Category: Wisdoms

  • Time for a Meeting

    Many people think that when they retire they would be able to travel, or sit and read a book worry-free. Sadly, many also express that their experience during retirement is not at all that way. Some are caring for spouse’s who have dementia or other mental or physical challenges. Some are fearful that they do not have enough money to last their lifetime. Others face their own mental and/or physical challenges as well.

    These challenges can turn into crisis rapidly in all areas of life, including mental, physical, legal, economic, social and spiritual.

    Successfully managing these myriad of issues requires family members and their advisors to unify their efforts together in a holistic approach synergistically to ensure that our elders remain safe, healthy and as independent as possible, preserving their dignity for the duration of their life.

    For this purpose, engage in a family meeting with all family members, fiduciaries and the financial advisor so that everyone gains an understanding of the estate plan and the underlying intent and wish of the maker of the plan. Not only can this provide for a meaningful discussion, a “circle of trust” can be established to provide protection from anyone outside of this circle attempting to take advantage of our elders.

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

    Many people think that when they retire they would be able to travel, or sit and read a book worry-free. Sadly, many also express that their experience during retirement is not at all that way. Some are caring for spouse’s who have dementia or other mental or physical challenges. Some are fearful that they do…

  • Caring for Aging Parents: Don’t Wing It

    As the parents of boomers age, more family members are managing eldercare responsibilities. Healthcare and finances aren’t easy topics for many families to broach. In fact, research from the Money Across Generations IISM study shows that 36 percent of boomers’ parents feel that talking about healthcare with family will likely or very likely create tension or spark an argument.1

    This is where a long-term financial plan comes into play. Your plan should support your financial goals and help to care for your parents needs, especially when there are unexpected expenses and emotions involved.

    To get started:

    • Talk about finances now. While it may be uncomfortable to discuss finances, it’s essential that you’re familiar with your parents finances. This includes medical, disability and long-term care insurance policies. Use this information—along with your own funds—to choose healthcare options.
    • Create a contact list. Ask your parents to compile a list of account numbers, computer login names and passwords, plus the names, addresses and phone numbers of the professionals they work with. Also, ask about the location of important financial and legal documents and lockbox keys.
    • Identify current healthcare costs and needs. Learn about your parents medical and pharmaceutical expenses and identify any cost savings. For example, change from a name brand to a generic prescription or, instead of filling prescriptions at your pharmacy, order a long-term supply from a mail-order provider.
    • Build a support network. Talk with family members, neighbors and industry professionals to see who can help you care for your parents and in what capacity and at what cost.
    • Anticipate future lifestyle changes. Even if they aren’t yet needed, explore the costs of in-home, senior apartment, assisted living and memory care housing and services, as well as the costs of having a parent live with you. Consider the pros and cons of each option.
    • Become familiar with assistance programs. Your parents may qualify for government programs, supplements or services. For information, visit www.Govbenefits.gov. Also, contact your local Area Agency on Aging for information about elder programs and services.
    • Keep your retirement goals in mind. Continue to manage your budget and save for your future. Be mindful that exiting and re-entering the workforce even temporarily may affect your earning power and employer-sponsored retirement plan.
    • Know your rights at work. The Federal Family and Medical Leave Act of 1993 (FMLA) allows covered employees up to 12 weeks of unpaid leave to provide care for a family member with a serious health condition.2 If you’re caring for a parent, inform your Human Resources department about your situation to take advantage of this legal protection, if relevant, and create a workable plan within your company’s policies.

    Thinking about caring for an ill or aging parent isn’t easy to do, but creating a plan now can help immensely down the road. Consider working with a financial advisor who can help you plan for unexpected expenses and prepare for the costs of healthcare during your own retirement.

    Michael W. K. Yee at (808) 952-1222 ext. 1240

    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 25 years. To contact him, michael.w.yee@ampf.com, 808.952.1222 ext 1240, 1585 Kapiolani Blvd., Suite 1100 Honolulu, Hawai‘i 96814.
    Advisor is licensed/registered to do business with U.S. residents only in the states of Honolulu, Hawai‘i.
    1 The Money Across Generations IISM study was commissioned by Ameriprise Financial, Inc. and conducted by telephone by GfK in December 2011 among 1,006 affluent baby boomers (those with $100,000 or more in investable assets); 300 parents of baby boomers; and 300 children of baby boomers at least 18 years old. The margin of error is +/- three percentage points for the affluent boomers segment and +/- six percentage points for the parents and children of boomers segments.
    2 United States Department of Labor, Wage and Hour Division, Family and Medical Leave Act http://www.dol.gov/whd/fmla/
    Ameriprise Financial and its representatives do not provide tax or legal advice. Consult with your tax advisor or attorney regarding specific tax issues.
    Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.
    ©2012 Ameriprise Financial, Inc. All rights reserved.

