in long-term care facilities, including nursing homes, adult residential care homes, assisted living facilities and community care foster family homes.

Consumer Resource Center — 808-587-3295 or 808-587-4272: This agency handles complaints against merchants and licensed professionals, and one can call them for license verification and complaint history of professionals or businesses.

Hawaii Internet & Technology Crimes Unit — 808-587-4111: This unit within the Attorney General’s Office investigates and prosecutes computer-facilitated crimes. Call this department if you fall for a dishonest email or an Internet scam.

Office of Consumer Protection — 808-586-2630: They review, investigate and prosecute allegations of unfair or deceptive business practices.

Financial Crimes Unit — 808-723-3609: This unit within the Honolulu Police Department investigates telemarketing scams, investment frauds and various other white collar crimes.

U.S. Postal Inspection Service — 877-876-2455: This department investigates crimes that use the U.S. Mail, the postal system or postal employees.

Be safe and visit our office’s new elder abuse channel on www.youtube.com. Search for “Elder Abuse Hawaii” to watch videos on elder abuse.

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

In the movie Ghostbusters, when someone needed help with anything paranormal (ghosts, demons … or maybe even night marchers), there was only one number to call — Ghostbusters! Unfortunately, when a person suspects fraud or financial scams going on, there are a variety of agencies that handle different aspects of this dishonest behavior. As we…
A Conversation About Life

This past year, our office established the Heartfelt Legacy Foundation™, which in turn, purchased the right to associate with Honoring Choices®. This national group is raising awareness about making end-of-life choices, encouraging family discussions so that loved ones’ choices may be honored and respected.

In the coming months, Honoring Choices® Hawaii plans to bring awareness to the Hawai‘i community by providing free seminars, engaging community leaders and training advance care facilitators to engage in planning with individuals to begin the advance care planning dialogue.

In order to bring to the Hawai‘i community a uniform, systematic, normalized process, we look for everyone’s support. Honoring our loved one’s intentions at the end of life, to me, is such a universal desire, that it transcends cultural, economic and social differences; the conversation resonates with every individual.

What’s at risk if we do not engage in these conversations? Needless suffering by the individual and their family members; unknown intentions and choices that cannot be honored and respected; dying in an isolated and lonely place surrounded by strangers (caring strangers, but strangers nonetheless). Stress and guilt, felt by surviving family members, can linger a lifetime.

You will hear more about Honoring Choices® Hawaii. Right now, we can all help by starting the conversation with our own families.

_____________________________
Stephen B. Yim, Attorney at Law
2054 S. Beretania St., Honolulu
808-524-0251 | www.stephenyimestateplanning.com

This past year, our office established the Heartfelt Legacy Foundation™, which in turn, purchased the right to associate with Honoring Choices®. This national group is raising awareness about making end-of-life choices, encouraging family discussions so that loved ones’ choices may be honored and respected. In the coming months, Honoring Choices® Hawaii plans to bring awareness…
What Legacy Will You Leave?

You may be surprised to learn that an estimated 70 percent of American adults have not yet made a will or trust, even though these documents are vitally important to all individuals and families. For those who never complete their estate plans, the government will apply a series of laws that may or may not be what is desirable for the families or heirs.

You may also be surprised to learn that those who check out planned giving as part of the will and trust process often discover opportunities that not only help their favorite charity, but also provide added benefits for themselves and their families. Even those who already have made plans may find that working with a qualified charity can provide additional benefits they never knew were available.

Years ago, when I was a estate planning lawyer, I discovered that people would approach this subject with foreboding, only to end up feeling good and relieved after completing their plans. Many of them actually enjoyed the process, and the peace of knowing their lives were in order and their families were better off for the planning.

National Kidney Foundation of Hawaii is offering a free “Wills Guide” packed with helpful information to consider before making an appointment with your attorney. It is our way of encouraging you to take the first step towards leaving your legacy. Should you like a free copy, please call me at 808-589-5976 or send an email requesting the guide to jeff@kidneyhi.org.

