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Category Archives: Estate Planning Basics 101

Spousal Lifetime Access Trust (SLAT) is an irrevocable trust

The SLAT – Avoid Estate Taxes Without Giving Away Your Money

By John L. Wong, Esq. |

In the realm of estate planning, the use of various irrevocable trusts has become a staple strategy for individuals seeking to preserve and distribute their wealth efficiently. One such trust that has gained popularity, especially in light of the historically high estate tax exemption, is the Spousal Lifetime Access Trust (SLAT). This article will… Read More »

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Education Trust vs. 529 Plan A Comprehensive Comparison

Education Trust vs. 529 Plan: A Comprehensive Comparison

By John L. Wong, Esq. |

When it comes to saving for your child’s education, two popular options often come to mind: Education Trusts and 529 Plans. Both have their advantages and disadvantages, and understanding the tax implications of each can be crucial in making an informed decision. In this article, we will delve into the differences between Education Trusts… Read More »

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Estate Planning for Expatriates Securing Your Legacy Across Borders

Estate Planning for Expatriates: Securing Your Legacy Across Borders

By John L. Wong, Esq. |

Introduction – Living as an expatriate can be an exciting and fulfilling experience, as it provides the opportunity to explore new cultures, expand one’s horizons, and build a global network. However, amidst the thrill of living abroad, it’s crucial not to overlook the importance of estate planning. Estate planning is a crucial step for every… Read More »

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Estate Planning for California Business Owners

Estate Planning for California Business Owners

By John L. Wong, Esq. |

As a business owner, you devote endless hours, resources, and energy to growing your business. However, amidst the daily demands of running a business, it’s crucial not to overlook the importance of estate planning for business succession. By creating a comprehensive estate plan, you can protect your business and secure your legacy. In this… Read More »

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Should your California LLC be owned by a Wyoming LLC

Should your California LLC be owned by a Wyoming LLC?

By John L. Wong, Esq. |

Many of my clients that call about asset protection ask if they should have a Wyoming LLC own a California LLC.  I have repeatedly explained to clients that there is no benefit to having a Wyoming LLC own a California LLC compared to a Wyoming LLC simply owning property in California.  However, after hearing… Read More »

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How King Charles’ Tax Breaks Are Saving Him Millions

How King Charles’ Tax Breaks Are Saving Him Millions

By John L. Wong, Esq. |

While the world has been watching as the Queen of England reached her final burial place, others are talking about a completely different aspect of her death: the new king’s tax burden. Or, to put it more accurately, his lack of tax burden. However you may feel about the monarchy, their existence is a… Read More »

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Wyoming LLCs for California Residents

By John L. Wong, Esq. |

California residents who are looking for the best asset protection strategy often look to the state of Wyoming. Wyoming has made a significant effort to become the go-to state for asset protection.  The state of Wyoming is particularly appealing for its Wyoming LLCs. But why would a California resident set up an LLC in… Read More »

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Significant Proposed Estate Planning Changes Seem to Be Disappearing

By John L. Wong, Esq. |

When you closely monitor estate planning changes for almost 20 years you learn to not overreact. There seems to always be a significant proposed change in the law that may affect estate planning.  2021 was no exception.  Three major proposed changes were included in President Biden’s Build Back Better plan: Reducing the estate tax… Read More »

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What is the Main Purpose of Estate Planning?

By John L. Wong, Esq. |

One of the main purposes for estate planning is probate avoidance.  Let’s breakdown those terms a bit further.  Let’s start with what is estate planning. What is Estate Planning? Estate planning refers to the planning of your “estate.”  Your “estate” refers to the assets you own during your lifetime or at death. What is… Read More »

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What does Estate Planning Mean?

By John L. Wong, Esq. |

Estate Planning is a general term to describe the planning, administration and distribution of your assets during incapacity or death.  The term “estate” is often confused to refer to a large home or someone with a large amount of assets.  But an estate is simply the assets you own at any given point in… Read More »

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