Stephen B. Yim, Attorney at Law | Sep 4, 2023 | Sept - Oct 2023, Wisdoms
In Sherry Turkle’s book, Reclaiming Conversation: The Power of Talk In A Digital Age, she writes about the process of the virtuous circle of communication by discussing the poet, Henry David Thoreau’s moving to Waldon Pond to live more deliberately. Thoreau furnished his cabin with three chairs. One chair to represent solitude, where he could self-reflect on matters most important for him. Two chairs to engage in conversation where he could express his thoughts to another.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Sep 4, 2023 | Sept - Oct 2023, Wisdoms
The first step in the estate planning process is learning. What do you need to learn? I suggest this as your starting point: You need to discover how to stay in control of your stuff while you are able to be in control, as well as how to be sure that 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 those things is going to happen to you. Odds are that both of them will.
Jeff Short, Manager, Valley of the Temples Memorial Park | Sep 3, 2023 | Living Life, Sept - Oct 2023
Preplanning for your cemetery, funeral and cremation arrangements is a gift of love that provides a clear road map for families to follow at a time when they want to focus on celebrating your life. By making prearrangements, you offer peace of mind and clear direction to your loved ones and ease the burden of making decisions while they are grieving.
Stephen B. Yim, Attorney at Law | Jul 14, 2023 | July - August 2023, Wisdoms
Estate planning attorneys help their clients make sound, intentional decisions relating to their estate plans when they manage to help clients minimize guilt, conflict and anxiety. At the same time, survivors should be allowed experience the natural process of grief.
Stephen B. Yim, Attorney at Law | May 10, 2023 | May - June 2023, Wisdoms
While the attorney is an expert in the estate planning process, the client is the expert about their own life, grief and choices. The attorney, as counselor, helps clients find solutions and make choices as they compassionately facilitate the estate planning process....
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Mar 7, 2023 | Mar - Apr 2023, Wisdoms
The first steps in your estate planning journey are learning 1) how to stay in control of your stuff while you are able to be in control and 2) how to make sure your wishes are carried out when incapacity or the grim reaper catch up with you. Sorry to rub it in, but there is a 100% probability that at least one of these things is going to happen to you and a 70% probability that both of them will.
Daniel Shelverton, Executive Director of CSI Trust Company | Mar 6, 2023 | Mar - Apr 2023, Programs & Services
Many of us go through life believing everything will go according to plan. However, as the saying goes, even the best-laid plans go astray. So, to avoid unnecessary interruptions later in life that can be both financially and emotionally costly, it is wise to plan now for the possibility of incapacity.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jan 1, 2023 | Jan - Feb 2023, Wisdoms
Estate planning involves protecting what is important and then passing it on to our loved ones and future generations. Many concepts central to Hawaiian culture are applicable to estate planning. Starting with the concept of ‘ohana, all the way through lokahi, estate planning and the culture of our islands can interweave to form a rich tapestry of aloha.
Stephen B. Yim, Attorney at Law | Sep 1, 2022 | Sept - Oct 2022, Wisdoms
Continuing from my last article, I believe that clients really want the estate planning attorney to help them meet their needs so that they can reduce their fear, anxiety and anticipatory grief in light of their knowledge of their inevitable death.
Stephen B. Yim, Attorney at Law | Mar 6, 2022 | March-April 2022, Wisdoms
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.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Mar 6, 2022 | March-April 2022, Wisdoms
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.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jan 1, 2022 | January - February 2022, Wisdoms
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.
Stephen B. Yim, Attorney at Law | Jul 29, 2021 | August - September 2021, Wisdoms
According to the book, Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, “60 percent of transition failures were caused by a breakdown of communication and trust within the family unit.” With the aging demographic of baby boomers, the high cost of living in Hawai‘i and the increase in multigenerational homes, the potential influx in trust litigation is foreseeable.
Stephen B. Yim, Attorney at Law | Feb 2, 2021 | February - March 2021, Wisdoms
Trust beneficiaries are sometimes left to wonder why a decedent instructed that a trust distribution be made in a particular way. The trust clearly identified who the beneficiaries were, what they were to receive and how they were to receive. But unfortunately, the trust was silent as to the “why” of the distribution — the underlying reason and purpose for creating the trust in the first place.