    As the parents of boomers age, more family members are managing eldercare responsibilities. Healthcare and finances aren’t easy topics for many families to broach. In fact, research from the Money Across Generations IISM study shows that 36 percent of boomers’ parents feel that talking about healthcare with family will likely or very likely create tension…

  • Legal: Fighting Over Assets?

    “My parents made a trust with a lawyer. Why is it not working and the trustee and beneficiaries are fighting over the assets?”

    Sadly, these are words I often hear from families who call me after the second parent dies to settle their parents’ estate. The Trust might have worked from the drafting attorney’s point of view in that the assets did not go through probate and the taxes were minimal. However, the drafting lawyer probably did not investigate and counsel their clients as to the relational aspects of estate planning.

    In my 25 years’ experience as a lawyer, I’ve come to realize that there are five questions that must be answered with a “Yes” to ensure that the estate plan will work:

    • Did the plan properly transfer the assets to the beneficiaries avoiding probate and minimizing tax?
    • Did the beneficiaries receive the assets properly to minimize the risk of mismanagement and misspending of assets?
    • Did the parents clearly convey their message, meaning, and intent to their trustee and beneficiaries?
    • Did the beneficiaries and trustee clearly receive the message, meaning, and intent from the parents?
    • Will the trustee and beneficiaries honor the message, meaning, and intent of the parents?

    In other words, making the estate plan is not enough. Communication, verbally and in writing, with the trustee and beneficiaries over time conveying the message, meaning and intent, and making sure they clearly receive your message, meaning and intent is critical to a successful estate plan.

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

    “My parents made a trust with a lawyer. Why is it not working and the trustee and beneficiaries are fighting over the assets?” Sadly, these are words I often hear from families who call me after the second parent dies to settle their parents’ estate. The Trust might have worked from the drafting attorney’s point…

  • Better Business Bureau: Tax and Scams

    Tax and Scams - Generations Magazine - February-March 2013This time of year, fliers, yard signs, emails and other advertisements offering tax preparation assistance and promising bigger, faster refunds are popping up everywhere. When you alone are ultimately responsible for the information on
    your tax returns, how do you separate the professionals from the scammers? Over the past few years seniors have become prime targets of the tax scammers.

    One popular scheme works by convincing seniors that they qualify for reimbursement through the American Opportunity Tax Credit (AOTC). The AOTC allows people paying for college to reduce their taxable income by as much as $2,500.

    A key requirement of the AOTC is that a person be currently enrolled in an institute of higher education — a condition that most seniors do not meet. But, scammers lie, telling seniors that they can collect benefits even if they went to school many years ago or even if they helped pay for their children’s schooling.

    Here is a list of some of other recent tax related scams:

    • Fictitious claims for refunds or rebates based on excess or withheld Social Security benefits.
    • Claims that Treasury Form 1080 can be used to transfer funds from the Social Security Administration to the IRS enabling an IRS-payout.
    • Unfamiliar for-profit tax services teaming with local churches.
    • Homemade fliers or brochures implying credits or refunds available without proof of eligibility.
    • Offers of free money with no documentation required.
    • Promises of refunds for “Low Income — No Documents Tax Returns.”
    • Claims for the expired Economic Recovery Credit Program or for the Recovery Rebate Credit.
    • Senior stimulus payment. Retirees and other Social Security beneficiaries are eligible for a senior stimulus payment — $250 for individuals and $500 for couples — as part of the new stimulus plan. Some scams claim seniors can get a second, much larger payment by calling a telephone number and surrendering personal information.

    Hawaii’s BBB offers the following tips for avoiding tax preparation scams:

    • Be cautious of tax preparers who claim they can get larger refunds than other preparers, or who base their fee on a percentage of your refund.
      Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.
    • Check the preparer`s credentials. Only attorneys, certified public accountants (CPAs) and enrolled agents can represent taxpayers before the IRS
      in all matters including audits, collections and appeals.
    • Find out if the preparer is affiliated with a professional organization that provides its members with continuing educational resources and holds them to a code of ethics.
    • Ask friends and family if they know of people who has used the tax preparer before, and whether they were satisfied with their service.
    • Check out the firm with Hawaii’s Better Business Bureau at Hawaii.bbb.org

    Keep your money and your identity safe this tax season. And remember the IRS provides free telephone assistance for people who have questions at 1-800-829-1040.

