Category: Date

  • A Medical Marijuana Odyssey

    Elton Goo was surfing in Peru when the government closed its borders to fight COVID-19 in March 2020. As an avid surfer, being temporarily stranded in one of the best countries in the world to score some “epic surf” might not have been such a bad thing, but unfortunately, Elton, who was diagnosed in 2016 with terminal lung cancer at age 55, was running out of his medication. He had no way to attain more. He ended up taking the medication every other day, but it ran out. “My health was fading,” said Elton.

    In lieu of his regular medication, Elton was able to attain some CBD, an oil derived from the cannabis plant, which he had been taking along with his prescribed cancer medication since 2016.

    With the genetics of longevity on his side, along with a healthy and active lifestyle, Elton’s initial diagnosis came as a shock. But in November 2020, Elton found out that he was cancer-free — a miracle, he says. Elton credits his recovery to God and a medicinal marijuana product called “Rick Simpson Oil” (RSO), a concentrated cannabis oil with a very high THC content. It is a full-spectrum, whole-plant extract that retains all components of the cannabis plant, including cannabinoids, terpenes and flavonoids.

    The results of RSO use are promising, according to a “Healthline” article, but “large human studies are needed before cannabis becomes a recommended cancer treatment… If you want to try using RSO for cancer, it’s best to keep up with any other treatments recommended by your doctor.”

    Since his diagnosis in 2016, Elton had been on a mission to surf the world and live each day as if it were his last. At age 60 and cancer-free, his mission continues. An avid sports fan, he travels extensively, seeking new surf spots and attending sporting events of all kinds. “The last three times after returning from my travels, I received a notice from Hawai‘i Department of Health that I might have come in contact with a COVID-positive person,” says Elton, who is fully vaccinated. “But each time, my COVID test came back negative.”

    “There were many times during my travels when I found myself coughing,” says Elton. “Each time, I would grab my syringe of RSO and go to bed. The following morning, I would always feel fine.” A syringe facilitates accurate  measurement for oral consumption of RSO, an easy-to-use concentrate.

    In January, Oregon State University published research results showing that two cannabis compounds — cannabigerolic acid (CBGA) and cannabidiolic acid (CBDA) — have the ability to prevent the COVID-19 virus from entering human cells. The compounds bound to spike proteins on the virus and blocked a step the pathogen uses to infect people.

    Elton has had many personal encounters with terminal patients who have recovered from cancer using RSO. “But don’t go rushing out to buy marijuana to smoke,” he says. Applying heat to the key compounds changes their makeup, and then they are not effective. Eating it metabolized the compounds, also making them ineffective. Both these methods of consumption produce a high, which Elton found to be unpleasant. “To work as a medicine, the dosage is strong. I was stoned out of my mind for months.” The medication he now uses as a preventative treatment comes in suppository form, with no psychotropic effects.

    O‘ahu residents with medical marijuana cards can contact Jason Hanley, the owner of CARE Waialua, a patient-based cannabis farm on O‘ahu that gives those with a Hawaii 329 or cannabis cards a place to get medical marijuana. Call 808-224-0510 or visit www.instagram.com/care_waialua for additional information.

    “God may have given us the tools to combat the two ‘Big Cs’— cancer and COVID,” says Elton. “We must proceed with an open mind and support further study of the therapeutic properties and potential of this unorthodox treatment.”


     

    Elton Goo was surfing in Peru when the government closed its borders to fight COVID-19 in March 2020. As an avid surfer, being temporarily stranded in one of the best countries in the world to score some “epic surf” might not have been such a bad thing, but unfortunately, Elton, who was diagnosed in 2016…

  • Improving Retirement Security in Hawai‘i

    Retirement insecurity is one of the most serious challenges facing the country today. Most at risk are private sector workers whose employers do not offer a workplace retirement savings plan. However, the Hawai‘i State Legislature has initiated action on this critical issue.

