Category: Wisdoms

  • Easy Come … Easy Go

    Receiving an inheritance can certainly be like winning the lottery. What could be wrong with that?

    Callie Rogers, age 16, won $3.1 million in a British lottery. By the age of 22, the unwed mother of two had attempted suicide twice, and spent over $400,000 on cocaine alone (in addition to more conventional luxuries). She was broke, living with Mom, and working three cleaning jobs.

    William “Bud” Post won $16.2 million in the Pennsylvania Lottery in 1988. Within five years, his brother had put out a murder-for-hire contract on him. His landlady, who was also his sixth wife, had forced him to give her a third of his winnings. He was convicted for assault for firing a shotgun at a bill collector. By the time he died in 2006, Post had gone from scooping up annual lottery payments of $497,953.47 to scraping by on $450 per month in disability compensation.

    Jack Whitaker won the largest Powerball payout in history. In just four years, he blew through $113,386,407.77 (after taxes). He gave away $14 million to his church and other charitable causes, but he went from successful businessman to a sleazy strip club regular. Money’s impact on his loved ones was even more tragic. The apple of his eye — his granddaughter, Brandi — unfortunately spent her new-found wealth on a trip down the fast lane to drug addiction. Brandi ended up dead under circumstances that pointed to murder.

    So what will your loved ones do with what you leave behind for them? The above examples are extreme, but they show how a sudden windfall can quickly turn from a blessing into a curse. The lesson applies to all of us. It doesn’t take millions of dollars to ruin a life. Rather than give your loved ones direct access to what you leave behind, you can give them their inheritance in trusts, administered by people or institutions who will provide good judgment and wise guidance. Those trusts can contain provisions to protect your beneficiaries from bad habits, opportunistic friends and family members, and their own lack of wisdom and experience. You can even add a variety of conditions to your gifts. You can condition distributions from trusts upon such things as the beneficiary’s passing a drug test, holding a steady job, or staying out of jail. You can also impose positive conditions, such as directing your trustees to make larger ongoing distributions to beneficiaries who are maintaining a certain grade point average in college or meeting other standards of achievement.

    Your legacy deserves to be passed on in a way that will genuinely benefit your loved ones. There’s no harm in being creative about how you achieve your estate planning goals.

     

    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

    Receiving an inheritance can certainly be like winning the lottery. What could be wrong with that? Callie Rogers, age 16, won $3.1 million in a British lottery. By the age of 22, the unwed mother of two had attempted suicide twice, and spent over $400,000 on cocaine alone (in addition to more conventional luxuries). She…

  • Cons Prey on Good Intentions

    For hours, Elaine (not her real name), age 69, sat on the lanai of her Pearl City townhouse waiting. She was told that at any moment, the governor was going to arrive and present her with a new car and a check for $2 million. During this time, her adult son was yelling because he just found out that over the past year, she wired over $40,000 to the “International Lottery Commission” to pay the fees and taxes on her lottery winnings. He was so upset, in fact, that neighbors called the police, fearing for the safety of the mother. When they arrived, he calmed down enough to ask her why she even wanted a car because she didn’t even drive. Her response was, “I wanted to get you something nice, for being such a good son.”

    There have been numerous studies trying to explain why seniors fall victim to so many financial scams. Some theorize that as the brain ages, it becomes more susceptible to these cons. In essence, stating that a form of mild incompetency is a natural stage of growing older. This belief, in my opinion, is ageist, and does not explain the great many elders who lead productive and successful lives, well after their retirement age.

    No, the vast majority of victims I have encountered were individuals of sound mind, with no defect in their cognitive thinking that led them to believe in something that was too good to be true.

    In my experience, it is their desire to continue the role started decades ago, namely, being a provider. Many victims of financial abuse are either parents or grandparents, or persons who lived their life supporting a spouse or sibling. They worked hard and sacrificed to provide their family with the best they could afford. As it dawns on them that they may no longer be able to accomplish this self-appointed supporting role, they become desperate. Desperation leads them to want to believe that they are lucky enough to have won a lottery they never entered, or blessed by an invitation to participate in an investment opportunity with unbelievable returns.

    These feelings of urgency are only fueled by the tactics of conmen who talk about “leaving a legacy” or guarantee a way of providing for the family once the senior is gone. Think of a life insurance advertisement on steroids with a lot of guilt added for effect.