    Better Business Bureau - Generations Magazine - April-May 2013

    This time of year, fliers, yard signs, emails and other advertisements offering tax preparation assistance and promising bigger, faster refunds are popping up everywhere. When you alone are ultimately responsible for the information on your tax returns, how do you separate the professionals from the scammers? Over the past few years seniors have become prime…

  • Financial: Home Exemptions for Seniors

    Many have told us that their Real Property Taxes seem to be going up. This may be true since our property taxes are a direct relation with the City’s value of the property. The higher the assessed value of your property, the higher your property taxes will be..

    We have clients from all over the world. And believe it or not, our property taxes are not as high as some states. As of the 2008 U.S. Census, the state of New Jersey holds the #1 position for the highest median property tax paid per year at $6,320. The lowest median property tax paid was Louisiana at just $188.

    Home exemptions reduce the net taxable assessed value of the property used in determining your property tax and apply only to your primary residence. You can only have one primary residence which is tracked by your Social Security number. The current basic home exemption is $80,000. This means that $80,000 is deducted from the assessed value of the property and the homeowner is taxed on the balance. If you’re 65 years and older, the home exemption is $120,000. To qualify for the higher exemption you must be 65 years or older on or before June 30 preceding the tax year for which the exemption is claimed. Your exemption amounts will automatically increase depending on the age of the homeowner. The current property tax rate is $3.50 per $1,000 of assessed value. This rate is set in May or June by the City Council and may be adjusted for the July statement of this year.

    If you believe your property taxes are too high, there is a way you can file for an appeal. These are what you need to know:

    You’ll need to complete the Notice of Real Property Assessment Appeal form and submit a $25.00 deposit. This form as well as other valuable information can be found online at www.realpropertyhonolulu.com.

    There are 4 ways to appeal. The most common is based on your belief that the assessment of the property exceeds more than 10% the market value of the property.

    Once the form is completed a hearing is scheduled before the Board of Review. This board is made up of private citizens in an informal setting. You’ll want to bring documentation to validate your statement and then they’ll remedy a decision.

    If you purchase a property, remember to file for the exemption immediately, so you don’t forget later. Ownership must be recorded at the Bureau of Conveyances on or before September 30 preceding the tax year.

    We’ve known seniors who have lived in their home for years and never took advantage of their home exemptions and they’ve paid more property taxes than needed — imagine the extra savings.

    Dan Ihara (RA) & Julie Ihara (RA)
    Dani@iharateam.com, juliei@iharateam.com
    808-256-7873
    www.oahuhomes.biz

    Many have told us that their Real Property Taxes seem to be going up. This may be true since our property taxes are a direct relation with the City’s value of the property. The higher the assessed value of your property, the higher your property taxes will be.. We have clients from all over the…

  • Financial: Selecting Your Financial Advisor

    Speaking from experience, the relationship between financial advisors and their clients is incredibly important. Whether you rely on your advisor to help with retirement planning, saving for college, or meeting other goals, this individual will help determine how you approach some of life’s biggest financial decisions. Here are a few things to keep in mind when choosing an advisor.

    Find someone who shares an interest in your future. Your financial advisor should ask questions about your hopes, dreams and concerns. Your advisor should not be someone who only talks at you, but also listens to you.

    Your advisor should know the marketplace. A good advisor should offer a tailored plan based on your goals — whether it’s building cash reserves, protecting your income against death or disability, or creating a balanced portfolio.

    Financial advisors shouldn’t be know-it-alls. A smart advisor knows when it’s time to gather input from other experts, such as tax and legal professionals. Find an advisor who is willing to use a team approach to help you reach your goals.

    Select an advisor with a solid reputation. When interviewing advisors, ask for references and specific examples of how they helped clients reach their goals. Check the advisor’s educational background and note any professional designations they have earned. You may find this infor-mation and on websites like FINRA.org.

