Category: Wisdoms

  • Take a Day to Organize Your Finances

    If you’re like most people, you periodically set aside time to clean out your home, garage or closets. It’s equally important to organize your finances. This checklist can help you get started:

    • Cancel unused credit cards: Don’t throw away money on annual fees for credit cards you don’t use. First, cash in any rewards points you have earned and then cancel the account. Of course, take into consideration whether canceling the card will negatively affect your credit rating.
    • Cancel unused memberships: Did a new at-home exercise routine replace your trips to the health club or gym? Did you give up playing golf at the local club? Consider canceling your membership. Even if you have to pay a cancellation fee, you may quickly recoup your financial losses.
    • Consolidate accounts: You don’t necessarily need multiple checking, savings, investment, retirement or credit card accounts. The little bit of time it takes to consolidate them will be made up when you have less mail to open, less statements to reconcile, less records to file and less bills to pay. When it comes to credit, you may also earn more rewards if you stick to one or two cards.
    • Negotiate better deals with service providers: Whether it’s your cable, Internet or waste removal company, chances are you can negotiate a better rate. Simply get quotes from competitors. If they offer lower rates for the same services, ask your service provider if they will price match to keep your business. If not, switch to someone new.
    • Update your financial records: Make a list of your current financial accounts, contacts and passwords. Keep it in a safe and secure place.
    • Update your beneficiary designations: Your beneficiary designations override your will. Your will and your beneficiary designations both need to be up to date. So, if you’ve experienced a marriage, divorce, birth, adoption or death, make sure your beneficiary designations reflect your wishes.
    • Review your homeowners and auto insurance coverage: Make sure your insurance coverage reflects your present needs. Also, price shop the same coverage with different providers. Whether you switch to a new provider or use this information to strike a deal with your current provider, you could save a significant amount in annual premiums.
    • Simplify your investments: If tracking various investments is stressing you out, consider asset allocation or managed accounts. Attempting to manage and track too many investment accounts can require a great deal of time and, if you’re not on top of the details, can prevent you making the best investment choices for your portfolio. Consider working with a financial professional to help you organize your finances and help you determine what kinds of investments might work best for you. Ask your financial advisor for more ideas and strategies on ways to save.

    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, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. Ameriprise Financial Services, Inc. Member FINRA and SIPC.
    © 2015 Ameriprise Financial, Inc. All rights reserved. File #12606695

    If you’re like most people, you periodically set aside time to clean out your home, garage or closets. It’s equally important to organize your finances. This checklist can help you get started: Cancel unused credit cards: Don’t throw away money on annual fees for credit cards you don’t use. First, cash in any rewards points…

  • The Most Important Document

    The one estate planning document that everyone 18 and older should have is an Advance Health-Care Directive. It is not the sexiest tool in the estate planning toolbox, but it can head off family strife, heartache, and needless attorney’s fees as no other document can.

    Karen Ann Quinlan, Nancy Cruzan, and Terri Schiavo. Sound familiar? They were three beautiful young women whose legacies are protracted legal battles over how they would be cared for after they lost the ability to speak for themselves.

    Karen’s case determined that “medical treatment” includes life-sustaining measures (such as use of a ventilator to keep a person breathing), and that those measures can be declined by a patient or someone acting on the patient’s behalf.

    Karen’s parents succeeded in having the ventilator that was keeping her alive removed, but Karen lived another 10 years because her parents did not believe that food and water should be withheld from her.

    Nancy’s case went a step further. In that case, the battle was between Nancy’s family, who believed that Nancy would not want to be sustained on a tube, and the State of Missouri, who asserted that only the patient can make that decision.

    Unfortunately, Nancy had never given written instructions about her wishes. After Nancy’s family presented sufficient evidence to convince the court that Nancy did not want to be kept alive on a tube, food and water were withdrawn.

    She died 13 days later, but eight years had passed since the car accident that had rendered her incapacitated and launched the legal battle over her care.

    Terri’s case involved the question of who has the authority to make end of life decisions on behalf of an incapacitated person. The law of Florida, where Terri lived, automatically conferred that authority on her spouse.

    When the dust cleared following the legal battle between Terri’s husband and her parents over whether her feeding tube should be removed, Florida law was upheld, and Terri’s husband gave the order that led to Terri’s death 13 days later.

    These cases teach us is that we have a right to say “enough is enough” when it comes to our medical care, including tube feeding. We also have the right to name who will speak for us when we cannot speak for ourselves.

    The only way to be sure that your wishes will be known and carried out is by having a clear and comprehensive advance health-care directive.

    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.com

    The one estate planning document that everyone 18 and older should have is an Advance Health-Care Directive. It is not the sexiest tool in the estate planning toolbox, but it can head off family strife, heartache, and needless attorney’s fees as no other document can. Karen Ann Quinlan, Nancy Cruzan, and Terri Schiavo. Sound familiar?…

  • Save Crucial Time: Register for Smart911

    Generations Magazine - Save Crucial Time: Register for Smart911 - Image 01The Honolulu Police Department recently rolled out Smart911™, a free 9-1-1 service available to residents of O‘ahu. Registration is free at www.Smart911.com.

    Smart911 allows you to file information with 911 — about your disability, medications you take or how to gain emergency access to your home, if you are unable to answer the door.

    When you call 911 in the future, your information will be available to the dispatcher and the EMTs who come to the rescue. If they already know you are in a wheelchair, or to watch out for the dog, precious time will be saved — in emergencies, every second counts.

    It’s easy to visit www.Smart911.com and create your safety profile for Smart911. You choose what information you want to share with 911. This service is available nationwide, to assist you and your family in emergencies, even when you are traveling. Not on O‘ahu? Register now so your information will be available immediately when Smart911 comes to your island.