National Kidney Foundation of Hawaii
808-589-5976 | jeff@kidneyhi.org
For Planned Giving: www.kidneyhawaii.org
Main: www.kidneyhi.org | www.kidney.org

You may be surprised to learn that an estimated 70 percent of American adults have not yet made a will or trust, even though these documents are vitally important to all individuals and families. For those who never complete their estate plans, the government will apply a series of laws that may or may not…
Real Property Tax Credits for Homeowners
Property owners who meet certain eligibility requirements may apply to the City and County of Honolulu for a real property tax credit to reduce their property taxes. Depending on your age, you may qualify for a tax credit equal to the amount of taxes owed for the 2015 and 2016 tax year that exceed 3 or 4 percent of the total of the titleholders’ income. For homeowners 75 or older, the rate is 3 percent. If approved, the tax credit will be applied to the July 1, 2016 –June 30, 2017, tax year.

What are the eligibility requirements?

Homeowner must have a home exemption for the 2015 and the 2016 tax years.

Titleholders of the property cannot own other property anywhere.

The combined income of all titleholders for the 2014 calendar year does not exceed $60,000.

How do I apply for this tax credit?

Applications are available at:

All satellite City Hall locations

Treasury Division at 530 South King St. Room 115, Honolulu

Tax Relief Section at 715 South King St. Room 505, Honolulu

http://www.honolulu.gov/rep/site/bfs/bfs_docs/bfstreasurytaxcredit applicationfinal.pdf

Applications must be filed by Sept. 30, 2015, and must be filed annually. For further information, please call 808-768-3205.

*Information subject to change without notice.

Tax Relief Office
808-768-3205| bfstreasmailbox@honolulu.gov
Property owners who meet certain eligibility requirements may apply to the City and County of Honolulu for a real property tax credit to reduce their property taxes. Depending on your age, you may qualify for a tax credit equal to the amount of taxes owed for the 2015 and 2016 tax year that exceed 3…
Estate Planning for College Students

I recently received a call from a client who has a daughter attending college on the Mainland. Her daughter had been in a ski-accident and was in the hospital. When the mother called the hospital to find out her daughter’s status, they would not release any information or allow the mother to make any decisions on her daughter’s behalf. You can imagine the mother’s distress, thousands of miles away and helpless.

This situation is all too common. Once your child reaches age 18, you are no longer entitled to see your child’s medical and financial records or make decisions on their behalf. Therefore, it is important for young adults to appoint trusted individuals to make medical and financial decisions in the event they are unable to do so.

Few 18-year-olds consider the need for an estate plan, because most have little in the way of property. But if your child were to suddenly lose the ability to make or communicate decisions, they would need a an authorized person to make decisions for them. Your college student will want to consider two important Powers of Attorney:

An Advance Health Care Directive gives you the ability to act on your child’s behalf with regard to medical decision-making in the event that your child is unable to do so.

A General Durable Power of Attorney gives you legal authority to act on your child’s behalf regarding financial matters, regardless of whether they are able to make decisions on their own or not. It may be used in matters of both emergency and convenience.

Stephen B. Yim, Attorney at Law
2054 S. Beretania St., Honolulu
808-524-0251 | www.stephenyimestateplanning.com

I recently received a call from a client who has a daughter attending college on the Mainland. Her daughter had been in a ski-accident and was in the hospital. When the mother called the hospital to find out her daughter’s status, they would not release any information or allow the mother to make any decisions…
Gifts Anyone Can Afford

Sometimes I am asked by people how they can help our cause without disturbing their finances. Surprisingly, there are ways to accomplish that goal. Each situation is different, so consulting your tax advisor is a good idea. You may wish to consider these ideas:

• Designating a charity as a beneficiary in your will or trust is a simple way to commit to a cause you believe in, without affecting your cash flow during your lifetime. Additionally, it’s easy to revoke this type of gift, if your situation or goals change.

• Naming a charity as the beneficiary of an IRA or other retirement plan, financial account, annuity or unneeded life insurance policy is another easy way to help while you continue to benefit from these assets during your lifetime.

• If you own low-interest assets like bank Cds, you may donate them to charity and receive a Charitable Gift Annuity with an annual payment to you, often with a higher interest rate.

• Real estate you no longer need or wish to sell may be given to a charity without impacting your cash flow. You may also benefit from capital gains tax avoidance, while receiving a tax deduction for the gift.

• If you own your home and wish to remain living there, you can transfer your home to a charity, while retaining the right to use the home during your lifetime. You may even enjoy the added benefit of an income tax deduction while you live in your home!