    Once you choose an advisor, you can start customizing a financial plan that fits you. Here’s what to expect during the planning process:

    Set Goals: Your advisor will ask questions to help you identify your financial needs and dreams. These might include:

    • Envisioning your future — what’s next for you?
    • Where do you see yourself living?
    • What lifestyle goals are important to you?
    • Providing for your children’s education?
    • How do you envision your retirement?
    • Do you want help to reduce the effect of taxes on your assets?

    Don’t worry if you can’t provide detailed answers. As you go through the financial planning process, your responses will become clearer to both you and your advisor.

    Determine the Facts. After setting goals, assess your current financial picture. This includes gathering information and materials for your advisor to get a clear picture of your present situation.

    Create the Plan. Your financial advisor will work with you to establish a course of action designed to help you achieve your goals. This strategy may cover things like:

    • Your needs, goals and values.
    • Current assets and liabilities.
    • Investment portfolio recommendations.
    • Retirement plan.
    • Insurance audit and needs analysis.
    • Estate planning analysis.
    • Product recommendations and action items.

    Implement the Plan. After reviewing your strategy and consulting with your financial, tax and legal professionals, you and your advisor will implement the plan.

    Meet and Review. Now that your plan is in motion, you will want to meet once or twice a year to review progress and make updates.

    Selecting an advisor and creating a financial plan does take some time and effort. Once you take action to achieve your goals, you’ll likely discover life’s challenges can be better managed with the security of having a plan in place.

    For info, contact Michael W.K. Yee at (808) 952-1240.

    1 The Money Across Generations IISM study was commissioned by Ameriprise Financial, Inc. and conducted by telephone by GfK in December 2011 among 1,006 affluent baby boomers (those with $100,000 or more in investable assets); 300 parents of baby boomers; and 300 children of baby boomers at least 18 years old. The margin of error is +/- three percentage points for the affluent boomers segment and +/- six percentage points for the parents and children of boomers segments.

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

    Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. ©2012 Ameriprise Financial,Inc. All rights reserved. File # 143286

    Speaking from experience, the relationship between financial advisors and their clients is incredibly important. Whether you rely on your advisor to help with retirement planning, saving for college, or meeting other goals, this individual will help determine how you approach some of life’s biggest financial decisions. Here are a few things to keep in mind…

  • Legal: Review Your Estate Plan Often

    As we turn the page from 2012 to 2013, it is not a bad time to focus on your Rule Book (the set of documents in which you lay out your estate plan) and make sure that the rules you have in place are still consistent with your wishes and your needs. How often you review your Rule Book is up to you, but it is important to appreciate that things change. As they do, your Rule Book can gradually become obsolete, and if you fail to update it, it may do more harm than good.

    What kinds of changes impact your estate plan?

    Changes in your health. Like it or not, your health will change over time, and the general trend will not be for the better. Your doctors can do a lot to keep you going, but they have not discovered the Fountain of Youth yet. If you ever lose the capacity to update your estate plan, your family may be stuck with a Rule Book that does not meet your needs, and there may be little that can be done about it, short of taking an expensive foray through the court system.

    Changes in your assets. Values go up, values go down. Those fluctuations can affect how your estate plan works. More importantly, it is important to take periodic stock of your assets and make sure they are all properly titled. If you have a revocable living trust, you probably should have all or most of your assets in the name of your trust. If you sell an asset that belongs to your trust, make sure the proceeds go into an account owned by your trust, and when the proceeds are reinvested, make sure the new assets are properly titled.

    Changes in your family situation. Any time your family experiences a marriage, a divorce, a birth, or a death, you should have a look at your Rule Book. Other changes might impact what you want to say in your Rule Book as well. Those changes might be good, such as a child heading off to college, or not so good, such as the discovery that a family member has a drug problem or a debt problem.

    Changes in the law. There have been some dramatic changes in the Federal and Hawai‘i estate tax laws over the past several years, and you can expect those kinds of changes to continue for the foreseeable future. Though the changes have caused uncertainty, they have also given rise to opportunities. Over the past two years, Hawai‘i laws relating to trusts and tenancy by the entirety have changed in some very positive ways that open the door to enhanced asset protection. Don’t miss out on what those new laws have to offer.

    If you review your Rule Book at least once per year, you will probably be able to stay on top of all of these changes and be able to make appro-priate updates to your estate plan.