Stephen B. Yim, Attorney at Law | Aug 5, 2020 | August - September 2020, Wisdoms
As a member of ACTEC, I am privileged to learn from and exchange ideas with some of the most skilled and dedicated trust and estate lawyers in Hawai‘i. I often wonder why most of our discussions focus on probate and litigation issues rather than on how we can help plan to mitigate family conflict and avoid probate.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Aug 5, 2020 | August - September 2020, Wisdoms
When I was in elementary school in the 1960s, my family’s set of encyclopedias claimed that I could expect to live to the ripe old age of 70. That seemed incredibly old to me. Fast-forward to 2020, and the current consensus is that I will live into my 80s, barring a catastrophic illness or an accident.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jul 10, 2020 | October 2010, Wisdoms
You may have heard the old joke, “where there’s a will … I want to be in it.” That may be true, but is estate planning really all about “who gets my stuff?” Who gets your stuff is important, but when you sift through the reasons for doing estate planning, you may find that identifying who gets your stuff takes a distant back seat to far more important considerations.
Mahlon Moore | Jun 4, 2020 | June-July 2020, Wisdoms
In medicine, there is cure and care; in finance, there is worth and value. In estate planning, there is wealth and meaning. Most people see the estate planner’s role as writing a document that transfers wealth at death. Just as significant is our role to communicate our client’s meaning clearly. This meaning is the foundation for estate planning.
Stephen B. Yim, Attorney at Law | Mar 28, 2020 | April - May 2020, Wisdoms
Siblingship is the state of being related or interrelated, or a state of affairs existing between one of two or more individuals having one common parent. The term describes the unique, dynamic relationship existing between siblings. Siblings begin their relationship at a very young age. They experience joys and setbacks together — laugh and cry together. And through fighting, they can learn conflict resolution together. No other relationship is like siblingship.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Mar 28, 2020 | April - May 2020, Wisdoms
Estate planning is the process of protecting that which is important and then passing those important things on to our loved ones and future generations. Many concepts that are central to Hawaiian culture are particularly applicable to estate planning. Starting with the concept of ‘ohana (a very inclusive notion of family), all the way through lokahi (a sense of unity — especially appropriate at the passing of a loved one), estate planning and the culture of our islands interweave to form a rich tapestry of aloha.
Stephen B. Yim, Attorney at Law | Dec 7, 2019 | Dec 2019 - Jan 2020, Wisdoms
We have been receiving an increased number of phone calls from our clients’ children, notifying us about the imminent death of one of their parents. The children usually call in a panic, asking if anything needs to be done before their parent passes. We do our best to assist them; however, sometimes it is just too late.
Stephen B. Yim, Attorney at Law | Aug 2, 2019 | August - September 2019, Wisdoms
How nice would it be if your child was born with an operating manual? There are many parenting books out there, but none that are specifically made for your child. The obvious reason for this is because the only person who can write an operating manual for a child, is the person who is raising the child.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Dec 2, 2018 | Dec 2018 Jan 2019, Wisdoms
Is estate planning really all about “who gets my stuff”? Your assets may be important, but when you sift through the reasons for doing estate planning, you may find that identifying who gets your stuff takes a distant back seat to far more important considerations.
Stephen B. Yim, Attorney at Law | Jul 29, 2018 | August - September 2018, Wisdoms
Ideally, estate planning is “by invitation only.” Most people misunderstand this to mean that we, as the lawyers, are the ones doing the inviting. In actuality, it’s you, the clients, who are doing the inviting, by inviting us into your unique and textured lives.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jul 29, 2018 | August - September 2018, Wisdoms
There are three estate planning documents that every competent adult living in the State of Hawai‘i should have. Of course, “competency” can be an elusive quality, but once a Hawai‘i resident has turned 18, the law of our State presumes that person to be competent.
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | May 20, 2018 | June - July 2018, Wisdoms
Class reunions are poignant reminders of change. With each passing year, our classmates grow a little grayer, perhaps a little balder, and maybe a little more expansive at the midsection. Good thing we are not like our classmates, right? Actually, we are. Father Time is catching up with all of us. That sobering fact should inspire us to reflect each year on our estate plans and whether they still do what we want them to do.
Stephen B. Yim, Attorney at Law | Apr 11, 2018 | April - May 2018, Wisdoms
As an estate planning attorney, I have the privilege of observing how families decide how to distribute their assets between and among their children. I have come to understand that there are two distinct standards that parents use to determine the gift. First, there...
