Category: Wisdoms

Choosing a Dignified Death

A Provider Order regarding Life Sustaining Treatment (POLST) says what measures should be used to keep you alive in a medical emergency. It is different from an Advance Directive in that it will be followed by emergency personnel, provided that they are aware of its existence. If you don’t have a POLST, emergency medical technicians (EMTs) are required to do whatever they can to restore and stabilize your heartbeat and breathing and take you to an appropriate facility for treatment. They will not read your Advance Directive and try to figure out how it might apply to your situation.

In some cases, resuscitation is not appropriate or wanted. A POLST, being a medical provider’s order, will be followed by the EMTs. Your Advance Directive will not come into play until you are in the hospital. At that point, the EMTs may not have done you any favors by keeping you alive. If you would not want to be resuscitated, talk with your doctor about having a POLST. If you would want the EMTs to follow normal lifesaving procedures, you do not need a POLST.

Your POLST should be printed on lime green paper so it is immediately recognizable. Post a copy by your bed and carry one with you when you leave home. Make sure loved ones know where to find it in an emergency.

SCOTT MAKUAKANE, Counselor at Law
Focusing exclusively on estate planning and trust law.
www.est8planning.com
808-587-8227 | maku@est8planning.com

A Provider Order regarding Life Sustaining Treatment (POLST) says what measures should be used to keep you alive in a medical emergency. It is different from an Advance Directive in that it will be followed by emergency personnel, provided that they are aware of its existence. If you don’t have a POLST, emergency medical technicians…
How Will Rising Interest Rates Affect You?

The Federal Reserve (the Fed) has begun what it says will be a series of interest rate increases in an effort to slow the economy and temper the current surge in the inflation rate. At the start of 2022, the federal funds rate stood at near zero percent. By May, the Fed moved the federal funds rate 75 basis points (0.75 percent) higher.

What does this mean for you and your money? While Fed actions directly impact large financial institutions, they also resonate throughout the financial markets. In indirect ways, your personal finances can be affected by Fed policy.

Four ways the Fed’s rate hikes in 2022 could impact your bottom line:

1. HIGHER BORROWING COSTS

While the Fed’s rate hikes don’t directly affect most types of consumer loans, the direction the Fed sets on interest rates tends to carry over throughout debt markets. This could include:

• Home mortgages: Adjustable-rate mortgages will be the most directly affected, as they change in conjunction with general interest rate trends in the market. If you have a fixed rate mortgage, you won’t see any change.

• Automobile loans: While a variety of factors affect how interest rates are set on vehicle loans, you can expect these rates to increase as well.

• Student loans: Federal student loan rates are set and will not be directly affected. However, borrowers working with private lenders will likely see rates move higher as they are tied to the Fed funds rate.

2. MODESTLY HIGHER SAVINGS RATES

Investors have not earned much in terms of interest on bank savings accounts, money market accounts or certificates of deposit in recent memory. While it seems reasonable to expect that yields may improve modestly, the change may not be dramatic. Even with historically low interest rates, investors have directed significant sums to these types of vehicles. In the current market environment, some investors still have a desire for such “safe haven,” high liquidity investments regardless of the interest rate earned.

3. THE BOND MARKET

Fed interest rates strategies don’t impact the bond market directly, but Fed policy is watched closely by bond investors. This year, along with raising short-term rates, the Fed has also begun reducing the role it plays as a buyer in the broader bond market. That action could lessen demand for longer-term bonds, which can drive up interest rates. Even before the Fed initiated its new policies, the bond market already anticipated the change and interest rates began moving higher on most types of bonds.

4. THE STOCK MARKET

The stock market also tends to react to the Fed’s news, and with the central bank taking steps to slow the economy, investors anticipated the potential negative effects on publicly-traded companies. As a result of this and other factors, stocks lost value at the start of the year. It may be a good time to talk with your financial advisor about whether any of the changes mentioned above require you to update your financial plan.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1222, ext. 1240 | michael.w.yee@ampf.com
www.ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC®, is a Private Wealth Advisor, Certified Financial Planner™ practitioner with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 37 years. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial Services, LLC. Member FINRA and SIPC. ©2021 Ameriprise Financial, Inc. All rights reserved.