    You should also sign a new durable power of attorney and advance health-care directive each year, even if there are no changes. The reason to update your power of attorney is that once it is more than a year old, many financial institutions will not honor it, and once it is five years old, nobody will honor it. The reason to update your advance directive is to force you to focus on it and make sure that it accurately reflects your wishes. It will not be called upon until you are unable to speak for yourself, so you need to get it right while you still have the capacity to do so.

     

    Scott Makuakane, Attorney at Law
    Specializing in estate planning and trust law.
    www.est8planning.com
    O‘ahu: 808-587-8227, Maui: 808-891-8881
    Email: maku@est8planning.com

    As we turn the page from 2012 to 2013, it is not a bad time to focus on your Rule Book (the set of documents in which you lay out your estate plan) and make sure that the rules you have in place are still consistent with your wishes and your needs. How often you…

  • Tax Planning & Preparation

    Our tax system for the most part remains firmly based upon the calendar year. At year-end, it’s time to take a snapshot of your income, deductions and credits. Based on that data, your tax liability for the year can be computed. If year-end strategies are implemented before your tax liability is “set in stone” it can make a significant difference in what you owe for the tax year. Tax planning for year-end 2011 should use traditional year-end strategies as well as those that react to situations unique to this year.

    Income/Deduction Shifting

    The traditional year-end strategy of income shifting applies to 2011, but with an extra twist. Under traditional strategy, you time your income and deductions so that your taxable income is about even for 2011 and 2012 so your tax bracket does not spike in either year. If you anticipate a higher tax bracket for 2012, you may want to accelerate income into 2011 and defer deductions into 2012. If you anticipate a leaner 2012, income might be delayed through deferred compensation arrangements, postponing year-end bonuses, maximizing deductible retirement contributions and delaying year-end billings.

    The twist for year-end 2011 is the uncertain future for the tax rates after 2012. Many political observers forecast that higher-income taxpayers will be asked to pay more, either through higher tax rates or more limited deductions. That may suggest a strategy in which income is not defer-red but is recognized now at lower tax rates still available in 2011 and 2012.

    Roth Conversions

    If you converted an Individual Retirement Account (IRA) to a Roth IRA in 2010, you were given an option - recognize all income in 2010 or defer that income, half into 2011 and half into 2012. If you elected to defer that income into 2011 and 2012, do not forget to figure that income into your year-end planning.

    Life Changes

    Marriage, divorce, the birth of a child, death, a change in job or loss of a job, and retirement are just some of the life events that trigger a special urgency for year-end tax planning. After December 31, 2011, it will be too late to alter most of your bottom-line tax liability for 2011.

    Tax Extenders

    A number of tax extenders are scheduled to expire after December 31, 2011. They include:

    • the state and local sales tax deduction
    • the higher education tuition
    • the teacher’s classroom expense deduction

    Seniors age 70 ½ and older should also consider making a charitable contribution directly from their IRAs up to $100,000 and paying no tax on the distribution. This tax break, especially advantageous to those who do not itemize deductions, is scheduled to end for distributions made in tax years beginning after December 31, 2011.

    For more information, call Tamilyn Masuda at 847-4422 or visit www.masudacpa.com.

    Our tax system for the most part remains firmly based upon the calendar year. At year-end, it’s time to take a snapshot of your income, deductions and credits. Based on that data, your tax liability for the year can be computed. If year-end strategies are implemented before your tax liability is “set in stone” it…

  • Review Your Estate Plan Often

    As we turn the page from 2012 to 2013, it is not a bad time to focus on your Rule Book (the set of documents in which you lay out your estate plan) and make sure that the rules you have in place are still consistent with your wishes and your needs. How often you review your Rule Book is up to you, but it is important to appreciate that things change. As they do, your Rule Book can gradually become obsolete, and if you fail to update it, it may do more harm than good.

    WHAT KINDS OF CHANGES IMPACT YOUR ESTATE PLAN?

    Changes in your health. Like it or not, your health will change over time, and the general trend will not be for the better. Your doctors can do a lot to keep you going, but they have not discovered the Fountain of Youth yet. If you ever lose the capacity to update your estate plan, your family may be stuck with a Rule Book that does not meet your needs, and there may be little that can be done about it, short of taking an expensive foray through the court system.

    Changes in your assets. Values go up, values go down. Those fluctuations can affect how your estate plan works. More importantly, it is important to take periodic stock of your assets and make sure they are all properly titled. If you have a revocable living trust, you probably should have all or most of your assets in the name of your trust. If you sell an asset that belongs to your trust, make sure the proceeds go into an account owned by your trust, and when the proceeds are reinvested, make sure the new assets are properly titled.