    In the regular session of 2021, the Senate adopted Senate Resolution 76 (SR76), Senate Draft 1. Introduced by Sen. Brian Taniguchi, SR76 requested the creation of a Retirement Savings Program Task Force to address the state’s  retirement savings crisis and explore options for helping workers save for their retirement.

    The task force comprised of business and nonprofit stakeholders, and public officials and legislators has been meeting since August 2021 to study the issue of retirement insecurity and to look at how the state can help our residents save more for their future.

    We received testimony and insights from local and national experts, as well as from small business owners and financial institutions in Hawai‘i. Our findings culmina {Play}ted and a formal Report and Recommendations document was submitted to the Legislature on Dec. 10, 2021. This is very exciting for all small business employees and employers who care about their employees and want to give them an opportunity for retirement security.


    HALE HAU‘OLI HAWAI‘I (501(c) 3 nonprofit)
    98-1247 Kaahumanu St., Ste. 207, Aiea, HI 96701
    808-292-4665 | Kwyatt01@aol.com
    www.halehauolihawaii.org

    Retirement insecurity is one of the most serious challenges facing the country today. Most at risk are private sector workers whose employers do not offer a workplace retirement savings plan. However, the Hawai‘i State Legislature has initiated action on this critical issue.

  • Spring Cleaning for Your Wallet

    It’s time to begin your spring cleaning! This year, don’t forget to include your wallet, the home of your critical medical and insurance cards.

    Do you know which cards you should carry or dispose of?

    If you are retired, you can begin by disposing of your work insurance card. Your coverage ended when you retired.

    Also, that Original Medicare card that displays your social security number is obsolete. Call the Social Security Administration at 1-800-772-1213 if you need a replacement Medicare card.

    If you recently qualified for Medicare or changed plans, put your new member identification card in your wallet or swap it for the old one.

    Providing the proper insurance card saves time, money and makes accessing healthcare services easier.

    Healthcare providers count on you to provide them with your current insurance card so you can receive healthcare and the provider can file a claim for their services.

    Having the correct card enables quicker processing and helps avoid billing errors, and treatment scheduling delays.

    Take a moment to get more organized and clean out your wallet today.


    GET2INSURANCE.COM FAMILY OFFICE
    1003 Bishop St., Ste. 2700, Honolulu, HI 96813
    (800) 226-3660 | martha@get2insurance.com
    www.Get2insurance.com

    It’s time to begin your spring cleaning! This year, don’t forget to include your wallet, the home of your critical medical and insurance cards. Do you know which cards you should carry or dispose of?

  • 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.

    Middle aged dad helping his teen kids with homeworkFirst 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.

  • Retirement Plans for Small Businesses

    If you are among the nation’s more than 31 million small businesses owners, you likely spend much of your time juggling day-to-day business activities and put off planning for the future.

    If retirement planning has fallen on your back burner, now is the time to bring it to the forefront. As a small business owner, you deal with a different world of retirement plans than somebody who is an employee, making it all the more important to closely explore your options when deciding what’s right for you.

    Elderly female baker wearing protective medical face mask working at her shop during coronavirus pandemicPlan options to consider

    Self-employed individuals or business owners should be sure to fund IRAs as much as possible. The annual limit for 2021 is $6,000 ($7,000 for those aged 50 and up). Funding IRAs is only a starting point. A few other options for the self-employed and business owners to consider:

    Solo 401(k)s — This offshoot of the traditional 401(k) plan can be established if you(or you and your spouse) are the only employees of your business. It offers the ability to direct the largest potential contribution annually. As much as $58,000 can be set aside in 2021 ($62,500 for those age 50 and older). This comes from a combination of employer and employee contributions. There are initial costs and efforts needed to start and maintain the plan, as it requires a plan administrator. Earnings grow on a tax-deferred basis and contributions made by an incorporated business can be deducted from business expenses. For non-incorporated businesses, the owner can deduct contributions from their personal income. For those with employees, a full 401(k) plan can be established, though different rules will apply.