The Federal Reserve (the Fed) has begun what it says will be a series of interest rate increases in an effort to slow the economy and temper the current surge in the inflation rate. At the start of 2022, the federal funds rate stood at near zero percent. By May, the Fed moved the federal…
Protect Pets After You’re Gone

Growing up, my family always had a pet. From dogs to cats to frogs and even a chicken for a day, pets have always been a part of my life. Today, our pet family consists of three dogs, a guinea pig, a bunny and frogs.

Our pets are not just animals but members of our family. And like our family members, we want to ensure that they are taken care of after we are gone. If you’re an animal lover like me, you worry about what will happen to your pet if something were to happen to you, then a pet trust may be your answer.

Many of our clients have pets that they love and want to ensure that they are cared for and provided for after they pass. A pet trust allows pet owners to set up a support system for their pets after they’re gone. The trust appoints a trustee who will manage the money put aside for the pet. It appoints a caretaker beneficiary who will take care of and love the pet for the rest of their life. We also work closely with our clients to prepare a memorandum of intent. This memorandum allows our clients to leave specific instructions on how to care for their pets — this can include specific food sensitivities, grooming, medical care and even burial or cremation.

If this is something you are interested in, we recommend contacting your attorney.

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

Growing up, my family always had a pet. From dogs to cats to frogs and even a chicken for a day, pets have always been a part of my life. Today, our pet family consists of three dogs, a guinea pig, a bunny and frogs. Our pets are not just animals but members of our…
Making the Rules Beyond Your Lifetime

How do you stay in control of your stuff while you are able and assure that your wishes will be carried out when incapacity or the grim reaper catch up with you? Sorry to rub it in, but at least one of these possibilities is going to happen to you and odds are that both of them will. You have an opinion about the kind of healthcare you want to receive throughout your lifetime and you have an opinion about who should enjoy your stuff when you are done with it. Turning your wishes into reality will require you to act on your opinions and put them down on paper. You need to develop the rulebook — your estate plan — that will give you the final say over your assets and your healthcare.

And remember that your rulebook will need to change over time. In the future, your health, family situation and assets will change. Your comfort with your list of hand-picked decisionmakers who will someday step in and make choices will change. The laws that affect your estate plan will change. With these changes, you will need to adjust your rulebook in order to be confident that your wishes will be followed at every phase of your life — and perhaps beyond your lifetime.

Talk with your trusted advisors about the best way to put your rulebook in place and then how to keep it current as circumstances change.

SCOTT MAKUAKANE, Counselor at Law
Focusing exclusively on estate planning and trust law.
www.est8planning.com
808-587-8227 | maku@est8planning.com

How do you stay in control of your stuff while you are able and assure that your wishes will be carried out when incapacity or the grim reaper catch up with you? Sorry to rub it in, but at least one of these possibilities is going to happen to you and odds are that both…
Making Your Money Last in Retirement

Having spent decades saving for retirement, it can feel like a major shift for retirees to spend down their hard-earned assets. Research by the Employee Benefit Research Institute found people with $500,000 or more in savings at retirement spent down less than 12 percent of their assets over 20 years.(1) Many of these retirees are reluctant to dip into their principal for fear of running out of money due to the anticipation of increased healthcare expenses and other factors. If you share these concerns about the longevity of your savings, here are steps you can take to help you feel more confident:

 Understand the arc of retirement spending. Annual expenses generally are highest within the first few years of retirement. This is because retirees are often taking advantage of their newfound leisure time to pursue hobbies, travel, dine out and shop. Spending tends to slow down with advancing age. You may find it reassuring to realize there’s a good chance your lifestyle expenses in retirement could level out or decrease over time.