National Kidney Foundation of Hawaii
808-589-5976 | jeff@kidneyhi.org
For Planned Giving: www.kidneyhawaii.org
Main: www.kidneyhi.org | www.kidney.org

Sometimes I am asked by people how they can help our cause without disturbing their finances. Surprisingly, there are ways to accomplish that goal. Each situation is different, so consulting your tax advisor is a good idea. You may wish to consider these ideas: • Designating a charity as a beneficiary in your will or…
Another Option: Reverse Mortgage

Many families worry about the financial future of their retired parents. For peace of mind and the well-being of your parents, it’s important to talk with them about the kind of financial help they may need to “age in place.” Most people want to live out their years in the home they have lived in for many years, a place full of memories and familiar surroundings.

If your parents are 62 or older, it may be helpful to learn about reverse mortgages, a strategy that offers many options, including aging in place, help paying bills, funds for home improvements or travel, or financial means to help children and grandchildren. If you have heard about the reverse mortgage financial loan program from someone other than a professional loan officer, you may not have all the facts.

Reverse mortgage programs turn a portion of home equity into cash, which is then paid to the borrower either as a lump sum, in fixed monthly installments or as a credit line. Eligible homeowners ages 62 or older continue to own and live in their home until the last spouse passes on. The loan is not repaid until the borrowers leave or sell the home. The amount of the mortgage depends on the age of the youngest spouse, the home’s market value, and the specific reverse mortgage program and interest rates. You can see that a reverse mortgage program for your neighbor could be very different from yours.

During the program, which lasts as long as the borrowers live, they are still responsible for paying property taxes and homeowners insurance, and keeping the house in reasonable condition; recent programs even have options to set aside funds for property taxes and homeowners insurance, if necessary.

Ask a reverse mortgage specialist to explain exactly how a program can help your parents live better today and be more prepared for the future. Sometimes a reverse mortgage is the one option that will allow your parents to stay in their favorite home for life. Planning and looking at all options allows you and your parents to choose what they want to do, instead of leaving their future up to chance.

For a free workbook for families on Aging in Place or to attend a free educational workshop, call: 808-234-3117.

______________________________

Percy Ihara, Reverse Mortage Specialist, NMLS# 582944

Mahalo Mortgage, NMLS # 317240

808-234-3117 | email: percyihara@mahalomortgage.com

Many families worry about the financial future of their retired parents. For peace of mind and the well-being of your parents, it’s important to talk with them about the kind of financial help they may need to “age in place.” Most people want to live out their years in the home they have lived in…
Paying for Long-Term Care

According to an article published in the Wall Street Journal on May 14, 2012, if you are married and you and your spouse both reach the age of 65, there is a 70 percent probability that one of you is going to need long-term care. As if that is not troubling enough, a great many of us are completely unprepared to pay the cost of long-term care. Skilled nursing in Hawai‘I can easily top $8,000 per month. How do people handle that?

For those of us who are not incredibly wealthy, one approach is long-term care insurance. You should talk with an insurance agent who focuses on the complexities of long-term care insurance before you plunk any money down. The older we get, the odds of being insurable decrease, and the premiums get higher. The bottom line is that the sooner you look into long-term care insurance and get your policy in place, the more likely you will be able to afford the premiums.

An alternative to insurance is Medicaid. It goes by different names in different states (Hawai‘i’s version is called MedQUEST), but it is run jointly by our federal and state governments. The federal government sets the overarching rules and provides funding. States are allowed to adopt their own rules for qualification and enforcement. Think of it as government nursing home care insurance for those with limited financial resources.

Medicaid is “means-based.” Having too much income or too many assets will disqualify a Medicaid applicant. However, having “assets” is not the same as having the money to pay for care. Those undeveloped lots in Nevada that you own, are assets, but they may be impossible to sell.

For those with assets exceeding the Medicaid limits, giving assets away may disqualify them from Medicaid assistance too — if the transfers violate the “look-back” period designed to keep people from gaming the system. Of course, a kupuna might have had innocent intentions when making a disqualifying gift — before the need for long-term care arose. Regardless, any gift (even charitable) is a red flag on Medicaid applications.

Each state takes a different approach; it is easy to run afoul of the rules and be disqualified from benefits. The good news is that knowing the rules can help you plan for a worst-case scenario where you or a loved one might need assistance with long-term care costs.