    How can this be prevented? Perhaps one thing a loved-one can do is communicate to the senior sincere gratitude for everything they have done for them. Explain how the senior’s hard work and encouragement provided a foundation to be successful in the their own lives. Or better yet, clearly demonstrate that they no longer need financial help from the Kupuna. It is through these actions, that the senior will know they completed their job of being a provider.

     

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

    For hours, Elaine (not her real name), age 69, sat on the lanai of her Pearl City townhouse waiting. She was told that at any moment, the governor was going to arrive and present her with a new car and a check for $2 million. During this time, her adult son was yelling because he…

  • Recognizing Warning Signs Of Abuse

    Recently, I appeared on the Generations Radio Show (Saturdays from 5 to 6 pm on AM 690) aired November 22 and can be heard at www.Generations808.com) with Lt. John McCarthy of the Financial Crimes Unit of the Honolulu Police Department. With 39 years of police department experience, he is nationally recognized as an expert in financial crimes and elder abuse.

    On the show, we discussed how scams go undetected because people don’t recognize the warning signs of trouble and abuse. Listed here are danger signals, that if seen, should prompt further investigation.

    Isolating the victim: Abusers don’t want the victim to have a support system and will either try to physically remove the person from loved ones (like a caregiver not letting family members visit the elder) or deceive the victim into thinking that a concerned person is really trying to harm them (like one sibling telling the parent that the other sibling is interfering because he wants everything himself).

    Secrecy: A lot of scams involve instructing the victim not to reveal that the transaction/event is occurring. For example, a letter indicating that a senior has won the lottery will instruct the “winner” not to tell anyone of the prize because “there are a lot of scams going on right now.”

    Urgency: People who are rushed or under pressure make poor decisions. Scammers will make an offer, like “I’m in the neighborhood today with some extra building materials — I can do some repairs really cheap if you hire me right now.”

    Emergency/tragedy: Emotional decisions are not the best ones and scammers want you to make choices when you are not thinking rationally. The “Distressed Relative Scam” (or “Grandma Scam”), when you get a frantic call in the middle of the night relating that a loved-one is in dire straits and only money can solve the problem, is a good example of this technique.

    Green Dot/money pack cards: A Green Dot/Moneypac card is a gift card you purchase and place money into at the cash register. It is a common way criminals transfer money from their victims into accounts around the world. ANY transaction in which money is to be paid using a Green Dot card should be suspect, for instance, the IRS calling and demanding payment for delinquent taxes with a Green Dot card.

    Loneliness: Companionship (or the hope thereof) in exchange for money is never a good idea. Whether it is “your soulmate” you found on an online dating site asking for a loan or a caregiver accepting generous gifts to stay longer, taking advantage of an elder’s loneliness is abuse. 

    Too good to be true: Offers, promises, business deals and investments that sound too good to be true are just that and are merely bait to lure victims into making poor decisions.

    If you suspect elder abuse, first call 911 and then report it to the authorities listed below.

    To report suspected elder abuse, call police, 911, and/or:
    Elder Abuse Unit: 808-768-7536
    Adult Protective Services: 808-832-5115
    ElderAbuse@honolulu.gov
    www.ElderJusticeHonolulu.com

    Recently, I appeared on the Generations Radio Show (Saturdays from 5 to 6 pm on AM 690) aired November 22 and can be heard at www.Generations808.com) with Lt. John McCarthy of the Financial Crimes Unit of the Honolulu Police Department. With 39 years of police department experience, he is nationally recognized as an expert in…

  • Creative Giving And Tax Planning

    The holidays remind us of two things: gift giving and year-end tax planning. A charitable gift can help you support your favorite cause, benefit your family and reduce your taxes. In addition to cash gifts, consider these other two charitable gift strategies:

    Appreciated Asset Gifts

    Gifts of appreciated assets such as securities or real estate can help your favorite charity, may not affect your cash flow and can provide the following tax benefits:

    • A charitable deduction against income taxes
    • Bypass of capital gains taxes
    • Avoidance of the tax on net investment income

    Charitable Life Income Plans

    If you have low-yielding assets and desire higher income, a charitable life income gift may be worth exploring. In exchange for your gift of cash or appreciated securities, you may reap multiple benefits:

    • Receive a lifetime income
    • Generate current income tax deduction
    • Bypass of capital gains on appreciated assets
    • Make it part of your legacy, a future gift upon your passing

    Many charities have gift offices that can help you plan. You should also consult your financial or tax advisor for information specific to your situation and federal rules that might apply.