Karwin Sui, Development and Communications Manager, National Kidney Foundation of Hawaii | Apr 11, 2018 | April - May 2018, Wisdoms
Including a trust that owns life insurance in your estate planning strategy can have the following benefits: MANAGEMENT. If you have a large estate and plan to pass a significant inheritance to children, an Irrevocable Life Insurance Trust (ILIT) enables you to...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Apr 11, 2018 | April - May 2018, Wisdoms
Estate planning is the process of protecting that which is important (far beyond simply financial or physical assets) and then passing those important things on to our loved ones and future generations. Many concepts that are central to Hawaiian culture are...
Stephen B. Yim, Attorney at Law | Apr 1, 2016 | April - May 2016, Articles, Wisdoms
A joint bank account with a child can be an efficient, effective, and simple estate planning tool. Either of the joint owners can write checks, and the survivor can continue to use the account after one owner dies. However, a joint account can be fraught with problems...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Apr 1, 2016 | April - May 2016, Articles, Wisdoms
An unpleasant fact of life is the prospect of needing long-term care someday. Statistics tell us that 70 percent of Americans will need long-term care for some period of time before death. So it is not just possible, but very likely that you or someone close to you...
Stephen B. Yim, Attorney at Law | Oct 1, 2015 | Articles, October - November 2015, Wisdoms
Lately, I’ve had questions from beneficiaries of trusts asking “why did the decedent make the trust distribution a certain way?” The trust clearly identified who the beneficiaries were, and what they were to receive and how they were to receive it. Unfortunately the...
Stephen B. Yim, Attorney at Law | Apr 1, 2015 | April - May 2015, Articles, Wisdoms
Did you play the game “grape vine” as a child? You whisper something to someone who whispers it to another, until the last person gets the message. The last person says the message out loud. At best, it is a very garbled version of the original message. Think about...
Stephen B. Yim, Attorney at Law | Dec 1, 2014 | Articles, December - January 2015, Wisdoms
I like to call our meeting room where we meet to discuss estate planning “the pause room.” When we enter and close the door, and leave outside all the busy-ness in our lives — we put only the matters relating to estate planning on the table. We pause for about an...
Stephen B. Yim, Attorney at Law | Dec 1, 2013 | Articles, December - January 2014, Wisdoms
siblingship [sib-ling-ship] noun (November 9, 2013): 1. The state of being related or interrelated 2. A state of affairs existing between one of two or more individuals having one common parent. You will not find this word in the dictionary — it is a new word as of...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jun 1, 2012 | Articles, June - July 2012, Wisdoms
How Can I Be Sure My Family Won’t Fight After I’m Gone? Unfortunately, there is nothing you can do to guarantee that there will be no fighting among your loved ones after you are gone. There are plenty of difficult emotions to deal with after the passing of a loved...
Stephen B. Yim, Attorney at Law | Apr 1, 2012 | Articles, Wisdoms
An often-heard quote about lifetime guarantees is the one about death and taxes. I would suggest that there is a third guarantee — that life changes. Nothing stays the same. So, once you’ve completed your estate plan, you’ll want to review it every so often to address...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Apr 1, 2012 | Articles, Wisdoms
The humor behind the classic comedy routine, Who’s on first?, comes from the fact that the speakers are using identical terms to mean different things. Yet they both pretend not to recognize the problem. The language of estate planning can raise problems for the...
Stephen B. Yim, Attorney at Law | Feb 1, 2012 | Articles, February - March 2012, Wisdoms
In planning our estate, we often spend much of our energy on deciding how to distribute the home and the cash, and we often overlook the personal items. In my practice, I see families distributing large sums of money and real estate rather smoothly. Then, when it...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Dec 1, 2011 | Articles, December - January 2012, Wisdoms
Two years ago, Hawai‘i joined Delaware, Nevada and 11 other states in validating self-settled spendthrift trusts. What this means is that you can now create a trust for yourself that will protect your assets from your own creditors. This is a huge departure from prior...
Scott A. Makuakane, Counselor at Law, Est8Planning Counsel LLLC | Jun 1, 2011 | Articles, June - July 2011, Wisdoms
If you are hiring a caregiver for yourself or another loved one, you may be tempted to try to make the process as simple as possible by treating the caregiver as a “private contractor.” You tell the person, “I will pay you so much an hour, and you deal with the IRS...