    Changes in your family situation. Any time your family experiences a marriage, a divorce, a birth, or a death, you should have a look at your Rule Book. Other changes might impact what you want to say in your Rule Book as well. Those changes might be good, such as a child heading off to college, or not so good, such as the discovery that a family member has a drug problem or a debt problem.

    Changes in the law. There have been some dramatic changes in the Federal and Hawai‘i estate tax laws over the past several years, and you can expect those kinds of changes to continue for the foreseeable future. Though the changes have caused uncertainty, they have also given rise to opportunities. Over the past two years, Hawai‘i laws relating to trusts and tenancy by the entirety have changed in some very positive ways that open the door to enhanced asset protection. Don’t miss out on what those new laws have to offer.

    If you review your Rule Book at least once per year, you will probably be able to stay on top of all of these changes and be able to make appropriate updates to your estate plan. You should also sign a new durable power of attorney and advance health-care directive each year, even if there are no changes. The reason to update your power of attorney is that once it is more than a year old, many financial institutions will not honor it, and once it is five years old, nobody will honor it. The reason to update your advance directive is to force you to focus on it and make sure that it accurately reflects your wishes. It will not be called upon until you are unable to speak for yourself, so you need to get it right while you still have the capacity to do so.

    Scott Makuakane, Attorney at Law
    Specializing in estate planning and trust law.

    www.est8planning.com
    O‘ahu: 808-587-8227, Maui: 808-891-8881
    Email: maku@est8planning.com

    As we turn the page from 2012 to 2013, it is not a bad time to focus on your Rule Book (the set of documents in which you lay out your estate plan) and make sure that the rules you have in place are still consistent with your wishes and your needs. How often you…

  • Who’s to Get My Personal Assets?

    QUESTION: Should I write instructions for my jewelry and other personal assets in my Will?

    ANSWER: Yes. The best method to use is a “Personal Property Memorandum.”

    State of Hawai‘i law allows you to legally make your own list of beneficiaries of tangible personal property. It is as simple as making the list in your own handwriting, signing and dating it.

    Why make a Personal Property Memorandum?

    Passing on keepsakes to those we care about and who we know will keep them can be a meaningful experience for each of us. And we hope that the recipient of these items will continue to find value and meaning in the personal keepsakes long after we are gone.

    What other benefits in preparing this Personal Property Memorandum provide?

    Helps reduce conflict. It reduces any conflict that might occur between siblings after parents die. A parent’s death can be a very stressful time as people are asked to deal with assets while they are grieving, causing strain in relationships. A parent making the decision can greatly reduce any conflict that might arise.

    Reduces legal fees. A Personal Property Memorandum does not require the assistance of an attorney, thus eliminating attorney costs.

    Enriches relationships. By fostering communication now, it can bring relationships closer when the giver engages in a conversation with each beneficiary, in person, to tell the story and the value of the item intended for them.

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

    QUESTION: Should I write instructions for my jewelry and other personal assets in my Will? ANSWER: Yes. The best method to use is a “Personal Property Memorandum.” State of Hawai‘i law allows you to legally make your own list of beneficiaries of tangible personal property. It is as simple as making the list in your…

  • Better Business Bureau: Deciding Charities

    The holidays are a tough time to be in need, and unfortunately there’s way too much of that going around these days. Last year the U.S. Census Bureau said that 16% of people in the States live below the poverty line and that children in 3.9 million households across America went hungry.

    These are heart breaking statistics, and many of us seek out charities to donate to during the holidays. Of course, doing so is a great idea, but donors should be wary before making that commitment. Unfortunately there is no shortage of con artists running bogus charities whose only purpose is to pad their own pockets.

    How do you separate trustworthy charities from the scams? Here are a few tips to follow:

    • Check with Hawai‘i’s Better Business Bureau to see if a charity has met our twenty standards for accountability. Among other things BBB reviews a charities financial health and their accountability and transparency.
    • Check with our state attorney general’s office if a charity is registered to solicit here in Hawai‘i.
      Ask for an IRS Form 990—any real charity should be happy to provide you with it. It is  the IRS form that provides detailed financial information for potential givers.
    • Don’t click on any emails asking you to send money. Con-artists use the holidays to appeal to your philanthropic side — and they like to use email to reach out to you. Don’t fall for it. If you want to donate online, go to a charity’s homepage and follow the directions on their donations page.
    • When considering supporting a cause — find the answers to these questions: What portion of the donation will benefit the charity? What location will the charity use the funds in? How do they help those in need?