    Please note: this information is not intended as tax, legal, or financial advice. Gift results may vary.

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

    The holidays remind us of two things: gift giving and year-end tax planning. A charitable gift can help you support your favorite cause, benefit your family and reduce your taxes. In addition to cash gifts, consider these other two charitable gift strategies: Appreciated Asset Gifts Gifts of appreciated assets such as securities or real estate…

  • After The Pause

    I like to call our meeting room where we meet to discuss estate planning “the pause room.” When we enter and close the door, and leave outside all the busy-ness in our lives — we put only the matters relating to estate planning on the table. We pause for about an hour, and concentrate solely on one very important matter.

    When we come out and re-enter the busy-ness of life, it’s easy to forget what we just discussed in “the pause room.” After completing the estate plan, your attorney might provide a letter suggesting that certain assets be directed to, or placed into trust. This is called “funding” the trust — it is just as important as creating the trust in the first place, and making sure that the right beneficiary receives the right asset. Funding is either by beneficiary change or by change of title. Assets that usually require change by beneficiary include: life insurance, retirement accounts and annuities.

    The assets that commonly require changes to title include: real estate and brokerage accounts.

    Each asset is a little different, and while the instructions from your attorney might be clear, we often put them aside or plain forget to do the funding because there are so many other things pulling and tugging for our attention.

    This is why it is essential for the attorney, financial advisor and the client to work together “after the pause” to ensure that each asset is properly directed to, or placed into trust, and that written confirmation is received from the financial company or other institution ensuring that the change was properly made.

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

    I like to call our meeting room where we meet to discuss estate planning “the pause room.” When we enter and close the door, and leave outside all the busy-ness in our lives — we put only the matters relating to estate planning on the table. We pause for about an hour, and concentrate solely…

  • ‘Tis The Season: Think Charitable Giving

    The giving season is upon us as 2014 comes to a close. Charitable donations are an important way of giving back to our community. If you are eager to give back or help out, just how do you decide how much to give and through whom? For those wishing to exercise wise stewardship, these issues are significant.

    An increasingly popular metric is “effectiveness,” or the ability of a charity to make a difference. To some, this is a technical question and involves hard data, number-crunching and nonbiased analysis. Resolving the technical questions is an easier matter in the digital age. For example, you can log on to www.charitynavigator.org, among other websites, to research how “effective” your gift to a certain charity will be.

    Beyond the charity’s ability to make a difference, you may want to know how much of your gift will be used for administration and marketing expenses, as opposed to actually feeding the hungry or buying medicines for a remote clinic. Many potential donors balk at giving to charities that spend more than ten percent of donations on things that do not directly benefit clients.

    Measuring how a charity makes a difference is also a question of how you define “making a difference.” How do you determine the values most important to you and how do you prioritize among them? Do you give locally or give to the neediest? Many veterans of charitable giving spread out their gifts among a few charities that carry out good works both at home and abroad.

    Another thing to consider with your charitable giving is providing for your own financial security while you provide for others. Your legal, accounting and financial advisors can help you with such gifting vehicles as charitable remainder trusts (CRTs), which enable you to avoid capital gains taxes, charitable gift annuities, which, like CRTs, provide you with an income stream and a current income tax deduction and in-kind gifts. In-kind gifts could be things like low-basis corporate stock or real estate which, if you sold, would result in capital gains tax liability. If you give the stock or real estate directly to your favorite charity, you will get a deduction for the full value of your gift, without incurring a capital gain.

    Be sure to get current income tax deductions for your year-end gifts; write and deliver or mail your checks, or complete your credit card transactions, by December 31. If you are making in-kind gifts, deliver them and obtain receipts dated no later than December 31.

    Time is ticking for those year-end gifts. It is time to nail down your priorities and preferences, obtain appropriate advice and make some important decisions. Enjoy a giving holiday season.