    Honolulu Police Department, Smart 9-1-1
    General Assistance: 808-529-3111
    www.HonoluluPD.org | www.Smart911.com

    The Honolulu Police Department recently rolled out Smart911™, a free 9-1-1 service available to residents of O‘ahu. Registration is free at www.Smart911.com. Smart911 allows you to file information with 911 — about your disability, medications you take or how to gain emergency access to your home, if you are unable to answer the door. When…

  • Smart Ideas for Year-End Benefits

    With the end of the year just around the corner, you may want to review your financial situation. Make a list to ensure that you take full advantage of all available tax-saving deductions. Here are some ideas for year-end planning that can benefit you and help support your favorite charity too.

    Charitable Contributions — A cash gift or an unneeded asset can provide valuable tax savings.

    Charitable Gift Annuity — Double your benefits while making a gift and receiving cash back. A gift annuity gives you income tax advantages this year while providing you with dependable payments for life at fixed rates as high as 9%.

    IRA Charitable Rollover — If Congress again passes the IRA charitable rollover this year, you may be able to transfer money directly from your IRA to a qualified nonprofit without paying federal income tax. Check with your tax advisor.

    Additional Tax Savings — Review your mortgage, medical, education, business and other miscellaneous expenses to determine if there are additional ways you can save. Check your list against your advisor’s recommendations to avoid missing any significant deductions.

    Will Or Trust Update — If you haven’t visited your attorney to review your estate plan in recent years, you should make an appointment. Your plans may need to be updated, particularly if you have experienced life changes. We offer a free “Wills and Trust Guide” to make your planning easier. Call us for your copy.

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

    With the end of the year just around the corner, you may want to review your financial situation. Make a list to ensure that you take full advantage of all available tax-saving deductions. Here are some ideas for year-end planning that can benefit you and help support your favorite charity too. Charitable Contributions — A…

  • Start with Why

    Lately, I’ve had questions from beneficiaries of trusts asking “why did the decedent make the trust distribution a certain way?” The trust clearly identified who the beneficiaries were, and what they were to receive and how they were to receive it. Unfortunately the trust was silent as to “why” — the underlying reason and purpose for making the trust in the first place. Failing to clearly set forth the intention or purpose in one’s estate plan can lead to misunderstanding, confusion, hurt feelings, potential law suits and disruption of family relationships.

    Clients come in to see an estate-planning attorney with clear intentions and purposes that are the foundation for establishing the estate plan.

    Unfortunately, the lawyer listens to the clients’ purpose and intention and focuses all effort on writing “what, when, and how” into the trust, leaving out the trust’s purpose and intention.

    Simon Sinek in his book, Start With Why, explains it this way: the “what, when, and how to do” come from our neocortex, our brain’s language center. The intentional and emotional purpose-driven “why” comes from our limbic brain, which has has no capacity for language.

    This is why writing the purpose, emotion, and intention is difficult. Yet, we are emotional beings, and most of what we do is driven by clear intention and purpose. Therefore, it is important to put effort into writing out our intention and purpose.

    Our estate plans are intended to be our last say, and the “why” must be expressed as the foundation for the plan.

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

    Lately, I’ve had questions from beneficiaries of trusts asking “why did the decedent make the trust distribution a certain way?” The trust clearly identified who the beneficiaries were, and what they were to receive and how they were to receive it. Unfortunately the trust was silent as to “why” — the underlying reason and purpose…

  • Stretch Your Vacation Dollars

    Summer vacations are perfect for hitting the road for adventure or staying close to home to simply recharge. The slower pace and rest a vacation offers are priceless, but you can still practice financial vigilance. Here’s how to get the most for your money as you travel this summer.

    Consider Off-Season Tropical Destinations

    During the winter months, tropical hot spots command top dollar. But you can find bargains south of the equator during the summer months. Land a package deal to a Caribbean or South American destination and enjoy less crowded beaches and hotels in paradise.

    Dollars Go Further in Europe

    For the first time in over a decade, the U.S. dollar is approaching a 1:1 ratio with the euro. American travelers can expect their vacation budgets to go further in all 19 countries operating on the euro currency. Airfare to Europe is also less expensive this summer. If you plan to visit several countries, consider purchasing a 30-day Eurail pass and travel by train between countries for one reasonable price.

    Think Outside the Hotel Room

    Check out websites that coordinate home sharing in hundreds of countries around the world, typically at prices far below standard hotel rates. Also consider family-run pensions (short-stay boarding houses in Europe) or bed and breakfasts (B&Bs) for cheaper and more intimate lodging. If you like making your own meals (also a moneysaver), look into short-term vacation home and apartment rentals.

    Be Flexible

    If you aren’t particular about where you travel or specifically when, you can often find last-minute package deals online to specific cities or attractions that include airfare, hotel, a rental car or some meals. Compare offers and determine which provides the best value. Also, when you’re booking airfare, be flexible with your travel dates to improve your odds of landing a better price. Consider a midweek departure and return to avoid higher weekend rates. Keep an eye out for airline promotions early each week, when their sales start.

    Traveling costs money, but vacation memories are irreplaceable. If you need help planning your trip, ask a travel agent to provide information and tips for saving money on specific locales. Also, ask your financial advisor to help you budget and work toward your short- and long-term financial goals, including traveling, buying a home, saving for college and retiring.

    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, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. Ameriprise Financial Services, Inc. Member FINRA and SIPC.
    © 2015 Ameriprise Financial, Inc. All rights reserved. File #1205686

    Summer vacations are perfect for hitting the road for adventure or staying close to home to simply recharge. The slower pace and rest a vacation offers are priceless, but you can still practice financial vigilance. Here’s how to get the most for your money as you travel this summer. Consider Off-Season Tropical Destinations During the…

  • 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:

    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…