Chinese immigrants typically face unique challenges when attempting to engage in estate planning. Lawyer Sunny Lu is not only well-versed in these challenges, but she’s a fluent Mandarin speaker as well.
This means you can seek legal advice in the language that you’re most comfortable with, and can get clear advice and guidance as you seek to protect your family’s legacy and your future, or as you seek to secure your rightful inheritance. Working with Sunny is an easy and convenient way to tackle estate planning issues.
Death comes to us all. Nobody can predict it. If you have a family or more than $100,000 in assets it’s important to avoid leaving your estate to chance. Otherwise you are asking the government of British Columbia to distribute your assets as they see fit while subjecting you and your heirs to hefty tax penalties and fees.
International Estate Planning
If your finances are deeply intertwined with China, Hong Kong, and Canada then your estate planning will require you to take special steps. Ms. Lu can help you navigate a complex web of international laws to protect your inheritance from undue taxation, Chinese stock asset restrictions, asset freezes, and other issues which could keep your heirs from benefiting from your legacy.
Ms. Lu makes excellent use of wills, trusts, and other estate planning tools to ensure that your family will be provided for well into the future. She will also advise you on other estate planning vehicles, such as helpful insurance policies or living gifts that might help you ensure that your wishes are being honored throughout the process.
When necessary, she can also help you create a will that will be valid in Mainland China as well as one which will be valid in Canada, while insuring the instructions in these wills do not contradict each other or cause problems for one another later. This is most common for Hong Kong residents.
Ms. Lu can even help you protect the future of your business through corporate estate planning. She is an accomplished business lawyer as well.
See also: Mandarin Chinese-Speaking Business Lawyer in Surrey, BC.
International families face special issues when contemplating their guardianship plans. It is very important to have a plan in place that will hold up in court and secures your guardianship plans under Canadian law. You might need to factor immigration law or family law into your plans.
Do you want your grandparents who still live in China to take care of your children in the event of your death? Canadian courts won’t necessarily honor this decision unless you take very careful steps.
Ms. Lu also has experience with immigration law and family law. She can help you secure your children’s futures. You brought your children to Canada for a reason. Make sure they can continue to enjoy the freedom, education, and advantages that they receive as Canadian residents.
See also: Mandarin Chinese-Speaking Divorce and Family Lawyer in Surrey and Mandarin Chinese-Speaking Immigration and Refugee Claims Lawyer in Surrey, BC.
Litigation for Disinherited Daughters
The law in British Columbia requires parents to make provisions for all non-dependent adult children regardless of their gender. Clear instances of favoritism open the will up to challenge and Canadian courts will generally reallocate funds.
One example would be a case wherein four sisters were left just 1.7% of their parent’s $6.8 million dollar estate. This would have amounted to just $150,000, while the sons would have received $3.2 million each.
If you are in a similar situation, Ms. Lu can help you bring a case under the Wills, Estates, and Succession Act. This act allows spouses and children of a will-maker to challenge a will in court if they feel that provisions for proper maintenance and support have not been made. We can help you get fair treatment regardless of your parent’s prejudices.
If you are currently engaged in estate planning, Ms. Lu will help you understand the laws here in Canada and British Columbia and will help you craft an estate plan that will stand up to challenges. This will help every member of your family avoid taxation, expensive litigation, and probate costs. Keep in mind that putting together an illegal will and trust structure is essentially the same as failing to do any planning at all: you’re ultimately putting your wealth into the hands of a judge.
Planning for Your Elder Years
Estate planning isn’t just about how you die. It’s about how you’ll live while you’re in your final years. While many Chinese citizens hope that their children will care for them there are still legal steps that should be taken, including power of lawyer and medical power of lawyer documents that allow you to choose which of your children will have decision-making power.
In addition, long-term care planning and health directives allow you to give your children guidance on the type of care you’re willing to have, where you’d like that care to take place, and even which providers you trust. You can even make provisions for how your money will be used in the event that you become incapacitated. It’s wise to make these decisions early, while you have the faculties to make the best decisions for yourself and your family.
Multi-Disciplinary Will and Estate Planning for Chinese LPRs and Canadian Citizens
Ms. Lu has extensive experience in both business law and real estate law, both of which can inform any wise estate planning strategy. You can estate plan at any age. Don’t wait until the decisions are taken away from you.
Tell Ms. Lu your goals and she will help you achieve them. Gather your financial documents and call (604) 609-7777 to get help today.
Ms. Lu has handled estate planning for high net worth Chinese families throughout the Surrey area. She can help you protect your wealth while providing you with a respectful lawyer who speaks your language.