    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

    The giving season is upon us as 2014 comes to a close. Charitable donations are an important way of giving back to our community. If you are eager to give back or help out, just how do you decide how much to give and through whom? For those wishing to exercise wise stewardship, these issues…

  • Healthcare Costs In Retirement

    With all the uncertainties of the future, it’s difficult for people to know exactly how much to save for retirement. While it may be relatively easy to gauge just how much you’ll need for everyday living expenses like food and housing, other expenses, such as the costs for healthcare can be a lot more difficult to estimate.

    According to projections from the Employee Benefit Research Institute*, a baby boomer couple retiring in 2020 will need an average of $227,000 to cover medical expenses. You can hope costs will be lower than that, but there’s really no way to predict the amount of medical care you’ll need as you age — or the price tag that will go with it.

    To help people better understand how their future health status, healthcare costs and finances are all intertwined, Ameriprise Financial recently released the Health, Wealth and RetirementSM study. Here are five key findings from the study, and tips to help you manage future medical costs:

    1) Most baby boomers have yet to take financial action to prepare for healthcare and potential long-term care costs in retirement. You can take some comfort in knowing you’re not alone if you haven’t put a plan in place to manage your future healthcare costs. But, because these costs can be so significant, the sooner you take action, the better off you’ll likely be.

    2) The majority of boomers see the connection between health and potentially reduced healthcare costs in retirement. While many health events are unpredictable, you can control some aspects of your future state of health. One way to offset your need for medicines or surgeries is to take care of yourself now — by eating right and getting sufficient exercise and rest.

    3) One in four baby boomers experienced a serious health condition; 54 percent say it had a financial impact. This data reinforces the vital importance of an emergency healthcare fund and a comprehensive medical plan. Your task is to research retirement health coverage options, including supplemental plans to offset large, unexpected expenses in exchange for monthly premiums.

    4) Those who have taken action to prepare for healthcare coverage in retirement experience positive emotions, while those who have not experience worry, anxiety and insecurity. Do your best to reduce the amount of worry and stress in your life by taking steps to plan and save for your healthcare expenses in retirement.

    5) A majority (62 percent) of those preparing for retirement plan to consult their financial advisors about how to afford future healthcare costs. This fact reveals that this task requires a second opinion. With a qualified financial advisor, you can explore strategies for managing future healthcare costs in the context of a larger plan that considers all of your wants and needs in retirement.

    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 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 26 years.
    * Employee Benefit Research Institute, “Savings Needed for Health Expenses for People Eligible for Medicare: Some Rare Good News,” October 2012.
    The Health, Wealth and Retirement SM study was created by Ameriprise Financial utilizing survey responses from 1,075 Americans ages 50 to 64 employed full time with investable assets of at least $100,000. The online survey was commissioned by Ameriprise Financial, Inc., and conducted by Artemis Strategy Group from June 26 – July 11, 2014. For further information and detail about the Health, Wealth and Retirement SM study including verification of data that may not be published as part of this report, please contact Ameriprise Financial.
    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.
    ©2014 Ameriprise Financial, Inc. All rights reserved. File # 1047371

    With all the uncertainties of the future, it’s difficult for people to know exactly how much to save for retirement. While it may be relatively easy to gauge just how much you’ll need for everyday living expenses like food and housing, other expenses, such as the costs for healthcare can be a lot more difficult…

  • The Accidental Caregiver

    You love your family and you are good at your job. This does not mean, however, you will make a good caregiver for a loved one. Being an accomplished professional, expert or an akamai homemaker does not prepare you for the sudden responsibility of a full time caregiver.

    For instance, I love my father-in-law and I am a very good lawyer, but when he had a stroke, I and my family were overwhelmed and ill-prepared for the task suddenly upon us: being a caregiver for a disabled person. When my wife was pregnant, on the other hand, we had nine months to prepare for handling another human being who was going to be dependent on us for everything. My father-in-law’s stroke happened in a moment.

    My father-in-law was lucky, however, in that his care could be shared among our entire ohana. This was not the case for Dwayne Smith (not his real name). After suffering a massive heart attack, Dwayne’s adult son Peter assumed the role of caregiver. For three years, Peter took good care of his father. One day, however, Dwayne soiled his bedding; Peter began yelling at his dad and punching him. When the assault stopped, Dwayne was covered with bruises and blinded in his right eye. He was taken to the hospital and died a month later.

    An estimated 65 million people nationwide serve as “informal caregivers”— usually relatives who become caregivers because of financial necessity. Unfortunately, because of caregiver stress, some of these well-meaning volunteers will make decisions or take actions they not only will regret, but also will result in harming a loved one.