 Plan for healthcare costs. Healthcare is consuming an increasing proportion of many retirees’ income. You can start preparing for these expenses today by researching your insurance and savings options and developing a strategy to cover your needs. Your options could include a combination of the following: Medicare, Medigap supplemental insurance, health savings accounts (HSAs), long–term care policies, continuing health insurance through your current or former employer, and other dedicated healthcare savings. Having funds and protection in place can help you feel more prepared to handle a medical emergency or more routine care.

 Understand the level of risk in your portfolio. As you turn your savings into income, it’s important to review your portfolio and assess your level of risk. This means ensuring that you have a diversified portfolio that suits your anticipated spending and balances your needs for liquidity and growth. For example, consider having a year to several years of easily accessible investments to provide income in case of a market downturn or an unexcepted financial event in your life. At the same time, it’s important to also have investments that are positioned for growth, or at the minimum, keep up with inflation. Many retirees spend decades in retirement, so plan your investment strategy with longevity in mind.

 Devise a sustainable withdrawal strategy. A well-crafted retirement income plan can help you avoid running out of money and feel more confident about spending your hard-earned assets. Tally up your various sources of retirement income, which may include Social Security, annuities, retirement assets and other investment earnings. Then, decide which assets you will tap into first, and when you will claim Social Security benefits. Remember that at 72 years of age you are required to take required minimum distributions from your traditional IRA and employer-sponsored retirement plans, so work this income into your plan.

 Consider the tax consequences. Reducing taxes on retirement income is a priority for a great number of retirees, yet many feel understanding the tax impacts of drawing down assets is complex. Starting the planning process early and seeking guidance from a tax and financial advisor can help you feel more secure in your strategy.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1222, ext. 1240 | michael.w.yee@ampf.com
www.ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC®, is a Private Wealth Advisor, Certified Financial Planner™ practitioner with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 37 years.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

1 “The Employee Benefit Research Institute’s Spending in Retirement Survey”. EBRI, 2021. Ameriprise Financial Services, LLC. Member FINRA and SIPC. ©2021 Ameriprise Financial, Inc. All rights reserved.

Having spent decades saving for retirement, it can feel like a major shift for retirees to spend down their hard-earned assets. Research by the Employee Benefit Research Institute found people with $500,000 or more in savings at retirement spent down less than 12 percent of their assets over 20 years.
Adequate, Equal, Equitable or Fair?

Parents often struggle with the concepts of equal, equitable, fairness and adequacy when it comes to the distribution of their assets among their children. Defining these terms will help us make the decision that most closely reflects our intention.

Adequate means the minimum amount of money needed for survival. The adequacy level has been met if our children are independent and not in need, and if we can be reasonably sure that they will not become dependent.

Equal means giving the same dollar-amount to each child. This means that we change our focus as parents from meeting the individual needs of our children to simply and equally dividing of our assets among them, without consideration of their station in life.

Equitable means having the same financial opportunity to reach a specific objective considering current personal conditions, but without regard to how those happened.

Fair means having a non-discriminatory attitude regardless of personal conditions, but with regard to how it happened. If one child chooses not to work and is still living at home, and one child works and is living independently, leaving the house to the non-working child may be equitable (each having a place to live) but not fair, and in a way, penalizes the working child.

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

Parents often struggle with the concepts of equal, equitable, fairness and adequacy when it comes to the distribution of their assets among their children. Defining these terms will help us make the decision that most closely reflects our intention.
Estate of Mind

Remember the classic Abbott and Costello comedy routine, “Who’s on First?” The longer they banter, the more their frustration grows due to their seeming lack of understanding of the game they are discussing — and hilarity ensues.

Similarly, the language of estate planning can give rise to problems for the uninitiated, but the problems that arise may not be funny at all. The vocabulary of estate planning is very precise and a seemingly innocuous slip of the tongue can make a world of difference.

A good example is the term “estate.” Does it mean land, as in “real estate,” or what passes by way of your will, as in “probate estate,” or does it mean what is in your revocable living trust, as in “trust estate” or does it mean what is subjected to “estate” tax after you are gone? It can mean any of those things, depending on the context.

An “estate” can be land or an interest in land. An example of an interest in land is a life estate, which gives the owner (the “life tenant” ) the right to use the land for his or her lifetime. The life estate terminates upon the life tenant’s death and the land then goes to the person who stands to inherit property (the “remainderman”).

The term “life tenant” does not refer to somebody who pays rent, as we normally think of a “tenant,” but rather somebody who can use certain property for life without having to pay rent.

Your probate estate is whatever you own at your death that will pass by way of your Last Will and Testament. It can include anything you own, such as land, bank accounts and jewelry.

If you put your land, bank accounts and jewelry into your revocable living trust, those assets become what is called your “trust estate,” and they will no longer be part of your probate estate when you die. Your trust estate bypasses probate.

But wait! “Doesn’t the estate tax hit not only a person’s probate estate, but also things that have nothing to do with the person’s probate estate — like life insurance policies, retirement accounts, jointly owned assets and trust assets?” Yes, because your estate for estate tax purposes includes just about everything you own or control at the moment of your death.

Knowing the language of estate planning can be helpful in formulating your own estate plan, as well as understanding someone else’s plan that names you as a beneficiary. Having a well-informed estate planning vocabulary takes you a long way toward knowing “who’s on first” in the complicated subject of estate planning.

SCOTT MAKUAKANE, Counselor at Law
Focusing exclusively on estate planning and trust law.
www.est8planning.com
808-587-8227 | maku@est8planning.com

Remember the classic Abbott and Costello comedy routine, “Who’s on First?” The longer they banter, the more their frustration grows due to their seeming lack of understanding of the game they are discussing — and hilarity ensues. Similarly, the language of estate planning can give rise to problems for the uninitiated, but the problems that…
Tips for Dividing an Estate

Dividing tangible personal property is a task that often causes problems for a personal representative and between heirs.

A will typically directs that property with monetary value is to be sold and the proceeds deposited into the estate account.

But what happens when the property has no real value but the sentimental value is priceless?

Here are some possible solutions that may help mitigate potential problems:

♦ Plan ahead and make a list within your will that identifies the item and recipient. This is unambiguous and clearly expresses your wishes.

♦ Consider gifting items while you’re alive. The added benefit is watching the recipient enjoy your gift.

♦ Consider assigning a number to all items and draw them from a jar (if you are acting as a personal representative).

♦ Use color-coded stickers to designate what items will go to whom. The item with the appropriate sticker will go to the “owner” of that color. If an item has multiple stickers from many hopeful recipients, begin a discussion about who gets the item. The story explaining why someone is attached to a particular item may help with the grieving process. If it cannot be resolved, put all the names in a hat and conduct a random drawing.

♦ Hiring an unbiased, outside, professional third-party to help decide how to divide the property, manage communication and resolve conflicts may be a final strategy. For example, a mediator helps parties negotiate a settlement that will satisfy all the parties. (Keep in mind that a mediator does not decide a dispute.)

It is always best to plan ahead. But if that is not possible, develop a strategy for dividing items that everyone agrees on. This can be a positive experience with planning and strategy.

HAWAII FIDUCIARY SERVICES LLC
3615 Harding Ave., Ste. 309, Honolulu, HI 96816
808-777-4200 | kholt@hifiduciaryservices.com
www.HawaiiFiduciaryServices.com

Dividing tangible personal property is a task that often causes problems for a personal representative and between heirs. A will typically directs that property with monetary value is to be sold and the proceeds deposited into the estate account. But what happens when the property has no real value but the sentimental value is priceless?
Navigating Your First Year in Retirement

Like most Americans, you’ve probably spent years working to achieve the retirement of your dreams. Then there comes a point when this career milestone changes from a distant goal to an imminent reality.

