Red Crescent Network
A financial services professional with more than two decades of experience, Sue Ann Ma, MBA, CPA, and CEP, provides tax and estate planning as well as accounting services at her Houston-based firm. Outside of her professional responsibilities, Sue Ann Ma is an active supporter of the Red Cross.
Specializing in disaster relief and emergency preparedness, the Red Cross’ global Red Crescent network recently partnered with the United Nations Development Fund and the United States Agency for International Development to alert people in Iraq of the threat posed by the potential of the Mosul dam collapse. Iraqi Red Crescent volunteers traveled door-to-door, providing crucial information and encouraging residents to download Red Crescent mobile apps, which feature potentially life-saving information, warnings, and alerts should the dam collapse.
Assessed as the world’s most dangerous dam by the US Army Corps of Engineers, the highly unstable Mosul dam has not received critical maintenance in recent years. If the dam were to collapse, roughly 45 feet of water would flood Mosul within four hours, while an expected 33 feet of water would flood Baghdad within four days.
Preparing a Will
Accomplished financial professional Sue Ann Ma, MBA, CPA, CEP, is the sole owner of a CPA firm in ShiMao Plaza China Town in Houston. Possessing more than two decades of experience in banking, accounting, and financial services, Sue Ann Ma helps her clients with everything from tax preparation to estate planning.
Preparing a will is one of the primary elements of planning your estate. Wills can be created either through a lawyer, online software, or independently. Regardless of the method you choose, you should start by drafting a list of your assets, including everything from bank accounts and real estate you own to sentimental heirlooms and furniture. Once you know what you have, you can start deciding on your beneficiaries. These are the individuals who will receive your assets. For many people this process is fairly quick, but complicated family structures can make it more confusing.
You must also decide who will be the executor of your will. The executor ensures your wishes are properly carried out. They handle such tasks as settling your debts, dealing with mortgages and paying taxes. Ideally, our executor should be someone who is responsible and trustworthy. You can name a child as the executor, but if they do not get along with their siblings there may be problems. Further, lawyers and banks can be executors; however they often include a fee. If your children are still under the age of 18, you can include information about who their guardian will be.