    If you suddenly find yourself in the position of a caregiver, you can take steps to reduce the stress of caring for a dependant loved one:

    • Don’t try and do it alone: a team approach will prevent the feeling of being overwhelmed with all the tasks that need to be done. Will you pick up the pills from Longs? How about dropping off a lunch or dinner on Tuesday? Can we please add our Costco list to yours? A simple question shares responsibilities, no matter how small, and makes the job much more manageable.
    • Organize Information: knowing where the identification card, insurance card and list of medication are located will greatly help at the next doctor’s visit.
    • Take Care of Yourself:
    •  Eat regular and nutritious meals
    • Take a Break and do something for yourself
    • Sleep
    • Express yourself: call your buddy or join a caregiver’s support group — talk about the conflicting emotions of being a caregiver for a family member. You are not alone.Work with the person you are caring for: doing everything for your “patient” may be quicker, but in the long run, the dependency you are creating will wear you down.

     

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

    You love your family and you are good at your job. This does not mean, however, you will make a good caregiver for a loved one. Being an accomplished professional, expert or an akamai homemaker does not prepare you for the sudden responsibility of a full time caregiver. For instance, I love my father-in-law and…

  • Selling Your Collectibles Is A Business Decision

    My hobby started in 1958 with heart and a willingness to gather and share as much information as possible. As a professional coin dealer, I still have deep excitement for numismatics, (Greek for ‘a love of the study of coins’.)

    Coins and other collectibles, such as paper money and vintage jewelry are a form of investment, and often people expect to make money trading or liquidating their assets at a future time.

    Liquidating is business, not philanthropy, so “sellers beware;” local companies rely on repeat customers and tend to be fairer than those with no base in Hawaii. A good idea is to do your homework and consult an expert to appraise the value of your collectibles, outline your options and explain any problems to avoid.

    We all spend a lot of time examining our collectibles and researching their value, which is based on the condition of the coin, how many were minted, and market demand. A coin dealer’s selling price is higher than the buying price. Well-worn coins usually fetch a lot less than “mint condition” coins. Because precious metal prices are so high, some silver or gold coins are valuable just for their metal content.

    The price of precious metals fluctuates daily, and traders who come to town offering “cash for gold and silver” pass on six figure travel and advertising costs to you. What sounds like a lot of money may actually be less than established dealers would offer.

    Have your old jewelry appraised. Some antiques are very valuable. Metal buyers are not interested in vintage value, workmanship or precious stones. In fact, stones are severely damaged or destroyed in the refining process. If melting your jewelry is your best option, remove precious stones professionally and sell them to a jeweler, to improve your return.

    I advise seniors to list all your questions first and get more than one opinion or appraisal of your collectibles. Keep asking until you get satisfactory answers. Take your time to gather as much information as you need in order to make a good business decision.

     

    Captain Cook Coins – Craig & Sandy Watanabe
    Consultation services are available.
    808-531-2702 | captaincookcoin@aol.com

    My hobby started in 1958 with heart and a willingness to gather and share as much information as possible. As a professional coin dealer, I still have deep excitement for numismatics, (Greek for ‘a love of the study of coins’.) Coins and other collectibles, such as paper money and vintage jewelry are a form of…

  • Bummers For Boomers

    As we all waited in long lines for gas and supplies in the face of oncoming Hurricane Iselle, we were reminded of the importance of planning ahead for inevitable catastrophic events. Here are some things NOT to do with your estate plan, according to Casey Dowd in his article, “Estate Planning Mistakes Every Boomer Should Avoid,” published on foxbusiness.com:

