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Sherina
So King Li, JD, Certified Public Accountant
IRS
AUTHORIZED E-FILE PROVIDER
BILINGUAL ENGLISH/CHINESE
(CANTONESE & MANDARIN)
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Estate Planning |
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What
is Estate Planning?
Believe it or not, you have an estate. In fact, nearly
everyone does. Your estate is comprised of everything you own— your
car, home, other real estate, checking and savings accounts, investments,
life insurance, furniture, personal possessions. No matter how large or
how modest, everyone has an estate and something in common—you can’t
take it with you when you die.
When that happens—and it is a “when” and not an “if”—you
probably want to control how those things are given to the people or organizations
you care most about. To ensure your wishes are carried out, you need to
provide instructions stating whom
you want to receive something of yours, what
you want them to receive, and when
they are to receive it. You will, of course, want this to happen with the
least amount paid in taxes, legal fees, and court costs.
That is estate planning—making a plan in advance
and naming whom you want to receive the things you own after you die.
Estate planning does not have to be expensive.
If you don’t think you can afford a complex
estate plan now, start with what you can afford. For a young family or
single adult, that may mean a will, term life insurance, and powers of
attorney for your assets and health care decisions. Then, let your planning
develop and expand as your needs change and your financial situation improves.
Don’t try to do this yourself to save money. An experienced attorney
will be able to provide critical guidance and peace of mind that your
documents are prepared properly.
The best time to plan your estate is now.
None of us really likes to think about our own mortality
or the possibility of being unable to make decisions for ourselves. This
is exactly why so many families are caught off-guard and unprepared when
incapacity or death does strike. Don’t wait. You can put something
in place now and change it later…which is exactly the way estate
planning should be done.
The best benefit is peace of mind.
Knowing you have a properly prepared plan in place
- one that contains your instructions and will protect your family - will
give you and your family peace of mind. This is one of the most thoughtful
and considerate things you can do for yourself and for those you love.
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To
set up an appointment, contact Sherina Li, Attorney at Law, at 510-909-1904
or li.sherina@gmail.com
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