    Giving to those less fortunate is really what the holidays are about. Make it easier for yourself to leave your mark by doing your homework and researching the charities you want to help.

    Better Business Bureau - Generations Magazine - April-May 2013

    The holidays are a tough time to be in need, and unfortunately there’s way too much of that going around these days. Last year the U.S. Census Bureau said that 16% of people in the States live below the poverty line and that children in 3.9 million households across America went hungry. These are heart…

  • Uplifting Choices: Playing a Significant Role

    An Uplifting Story

    If you live long enough, you are likely to have an experience that is life-altering. Right now, there are two families living on the Big Island living out just such an experience; and it started out with a casual conversation between two mothers who are involved with their sons’ softball team.

    Angie Toma, a scorekeeper for her son’s team, and Leanne Hirata, the coach’s wife, were in the press box one day when Angie happened to mention to Leanne that she has had three kidneys from birth. As it turned out, Leanne’s husband, Gregg, has experienced a deteriorating kidney for 20 years. Although he looks healthy, Gregg is gravely ill with kidneys that are only functioning at 11%. He is in need of a kidney transplant.

    Angie thought it over and decided to donate one of her kidneys to Gregg (Leanne and Gregg’s father were ineligible to donate for a variety of reasons). Since following through on her initial decision, Angie learned that two of her kidneys had grown together, so she only has two kidneys, rather than three. Undeterred, Angie continued with the medical process and expects to donate her kidney when medical procedures are complete. For Gregg, Angie’s generosity means he will be there for his wife and three young boys, with a healthy kidney and a new lease on life.

    BEHIND THE STORY

    Not everyone is so fortunate. In Hawai‘i, approximately 400 people are on the waiting list for a new kidney. The supply of healthy kidneys is not sufficient to fill the need. And many patients pass away before a matching donor can be located. In the past decade, the number of patients waiting for a transplant has doubled, while the number of transplants has remained level. The need tends to increase because people are generally living longer, putting additional stress on their organs. Younger people, like Gregg, and children are also on the list. There have been approximately 1,200 transplants performed in Hawai‘i since 1988, most of them performed by the medical team currently residing at The Queens Medical Center.

    Organ transplantation in Hawai‘i has been a reality since 1969, when Dr. Livingston Wong performed Hawai‘i’s first kidney transplant. He put together a team of doctors who pioneered the procedure at St. Francis Transplant Center, and later Hawai‘i Medical Center. When the latter closed its doors about a year ago, Hawai‘i was left with no facility for transplantation until The Queen’s Medical Center came forward to fill the gap. The new center is home to physicians and staff with over 20 years of experience in transplantation, including Drs. Whitney Limm and Linda Wong (daughter of Livingston Wong).

    HELPING TO CREATE NEW STORIES

    The National Kidney Foundation of Hawai‘i’s mission includes improving the health and well-being of individuals and families affected by kidney and urinary tract diseases, and to increase the availability of all organs and tissue for transplantation in Hawai‘i. Among their programs is a mentoring program of one-on-one help for dialysis and transplant patients. Recently, we have assisted in the creation of a new Council of NKFH known as the Hawai‘i Organ Transplant (H.O.T.) Support Group, whose mission is to improve the support for, and education of, people who’ve had or who are in the process of organ transplantation procedure through educational events and mentorship programs. The support group consist of people who are organ donors, recipients and others who are interested in transplantation.

    Our hope is that organizations like NKFH and H.O.T. will help grow awareness of the need for healthy donors and encourage kidney patients who experience this life-giving process. Our hope is for even more stories like Gregg and Angie’s.

    If you are interested or have questions relating to organ transplantation, you can reach NKFH at 808-593-1515, H.O.T. at 808-589-5965, or The Queen’s Transplant Center at 808-691-8897.

    National Kidney Foundation of Hawaii
    1314 South King St., #304, Honolulu, Hawai‘i 96814
    808.589.5976 info@kidneyhi.org www.kidneyhi.org

    An Uplifting Story If you live long enough, you are likely to have an experience that is life-altering. Right now, there are two families living on the Big Island living out just such an experience; and it started out with a casual conversation between two mothers who are involved with their sons’ softball team. Angie…