You can make your first year away from work more rewarding and less stressful when you take the time to anticipate potential challenges and prepare for how you will handle this important life change.

Your state of mind

In your first weeks as a new retiree, it’s normal to feel both excitement and trepidation. You’re eager for more time to connect with friends and family, and to do the activities you love. Stepping away from your career can also reduce your stress level and free you from the burden of having competing priorities.

However, saying goodbye to your workplace, business associates, day-to-day responsibilities and regular paycheck may trigger anxiety and sadness. This is especially true for those who have really enjoyed their professional status and fulfilling career.

If your spouse or significant other is already at home, either as a homemaker or the first retiree, recognize that your new lifestyle may cause similar emotions for this person. Imagine your reaction if he or she were retiring to your “office.” The change would mean a departure from your schedule and habits, even if it does mean more time together.

For those experiencing mixed feelings, it’s helpful to acknowledge them, both to yourself and a partner or trusted friend. Remind yourself why you chose to retire and remember all that you accomplished to reach this point.

Your purpose

With your calendar clear of work obligations, it’s important to identify a few ways to fill your time. To start, keep the promises you’ve made to yourself, your spouse or others about what your retirement will include.

For example, if you’ve promised distant relatives that you’ll reconnect some time in the future, then organize a reunion.

Or set a date to fulfill your dream of visiting France’s wine country or find an instructor who can teach you to play the piano. Alternatively, you may decide to pursue an encore career, part-time job or an opportunity to open your own business.

With all your new possibilities, it’s important to avoid overcommitting yourself. Give yourself some breathing room in each day and ease into volunteer organizations or activities. Now that you have the freedom to do so, be sure that you’re choosing to spend your time in ways that are the most gratifying to you.

Your finances

Adjusting your mindset from building your nest egg to spending it can be challenging. To make your initiation to retiree life easier, create a plan for how you will pay yourself in retirement. Start by tallying your income sources before determining which ones you’ll tap into first.

Next, estimate your cash flow for year one. Planning this in advance can help ease worries and reduce your risk of overspending. As a benchmark, have enough cash to cover three years of potential unexpected expenses.

Once you’re in retirement, enjoy your newfound freedom, but make sure to monitor your cash reserves regularly to gauge your spending and make adjustments as you find necessary.

If you’re uneasy or need reassurance that your income and cash flow plans are sufficient, meet with a financial advisor. Together you can look at the impact of taxes, evaluate your portfolio diversification and prepare for the legacy you’d like to leave your community and family.

Becoming a retiree means both enjoying and enduring a lot of change. Although you can’t prepare for every challenge and opportunity you might face in your first year, planning for what you can control allows you to move into this new life stage with confidence.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1222, ext. 1240 | michael.w.yee@ampf.com | www.ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 37 years. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial Services, LLC. Member FINRA and SIPC. ©2021 Ameriprise Financial, Inc. All rights reserved.

Like most Americans, you’ve probably spent years working to achieve the retirement of your dreams. Then there comes a point when this career milestone changes from a distant goal to an imminent reality. You can make your first year away from work more rewarding and less stressful when you take the time to anticipate potential…
The Two Asset Distribution Standards

As an estate planning attorney, I observe how families decide to distribute their assets among their children. I have seen two main standards used to determine the gift.

First is the standard of meeting needs and wants. As parents, we know the needs and wants of our children, and do our best to meet both of these. One child with an interest in music might need and want a guitar; another child with an interest in sports may need and want volleyball. While the dollar value of the musical instrument may not match the dollar value of the volleyball, their needs and wants would be fulfilled equally.

This standard works well while the parents are alive to observe these wants and needs. It becomes difficult and nearly impossible to meet needs and wants once the parents die and are no longer able to make those observations. They could make an educated guess in advance for their child’s future, but naturally, what a child needs or wants today will no doubt be entirely different tomorrow.