    • Fail to plan for large expenses such as long-term care. This may not seem like a big deal when you are relatively young and healthy, but fully 70% of us can expect to be completely incapacitated for some period of time before we die. Many of us will need care that cannot be provided in our homes in a cost-efficient way. Our options are: (A) be fabulously wealthy, (B) plan ahead, or (C) fall upon the mercy of governmental programs. (B) works best for most of us.
    • Fail to update beneficiary designations on bank accounts, investment accounts, retirement accounts, and insurance policies. Having a will and revocable living trust agreement is not enough. Better yet, transfer your assets (or funnel them by way of updated beneficiary designations) to your trust. Don’t forget that you need to update your will and trust from time to time. A lot of things change: (health family situation, assets, laws, the list of people that you like and trust to have making decisions on your behalf.) Review your estate plan annually, but also make changes any time new things occur.
    • Fail to take steps to avoid family strife. Making your intentions clear is the first step. You may also build incentives (and disincentives) into your estate plan to head off courtroom battles.
    • Use a “do it yourself” computer program to design your estate plan. If you truly know what you are doing, these kinds of tools may work. If not, they are a crapshoot. Gamble with your family’s future if you like, but better to save your loved ones a good deal of time and money by not taking shortcuts.
    • Put your kids on the title to your stuff during your lifetime. Not only might you be setting them up for capital gains taxes, bit also you may be putting your assets at risk. Once you give something away, it is gone. Not even your kids’ good intentions will spare you from the wrath of their creditors or ex-spouses.
      Estate planning is serious business, and you are better off doing it right. Usually, that will mean working with professionals who will charge for their services. Shop around until you find advisors who will help you devise a workable plan, know what they are doing, and who are worth their fees.

     

    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

    As we all waited in long lines for gas and supplies in the face of oncoming Hurricane Iselle, we were reminded of the importance of planning ahead for inevitable catastrophic events. Here are some things NOT to do with your estate plan, according to Casey Dowd in his article, “Estate Planning Mistakes Every Boomer Should…

  • It’s Like Going To The Eye Doctor

    When we go to the eye doctor to get a new prescription, the doctor will have us look through many different lenses, constantly asking us which lens provides us with the clearest vision. Much like the eye doctor, I believe that the role of the estate planning attorney is to provide you with estate plan options that most clearly reflect your vision for your plan. You see, both estate planning lawyers and eye doctors strive to provide clarity.

    Estate planners must focus on three points for their clients: speaking clearly must accurately communicate your wishes and intentions to your fiduciaries and beneficiaries so what you intend is honored and respected; and making sure your written plan precisely mirrors your wishes.

    When you seek counsel to pass on your estate, I believe you are asking for more than written legal documents like a Will and Trust. When you go for new glasses, you need more than frames. Proper lenses bring everything into focus.

    Peace of mind comes from a sense that your written estate plan documents safely pass on your legacy, minimize tax, avoid probate, and prevent family fights. Perhaps you are concerned about also protecting the assets from creditors, predator or ex-spouses. Your plan has to be specific enough to speak clearly for you when you no longer can.

    Your attorney must first look and listen attentively to understand your hopes and goals; then offer you options that create an estate plan that your heirs can read and understand without questions or doubt. When the prescription is perfect, and the glasses fit, it’s easy to see your way.

     

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

    When we go to the eye doctor to get a new prescription, the doctor will have us look through many different lenses, constantly asking us which lens provides us with the clearest vision. Much like the eye doctor, I believe that the role of the estate planning attorney is to provide you with estate plan…

  • The Gift That Gives Back To You

    Did you know there is a way to support your favorite charitable cause and receive cash back? It’s called a charitable gift annuity and many, but not all, charities offer this form of giving. In Hawai‘i, there are some legal requirements that must be met by a charity before it can offer this form of charitable giving.

    When you make a gift of cash or an appreciated asset in exchange for a charitable gift annuity, the charity makes a promise to pay you for the rest of your life. Your payment rate is fixed based on your age and never changes.

    Choosing to participate in a charitable annuity program allows you to make a meaningful charitable gift, and receive regular, fixed payments no matter how long you live. The payments may provide for dependable payments for your spouse or another person if you wish. Optionally, you may receive higher payments for a deferred payment gift annuity. There may also be tax benefits such as an income tax deduction in the year of your gift, and payments that are partially free of federal income tax for a period of time.

    People who are considering a substantial charitable gift but also feel uncertain about the future like the idea of a charitable annuity with continuous payments.

    If you plan to give a portion of your assets to charity, and want more information on ways charitable gift annuities might work for you and your family, visit National Kidney Foundation of Hawaii online and just click on “Donor Stories.”

     

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

    Did you know there is a way to support your favorite charitable cause and receive cash back? It’s called a charitable gift annuity and many, but not all, charities offer this form of giving. In Hawai‘i, there are some legal requirements that must be met by a charity before it can offer this form of…