Rossmoor Estate Planning Attorney

Modern Wealth Law serves Rossmoor individuals and families with their estate planning, trust and probate needs. Each Rossmoor Estate Planning Attorney at Modern Wealth Law will guide you through the preparation of your customized estate plan, including the preparation of your will and trust. We are well-qualified, knowledgeable and experienced estate planning attorneys that will guide you through any of your estate planning wishes and goals, from caring for your young children to eliminating taxes.

Experienced Rossmoor Estate Planning Attorney

Rossmoor Estate Planning Attorney, John L. Wong is a resident of Rossmoor. He represents working professionals, business owners and high net-worth individuals in Rossmoor to accomplish their estate planning goals. John has received recognition for his work with some of the most well-known estates in the country, including the Estate of Michael Jackson and the Estate of Britney Spears. John is also the commissioner of John Wayne Airport where he oversees all of the ongoing projects at the airport.

Rossmoor Estate Planning Attorney, Anh P. Tran is also a resident of Rossmoor. Anh is both an estate planning attorney and financial planner. Anh previously provided financial planning, tax planning and estate planning advice to executives of Fortune 100 companies while working at Ayco, a Goldman Sachs company. Anh continues to provide financial planning and estate planning for the mass affluent and high net-worth individuals of Rossmoor.

Modern Wealth Law continues to work closely with residents of Rossmoor and Orange County.

Each of our attorneys have experience dealing with the unique issues specific to the residents of Rossmoor. Rossmoor estate planning requires the understanding of several different areas of tax, including:

  • Rossmoor Property Taxes, including HOA and Mello Roos issues
  • California State Income Tax
  • Federal Income Tax
  • Inheritance Tax
  • Federal Estate Tax

Many of these tax issues are specific to either Rossmoor or California.

Essential Estate Planning Documents

Estate planning is often used as a general term to identify several different documents that are prepared for a client. Generally, your estate plan will consist of at least the following documents:

Why Do I Need More Than a Basic Will?

A will is a testamentary document, which means it becomes effective upon your death. