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| What is an Annuity? |
| Introduction |
| An annuity is an investment choice that provides an income stream for the duration of a person’s retirement. It is purchased for a fixed period of time and pays out a certain amount during retirement. Although annuities are sometimes considered to be complex, there are different types of annuity products that are available, any of which can be helpful in increasing your retirement savings. |
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| How to purchase an Annuity |
| An individual can purchase an annuity through an insurance company. The insurance company then invests the money paid by the individual, in order for the account to earn interest on the amount originally invested, for the contract period. When the annuitant decides to receive a payout, he/she can receive such payout, which can provide income for the annuitant, especially during his/her retirement.
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| An Annuity is Tax-Deferred |
One of the benefits of an annuity is that taxes are not applied while the money is in the account, but is applied when there is a payout. This delay in taxation could help the money in the account grow for a long period of time, without it being subjected to frequent taxation.
Given that there are different types of annuities available, that differ in terms of duration, structure, payouts, and etc., an individual might be able to purchase a type of annuity that can help him/her save a comfortable amount for retirement, without the account being subjected to taxation during its accumulation. |
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| Beneficiary Designation for your Annuity |
| An individual can designate a beneficiary on his/her annuity account, similarly to a life insurance policy or a bank account. This will help to avoid probate, or the costly court process that an individual can be subjected to if he/she did not make a beneficiary designation to the account. |
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| Conclusion |
| As there might be an annuity option that can serve your retirement needs, it can be good to discuss the purchase of an annuity with your financial advisor that can help supplement your already-existing retirement accounts, e.g., IRA, brokerage account, and etc. |
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| New York Office Opening |
| Attorney Yuka Hongo is pleased to announce the opening of a Hongo Law Office location in New York. Beginning October 1, 2023, the new office will be located at 305 Broadway, Suite 700, New York, NY. Attorney Hongo is licensed to practice law in Hawaii and New York, as well as in California, and the District of Columbia, and is looking forward to extending her services to more New York-based estate planning and estate administration/probate clients. To schedule an appointment with the New York office, call (646) 825-6944 or send a message to yuka.hongo12@gmail.com. |
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| Client Comments |
| "Lawyers in the U.S. can be difficult to talk to at times, but I think people find it easy to talk to Ms. Hongo. I also like the fact that Ms. Hongo follows up with her clients on a timely basis." |
| Sachiko Trillo, Honolulu |
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| "Hongo Tsuji Tax & Consulting, our accounting firm, introduced me to Ms. Hongo. I consulted her with regards to estate planning, and I appreciated the fact that she took care of our documents in a timely manner." |
| K.A., Tokyo |
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| "I appreciated Ms. Hongo's professional expertise and the kind way in which she took care of our matter. I am truly happy that she helped us." |
| Mitsuko Seto, Osaka |
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| "Ms. Hongo not only prepared my trust, but also took care of legal matters involving my company. Her fee is reasonable and she follows up with you in a timely manner." |
| S. Suzuki, Company Owner |
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| "Ms. Hongo took care of our matter in a kind manner. We liked the fact that her office was located in Waikiki, near our home." |
| Sugiyama, Waikiki |
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| "I became a successor to 2 condominiums that my wife owned in Hawaii, after my wife passed away. Ms. Hongo took care of our probate matter in a short timeframe of 1 year. We feel very grateful to her." |
| Shuichi Sakamoto, Nasu |
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| "Our clients were very satisfied with Ms. Hongo's service because she was able to explain matters such as probate in an easy-to-understand manner. Ms. Hongo is someone we can rely on for any matter." |
| Noboru Ohhashi, List Sotheby's, Tokyo |
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| "Given that the U.S. real estate recording process and its pertaining laws differ from those of Japan, and it is difficult to learn about them in English, I appreciated Ms. Hongo being able to explain them to me in an understandable manner. I would like to seek her help in the future for other matters." |
| K. Iwasaki, Honolulu |
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| "Ms. Hongo helped me with the estate planning for my real estate in Hawaii. I was glad she was able to help me during her visit in Japan." |
| S.T., Kawasaki |
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| "It was our long-term goal to prepare a trust for our family. We are now able to take the next step in our lives, as Ms. Hongo applied her proficient bilingual skills to efficiently take care of our matter. We are very grateful for what she did for us." |
| A.P., Honolulu |
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| Hongo Law Office LLLC is proud to have been acknowledged as one of the "Best Probate Attorneys in Honolulu for 2023" by Expertise.com. |
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| Attorney Yuka Hongo has been named a 2023 Elite Lawyer in the area of Estate Planning in Hawaii. The award recognizes attorneys who have displayed a high level of competence in their practice. |
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| You're invited to call or email |
"If you have questions about estate planning and administration, please don't hesitate to call. I'll be glad to hear from you." – Yuka
Call (808) 237-9944 or email yuka.hongo12@gmail.com |
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| Meet Yuka Hongo, Esq. |
| Yuka Hongo is a respected estate planning attorney based in Honolulu, Hawaii. She has practiced law for 10 years and is fluent in both English and Japanese. |
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Practice Areas: Yuka represents clients in matters related to estate planning such as the preparation of trusts, wills, and Transfer on Death Deeds. She also provides a service in the area of estate administration, including probate.
Education: In 2000, Yuka graduated from Oberlin College (Oberlin, OH), where she earned a Bachelor of Arts Degree in Economics and East Asian Studies. In 2004, she graduated from Loyola Law School (Los Angeles, CA), where she earned her Juris Doctor Degree. In 2022, Yuka graduated from Keio University (Tokyo, Japan) where she earned a Master of Laws Degree.
Court Admissions and Bar Memberships: Yuka is a member of the Hawaii, California, the District of Columbia Bar, and New York Bar Associations. Yuka is a member of the International Law Section of the Hawaii State Bar.
Additional Qualifications: Yuka is a Certifying Acceptance Agent who can obtain the ITIN tax number for foreigners in the U.S. In addition, she is a life insurance agent and a licensed notary public in Hawaii. Also, Yuka is fully bilingual in Japanese and English and has in-depth experience including complicated translations working with both languages.
Multicultural Background: Yuka has experience living and working in both the U.S. and Japan and has a thorough understanding of both cultures and the people who live in both countries. In addition, she loves working with people from other multicultural backgrounds, and working on international matters.
Accounting Experience: Yuka worked for the Tokyo office of a prominent U.S. accounting firm for the past number of years and has extensive experience working with tax and legal issues that arise from cross-border transactions.
Educational Presentations: Yuka has presented seminars in Japan relating to Transfer on Death Deeds in Hawaii and trusts in the United States.
Residence & Interests: Yuka lives in Honolulu, Hawaii and is single. She enjoys scoping out new eateries and restaurants. |
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You can also connect with Yuka on LinkedIn, Twitter and YouTube. |
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