Another critical consideration is that Medicaid may limit your options for care facilities or quality of care. So we should not all assume that Medicaid is the best option for us or our family.

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

According to an article published in the Wall Street Journal on May 14, 2012, if you are married and you and your spouse both reach the age of 65, there is a 70 percent probability that one of you is going to need long-term care. As if that is not troubling enough, a great many…
Calling the Police: It’s Called ‘Tough Love’

Wanda (not her real name) took out a home equity loan on her Waianae house. She intended to renovate her home so that her adult daughter could move in, care for Wanda and help repay the loan. Once the $290,000 was in their joint checking account, however, her daughter withdrew it and took her family on a first-class trip to Disney World. Wanda has not seen her daughter for two years and is now going through the foreclosure process.

Steve (not his real name) was the caregiver of his disabled sister and had established a sizable savings account for her care. When Steve’s daughter offered to help care for her aunt, Steve gladly accepted and gave her access to the bank account. After six months of being a caregiver, she withdrew all the money from the bank account (about $120,000) and moved in with her new boyfriend.

These are just two calls I got recently from victims who wanted to report what happened to them, but did not want the police to get involved. Their voices were full of despair and frustration. Each could not believe what had happened, and despite the fact that they were informed a crime had occurred, did not want the police or the court system to get involved — even if that was the only way to get their money back.

As a deputy prosecuting attorney in charge of the Elder Abuse Unit, I advocate that all cases of financial abuse be reported to the police, even if the person taking the money is an adult child or another relative of the victim. It is not blind faith in the criminal justice system that leads me to this school of thought. Twenty years of experience has proven to me repeatedly that showing “tough love” and calling the police on a loved one who has stolen money is actually helping that person stop a behavior, like drug usage, which will prove harmful to them in the long run.

More than once have I had parents call me up years after their child had been arrested to thank me for the work our office and the court system did to help their child get their life back on track. Drugs, alcohol, gambling or mental health issues have ruined the lives of many people and have caused family to victimize family. Oftentimes, those suffering from these afflictions will promise their kupuna they will get help, only to later on steal from them to feed their habit. Police intervention gives these people opportunities to either go to counseling or go to jail. Often they choose to get help and rehabilitation, with good results.

If you are in a situation where you have been the victim of a crime committed by someone you know, please call the police. There is no shame in reporting a loved one’s destructive actions to someone who can force them into a rehabilitation program or other help they may need. It’s hard to do, but that is why it’s called “tough love.”

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

Wanda (not her real name) took out a home equity loan on her Waianae house. She intended to renovate her home so that her adult daughter could move in, care for Wanda and help repay the loan. Once the $290,000 was in their joint checking account, however, her daughter withdrew it and took her family…
What’s the Right Life Insurance?

For most people, it isn’t a question of whether to own life insurance, but what kind of coverage is most appropriate for their circumstances. There is no “one-size-fits-all” policy. You need to determine what works best for you.

Choosing life insurance involves finding the right balance between the cost of insurance and the most appropriate coverage for y our family.

Two Basic Life Insurance Options

Policies that provide a death benefit for survivors after you die, but no other features, for a specified period of time. These are typically referred to as term life insurance.
Policies that combine a death benefit for survivors with a cash value that can be accessed while you are still living, often referred to as whole-life or permanent life insurance.

Term insurance — cost effective coverage

If keeping premiums as low as possible and replacing your income stream for your family are your priorities, term insurance can be a good option. The younger and healthier you are when first purchasing a policy, the less it will cost. Newly married couples may buy this type of policy to provide a financial cushion in the event one spouse dies. Your employer may offer term insurance as part of your employee benefits plan.

The amount of coverage that seems sufficient early in life may not be enough to protect your family later on when you have dependent children, aging parents to support or when your income rises. Term insurance typically expires after a stated period of time or once you reach a specific age. After the term policy expires, you must reassess your insurance needs.

Permanent life insurance — coverage beyond death benefits

You may choose from a variety of permanent life insurance policies, such as traditional whole life, variable life, universal life or variable universal life. Like term policies, they pay designated beneficiaries at your death. Unlike term policies, they do not have a termination date. As long as adequate premiums are paid and the policy remains in force, your beneficiaries will receive the death benefit. Premiums or additional costs are generally higher than term insurance.