Because of this uncertainty, the standard can shift from needs and wants to equal after they die. A last will and testament or living trust can provide this equality. Many children receive these as a statement of how much their parents love them — most parents want their children to know that they are loved equally.

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

As an estate planning attorney, I observe how families decide to distribute their assets among their children. I have seen two main standards used to determine the gift. First is the standard of meeting needs and wants. As parents, we know the needs and wants of our children, and do our best to meet both…
‘No Mom, I’m Not in Jail’

I recently received a telephone call from my mother. Given that I was in a meeting, I didn’t answer it, but instead let it go to voicemail. Almost immediately, the phone started buzzing again from her same number. Usually, my mom would just leave a message, so this second call was very unusual.

I excused myself from the meeting and answered the call. Mom immediately asked, “Scott, are you in jail?”

It took me a second to comprehend what she was asking me and another second to understand what was going on. My parents were being set up for a scam.

While my mother was out playing mahjong, my dad’s caregiver had answered my parents’ home phone and was informed that their child had been arrested. Even though I have a brother and two sisters, it was assumed the child who was incarcerated was me — the one who has worked at the Prosecutor’s Office for 25 years!

My mother came home from her game to find my father in a panic and a caregiver who was now viewing my folks in a different light. But I was very relieved that my mother had the forethought to call me first before contacting the “police” to arrange to post my bail.

Once I explained that this was a common scam, very similar to the Grandma Scam, in which a person is told that a loved one is in trouble and immediate financial help is necessary to avoid harm befalling them, my mother and father realized I did not suddenly turn to a life of crime.

I called the phone number with the New York area code, but no one answered.

A lot of the scams that are brought to the attention of the Elder Abuse Unit involve victims giving money when they are in a high emotional state. These strong feelings can be joy (as in “winning” the lottery and needing to pay taxes and fees first before collecting your “prize”), fear (a message saying a loved one is in need and money will fix the problem) or sorrow (help these poor people who are experiencing the trauma of a natural disaster).

Whatever the angle that is pitched, please don’t make financial decisions when your emotions are running high! You could be setting yourself up as the target of a costly scam.

If you suspect elder abuse, call these numbers:
Police: 911 | Adult Protective Services: 808-832-5115
Elder Abuse Unit: 808-768-7536
For questions, email ElderAbuse@honolulu.gov

I recently received a telephone call from my mother. Given that I was in a meeting, I didn’t answer it, but instead let it go to voicemail. Almost immediately, the phone started buzzing again from her same number. Usually, my mom would just leave a message, so this second call was very unusual. I excused…
Estate Taxes: What’s Around the Corner?

After spending a lifetime of earning, saving and investing — and paying income and capital gains taxes all the way along — you may wonder why our government feels entitled to tax the value of what’s left when you die. However, the IRS and the State of Hawai‘i both want a piece of your estate.

As of 2021, each US citizen residing in Hawai‘i is allowed to pass on $5.49 million free of state estate tax and $11.7 million free of federal estate tax. I call these “coupon” amounts, because it is as if the government gives each of us a coupon to shelter our assets from estate tax. At the current coupon amounts, most of us do not have to worry about the government reaching into our family cookie jar when we die. But, major changes to the coupon amounts may be around the corner.

Congress is talking about cutting the federal coupon approximately in half and Hawai‘i has been talking about reducing its coupon to $1 million. So there could be tax payable at your death if you own a house and have modest amounts of cash, life insurance, and retirement savings.

Don’t wait until the law changes before you call your estate planning advisors to talk about how to address these possible changes. There may be things you can do to minimize the tax bite and maximize what you leave your family.

SCOTT MAKUAKANE, Counselor at Law
Focusing exclusively on estate planning and trust law.
www.est8planning.com
808-587-8227 | maku@est8planning.com

After spending a lifetime of earning, saving and investing — and paying income and capital gains taxes all the way along — you may wonder why our government feels entitled to tax the value of what’s left when you die. However, the IRS and the State of Hawai‘i both want a piece of your estate.