As the founding investors of Modern Wealth Law, John and Anh continue to work carefully with homeowners and entrepreneur throughout Laguna Niguel and Orange County. In order to a lot of efficiently design an estate strategy for you, we make the effort to find out about your household, profession, services, monetary outlook, and your estate planning goals, to develop a personalized estate strategy that meets your needs.

Our estate plans include the following documents: There are 4 primary factors why you need an estate strategy: 1) Preventing probate; 2) designating recipients of your estate; 3) ensuring your minor kids are taken care; and 4) avoiding estate tax. Among the main reasons to have more than a fundamental will is so that you can prevent the probate process.

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The majority of people wish to prevent probate because it is 1) prolonged, 2) expensive, and 3) really public. John Wong and Anh Tran are extremely experienced probate attorneys serving Laguna Niguel and can assist you and your family if a family member has died "intestate" (having actually not made a Will or Living Trust).

As a California Bar Licensed Estate Planning & Probate attorney, John Wong can deal with all of the intricacies of probate law and lawsuits between member of the family and lenders. Besides avoiding the cost of probate, an estate strategy enables you to select the beneficiaries of your estate. Without a well drafted estate plan, the court of probate's distribution of your properties will likely not adhere to your wishes.

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Oftentimes this results in disagreement amongst your recipients and causes Trust and Probate Litigation. For most parents with young kids, the primary issue with estate planning is what will take place to your kids if both moms and dads are deceased. Do you want your kids to remain in Laguna Niguel? Will the guardians likewise live in your area? Without guidance from you, the court will be delegated choose who, where and how your children will be looked after.

A properly prepared estate strategy can assist you and your children from paying court costs for the next a number of years. The federal government will tax your possessions after your death if your properties are above certain thresholds. These thresholds vary from year to year. Depending upon the worth of your properties at your death, this might or may not be an issue.

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Although there is no specific California or Laguna Niguel estate tax on your estate, a properly drafted estate plan can help your loved ones avoid income taxes or capital gains from the sale of assets after your death. If your recipients live in Laguna Niguel, or other parts of California, they will pay some of the greatest taxes in the nation without appropriate preparation.

If you live in Laguna Niguel, you understand that you will not discover an apartment for less than $400,000 let alone a single household house. Many times locals believe that their properties are less than $150,000 because they do not have $150,000 of in their Laguna Niguel property. The Probate Court doesn't care.

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If you remain in a highly litigious market, whether you are a physician or a small company owner, you have actually most likely heard the stories about people being taken legal action against and losing all of their possessions. While protecting your assets has its constraints, there are many automobiles available to secure your assets, or at a minimum, make it more challenging for financial institutions to take your assets.

There are steep penalties for specific types of transactions, known as a deceptive conveyance, which should be checked out prior to considering each of these vehicles. If you or member of the family reside in Laguna Niguel, and you would like to discover more about our estate preparation services, including living trusts, wills, probate administration and trust litigation, call us at or email us Home page by contacting John Wong at Modern Wealth Law.

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Maintain your assets. With the increasing uncertainty in today's economy, it is more and more essential for individuals to make use of the advantages of an estate planning attorney. Estate preparation is not just for the rich, in reality, those with a limited amount of possessions frequently times benefit more from an estate strategy in terms of preservation of their possessions.

Our Orange County lawyers can help you with Trusts and Wills and all aspects of your estate preparation. Our methods include knowledge of tax law, wills and trusts, business law, and business-- all basics for estate planning in California. We will develop a strong estate strategy that will not just achieve our client's objectives in regard to protection and transfer of their properties, however will likewise hold up against the test of time.