    SEP IRAs — A SEP IRA is very similar in structure to a Solo 401(k), with two main exceptions. Costs are minimal, as it does not require the support of a plan administrator and it can cover employees. In this plan, all contributions are made by the employer equal to no more than 25 percent of compensation (a maximum of $58,000 in 2021). The employer can determine what percentage of compensation to set aside each year, but it must be consistent for all employees, including the owner.

    SIMPLE Plans — These plans allow businesses with fewer than 100 employees to establish either a SIMPLE IRA or  SIMPLE 401(k) for each employee. Employees can make salary deferral contributions of up to $13,500 ($16,500 for those 50 and older) in 2021. Employers are obligated to provide a matching contribution in SIMPLE 401(k)s of 3 percent of compensation for employees who elected to defer or 2 percent for employees who did not elect to make contributions.

    Your business as a retirement asset

    Of course, monetizing the value of your business may be another way you fund your retirement. If your business can continue to operate successfully without you, it should have value when you retire. Selling your business to a current  employee may be an option or you may want to look for potential outside buyers.

    As a business owner, you have unique challenges and opportunities when it comes to planning for a successful retirement. Talk to a financial advisor about how to put a strategy in place to assure your long-term financial security.


    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
    https://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. Specializing in fee-based financial planning and asset  management strategies, he has been in practice for 37 years. Ameriprise Financial cannot guarantee future financial results. Investment products are not federally or FDIC-insured, 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. Investment advisory products and services are made available through Ameriprise Financial Services LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. 1 U.S. Small Business Administration, “2020 Small Business Profile.” © 2022 Ameriprise Financial Inc. All rights reserved.

    If you are among the nation’s more than 31 million small businesses owners1, you likely spend much of your time juggling day-to-day business activities and put off planning for the future. If retirement planning has fallen on your back burner, now is the time to bring it to the forefront.

  • Paving the Way for a Healthy, Secure Future

    One year ago, I made a lifestyle change. I went from a vegan diet to pescatarian diet. After adding fish over a year ago, I lost a few pounds. Then my wife and I decided to go on the keto diet together. I also started an exercise program. Seniors must exercise to stay physically and mentally fit to help prevent Alzheimer’s and other forms of dementia.

    Seniors also need to prepare financially. In the past, retirement money didn’t have to last that long. In 1965, men had a life expectancy of 68 years and women lived an average of 71 years. Men lived only three years in retirement; women, six years. Healthier lifestyles and advancements in science and medicine have now enabled retirees to live well into their 90s. So now our money has to last 20 to 30 years after we stop working.

    Social Security, regular investments (stocks, mutual funds) and retirement plans (401(k)s, IRAs) must take into account this extended life span.

    I will be 73 years old soon. My father is 97 years old. My mother passed away four years ago at age 93. I have three children, 10 grandchildren and 15 greatgrandchildren. I would like to spend many more years with them. I am ready.

    Are you ready? Look at your options. Don’t spend your golden years in illness and poverty. Make plans now for a healthy, secure future.


    FINANCIAL BENEFITS INSURANCE INC.
    1311 Kapiolani Blvd., Ste. 504, Honolulu, HI 96814
    808-792-5194 | emotosue@fbihi.com
    www.fbihi.com | FB: Financial Benefits Insurance

    One year ago, I made a lifestyle change. I went from a vegan diet to pescatarian diet. After adding fish over a year ago, I lost a few pounds. Then my wife and I decided to go on the keto diet together. I also started an exercise program. Seniors must exercise to stay physically and…

  • SSA Supports Small Businesses

    Running a small business is often a 24/7 endeavor. Managing employees, inventory, scheduling, services and marketing can be challenging for small business owners — even in normal times. Although the COVID-19 pandemic has been testing all of us, it has been especially challenging for small business owners.