Another important feature of permanent life insurance is that a portion of your premiums accrue within the policy on a tax-free basis; over time, the policy builds a cash value. Some forms of this type of insurance give you the ability to make investment choices within the policy. The cash value is not guaranteed, but it can act as an asset while you are living. This is an important benefit that can give the policy owner much more financial flexibility.

Like anything else in your financial life, the need to protect your loved ones requires that you carefully assess which available options work best for your circumstances and needs. When insuring your life, be sure to discuss your options with a financial advisor or insurance specialist first, before making any decisions.

Michael W. K. Yee, CFP
1585 Kapiolani Blvd., Suite 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, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years.

Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax issues.

Life insurance benefits are subject to the claims paying ability of the issuing insurance company. Ameriprise Financial Services, Inc. Member FINRA and SIPC.

© 2015 Ameriprise Financial, Inc. All rights reserved. File #1156277

For most people, it isn’t a question of whether to own life insurance, but what kind of coverage is most appropriate for their circumstances. There is no “one-size-fits-all” policy. You need to determine what works best for you. Choosing life insurance involves finding the right balance between the cost of insurance and the most appropriate…
Be Giving While You’re Living

Kingdom Advisors founder Ron Blue takes an interesting approach to estate planning. He advocates lifetime giving as a way to assure that the objects of your bounty are worthy recipients of your wealth. This could play out a couple of different ways.

As Blue points out, there are three places your “stuff” can go after you die: to charity, to your loved ones, or to the government, attorneys, and other professional advisors by way of taxes and administration expenses. A good estate plan will minimize the amount that is bled away in the last category. A really good estate plan will help to make sure that your intentions regarding your loved ones and your favorite charities are carried out just as you intend.

Giving assets outright to your loved ones is a way to give them full control over and responsibility for those assets. However, one of your intended beneficiaries could easily lose his or her inheritance as a result of a divorce, car accident, or bad business deal. Life is unpredictable, and your beneficiaries may have no experience manageing or protecting assets. For this reason, many estate plans include ongoing trusts that allow the beneficiaries to have as much control as they are able to handle, while at the same time insulating the trust assets from creditors and predators who might try to take advantage of your beneficiaries and take those assets away.

The thing about leaving assets to your loved ones after you are gone is that you will have no idea how each loved one will handle his or her Inheritance. Your best guess during your lifetime could turn out to be wrong. So what about making gifts during your lifetime, so that you can see how your intended beneficiaries handle newfound wealth? Gifts allow beneficiaries to learn how to manage money. Gifting could also be a great way for you to “test drive” your estate plan and determine how well it works while you are still able to make adjustments to it. If one beneficiary turns out to be a poor steward of your wealth, you can always redirect assets in your final estate plan to other beneficiaries, or provide greater restrictions on a spendthrift beneficiary’s control over your hard-earned and carefully invested wealth.

The same principles apply to charitable gifts. Your favorite charity could turn out to be a poor manager of donated assets. It would be far better to find that out during your lifetime than to leave your loved ones regretting your philanthropic choices, especially if your family name will be memorialized and forever connected with your charitable gift. Knowing what happens now gives you assurance about how things will go later on. If your charity performs well now, you may add to your gift, upon your death. Not only that, but your gift may have far greater impact because you made it earlier. If, for example, you want to provide funding for scholarships so underprivileged children can go to college, the sooner you make your gift, the sooner a scholarship recipient will graduate from college, get launched in a career, and turn around and “pay it forward,” as you have done. Giving now also allows you to join other donors, to create large charitable projects.

As Ron Blue would say, you should consider “giving while you’re living so you’re knowing where it’s going.” This is simple but sound advice for anyone who prefers to test the water before diving in headfirst.

Scott Makuakane, Counselor at Law
Focusing exclusively on estate planning and trust law.

Watch Scott’s TV show, Malama Kupuna
Sundays at 8:30 p.m. on KWHE, Oceanic channel 11

www.est8planning.com
O‘ahu: 808-587-8227 | maku@est8planning.com

Kingdom Advisors founder Ron Blue takes an interesting approach to estate planning. He advocates lifetime giving as a way to assure that the objects of your bounty are worthy recipients of your wealth. This could play out a couple of different ways. As Blue points out, there are three places your “stuff” can go after…

Category: Wisdoms

Two Basic Life Insurance Options

Term insurance — cost effective coverage

Permanent life insurance — coverage beyond death benefits