PLANNED GIVING

A Q&A with Attorney Geoff Sogi

Planning for the future is an essential but often times stressful, confusing endeavor. We asked Geoff Sogi, an attorney specializing in estate planning and long-term care planning at Honolulu law firm Tamashiro Sogi, to answer some of the most frequently asked questions surrounding estate planning and planned giving. Geoff serves on our Young Leaders Board and is a volunteer Wish Ambassador with a heart for the Make-A-Wish mission. Since joining the board last fall, he has been dedicated to leveraging his professional expertise toward making a difference in the lives of wish families and our community.

GEOFF’S 3 STEPS FOR STARTING YOUR ESTATE PLAN:

1. Work with an attorney you trust to create the estate plan.

2. Make sure your attorney knows the types of assets that you own and their values.

3. Think about whom you would trust to carry out your wishes if you could not do so for yourself. It is important to choose people who understand your intentions and will carry them out the way you want them to.

“I was interested in becoming involved with an organization that allowed me to make a direct impact on a person’s life.” - Geoff

Geoff and fellow Young Leaders Board member James Ka volunteer at last year’s Give Wishes Wings radiothon and telethon.

Q: What is estate planning?

A: Estate planning involves planning for the unfortunate event of serious illness or death. It often involves documents, such as wills, trusts, powers of attorney, and health care directives, which allow a person to nominate trusted family, friends, or professionals to act on their behalf and provide instructions to determine how any assets will be distributed or managed after the person passes away.

Q: When should people start thinking about estate planning and planned giving? Why is it important?

A: Unfortunately, life is unpredictable. We do not know when illness or other emergencies may occur. As a result, it is never too early to create some sort of estate plan. By planning in advance, a person can choose the person they want to act on their behalf in the event of an emergency, which can help to avoid the expense and delay of a court proceeding. If you want any part of your assets to benefit an organization like Make-AWish Hawaii after your death, you should plan in advance by designating the organization as a beneficiary in your will, trust, or on a specific account. Without an estate plan, state law may control how your assets may be divided after your death, which may not match what you want.

Q: What does planned giving look like? Are there different options?

A: There are a number of ways to incorporate charitable giving into your estate plan. Doing so not only provides much-needed resources to Make-A-Wish Hawaii, but it can also have tax benefits for the donor (both during life and after death). Those interested in making a planned gift that occurs after their lifetime may name Make-A-Wish Hawaii as a beneficiary in their will or trust by specifying that the charity is to receive a specific dollar amount or a percentage of the trust/estate. They may also designate the organization as a beneficiary of a retirement plan, life insurance policy, or annuity. “If there is a non-profit group that supports a cause you feel strongly about, I think it is important to lend whatever support you are able to, whether it is time, donations, or something else. By incorporating planned giving into your estate plan, you can ensure that you are able to leave a lasting legacy for the organization and continue to help to grant children’s wishes.” -Geoff

For a longer version of this interview and more helpful estate planning information, please visit hawaii.wish.org/plannedgiving.