    Smiling Vietnamese florists checking bills and sales receipts and keeping bookkeeping neatIf you’re a small business owner or you work for one, the Social Security Administration’s (SSA) online suite of services can help make life easier. Our business services allow you to file W-2/W-2Cs online and verify your employees’ names and SS numbers against our records.

    Our online services at www.ssa.gov/employer will save you valuable time when you need information on filing electronic W-2s and verifying Social Security numbers. Small business owners can also take advantage of the SSA’s Business Services Online at www.ssa.gov/bso/bsowelcome.htm.

    Small business owners must register to use this free service, which also offers fast and secure online W-2 filing options to Certified Public Accountants, enrolled agents and individuals who process W-2s and W-2Cs.

    For more information about electronic wage reporting, visit www.ssa.gov/pubs/EN-05-10034.pdf to download and read our publication.


    800-772-1213 (TTY 800-325-0778) M–F, 8:30am–3:30pm
    SSA Office Locator: www.socialsecurity.gov
    Advance Designation FAQ: www.ssa.gov/faq (Other Topics)
    Representative Payees Information: blog.ssa.gov

    Running a small business is often a 24/7 endeavor. Managing employees, inventory, scheduling, services and marketing can be challenging for small business owners — even in normal times. Although the COVID-19 pandemic has been testing all of us, it has been especially challenging for small business owners.

  • Medicare Payment Help is Available

    Having trouble paying for Medicare or other health costs? Medicare Savings Programs (MSP) are available to help older adults pay their monthly Part A/B premiums, annual deductibles, or copayments for visits and services. MSPs are administered by the Hawaii Med-Quest Division.

    Qualified Medicare Beneficiary (QMB) Program pays Medicare Parts A and B premiums, deductibles, copayments and coinsurance.
    Specified Low-Income Medicare Beneficiary (SLMB) Program pays Part B premiums.
    Qualifying Individual (QI) Program pays Part B premiums.
    Qualified Disabled and Working Individuals (QDWI) Program pays Part A premiums for working beneficiaries under 65 with disabilities. QMB, SLMB and QI Programs also eliminate lifetime penalties if you enrolled late for Medicare.
    Extra Help is a low-income subsidy program that helps 1) pay for prescription drug (Part D) premiums/deductibles, 2) lowers copays for covered medications and 3) provides full coverage during the Coverage Gap. Extra Help is administered by the Social Security Administration.

    Contact Hawaii SHIP for an appointment.


    HAWAII SHIP
    Free, local, one-on-one Medicare counseling is provided by the Hawai‘i State Health Insurance Assistance Program.
    250 South Hotel St., Ste. 406, Honolulu, HI 96813
    Oahu: 808-586-7299 | Toll free: 888-875-9229
    www.hawaiiship.org

    Having trouble paying for Medicare or other health costs? Medicare Savings Programs (MSP) are available to help older adults pay their monthly Part A/B premiums, annual deductibles, or copayments for visits and services. MSPs are administered by the Hawaii Med-Quest Division.

  • Detecting Financial Incapacity in Seniors

    This is a blurred image taken through window of old man with gray hair on trainRecently, the SEC, NASAA and FINRA published a report to help advise financial professionals in detecting signs of diminished capacity among older investors. Some red flags:

    • The senior seems unable to process even the simplest concepts.
    • The senior appears to have memory loss.
    • The senior appears to have difficulty speaking and/or communicating.
    • The senior appears to be unable to appreciate the consequences of his or her decisions.
    • The senior makes decisions that are inconsistent with his or her current long-term goals or ongoing commitments.
    • The senior’s behavior is erratic.
    • The senior refuses to follow appropriate financial advice.
    • The senior appears to be confused about “missing funds,” even though reviews show no signs of unauthorized money movements.
    • The senior is unaware of or does not comprehend recent financial or legal transactions.
    • The senior appears to be disoriented in his or her surroundings or social settings.
    • The senior appears uncharacteristically unkempt or lacking in personal hygiene.
    • The senior appears uneasy around family or friends who are helping with finances.

    Reacting appropriately to these signs requires compassion and a complete understanding of the financial, social and physical environment surrounding the senior.

    Seniors with no responsible family support should be referred to the proper government agency, such as the Adult Protective Service or the Office of Public Guardian.

    If seniors do have responsible family support, financial professionals need to discuss their observations with them and recommend steps to protect the financial well-being of the senior — always applying both compassion and wisdom.

    A senior will often turn to a trusted person to help preserve their financial independence and personal dignity. In many cases, involving the professional services of a daily money manager is the wisest and most prudent action to take.


    THE CAREGIVER FOUNDATION (501(c) 3 nonprofit)
    926 3rd St., Pearl City, HI 96782
    For Daily Money Manager information:
    808-625-3782 | info@thecaregiverfoundation.org
    www.thecaregiverfoundation.org
    ADULT PROTECTIVE SERVICES HAWAII
    Oahu: 808-832-5115
    Kauai: 808-241-3337
    Maui/Molokai/Lanai: 808-243-5151
    E. Hawaii (Hilo/Hamakua/Puna): 808-933-8820
    W. Hawaii (Kau/Kona/Kohala/Kamuela): 808-327-6280
    PUBLIC GUARDIAN
    Honolulu: 808-534-6100

    Recently, the SEC, NASAA and FINRA published a report to help advise financial professionals in detecting signs of diminished capacity among older investors. Some red flags: The senior seems unable to process even the simplest concepts. The senior appears to have memory loss. More…

  • Hospice is About Living Fully

    Grandmother and her family play together on the beach, Phuket beach, ThailandIn Hawai‘i, it is common that some kūpuna will remain at home under the care of younger family members, even as their health declines. Aging at home can work well for some ‘ohana, but care becomes more complicated if your loved one is facing a serious or terminal illness and experiencing symptoms that are challenging to manage at home. Managing medications, medical equipment and supplies, and personal needs can be overwhelming, especially on top of the stress, fear and sadness which often comes with a difficult diagnosis, and the anticipatory grief of loss.

    Hospice can help alleviate the burden on caregivers and allow everyone to be present and enjoy time with their loved ones while skilled hospice professionals help to ensure the patient’s physical, emotional and spiritual needs are being met. Hospice provides structure and support, and other benefits for patients and their families.

    Three benefits of hospice care

    ■ Care at home. Many people think that hospice is a place, but hospice services extend to wherever the patient calls home — a private residence, assisted living community or nursing home.

    ■ Regain quality of life. An experienced team of professionals, including a physician, chaplain, nurse, nurse aide and social worker, help support patients and their families with physical comfort, and spiritual and emotional support as they deal with end-of-life challenges. Hospice workers also help patients and families maintain dignity by assisting with day-to-day tasks, personal care and end-of-life planning.

    ■ Ease financial burden. Hospice care is 100 percent covered by Medicare, Medicaid and most private insurance plans. This means services are generally provided at no cost to the patient or their family. It can lessen the financial burden by helping to avoid unnecessary and costly hospital visits, or outpatient care and services.

    Starting the discussion about hospice can be difficult — some think hospice is “giving up.” But, in reality, those who turn to hospice find peace, support, satisfaction, dignity and improved quality of life. Approach the possibility of hospice care with an open mind by looking at the benefits it provides for both the patient and the family.


    ISLANDS HOSPICE
    820 Mililani St., Ste. 400, Honolulu, HI 96813
    808-550-2552 | islandshospice.com

    In Hawai‘i, it is common that some kūpuna will remain at home under the care of younger family members, even as their health declines. Aging at home can work well for some ‘ohana, but care becomes more complicated if your loved one is facing a serious or terminal illness and experiencing symptoms that are challenging…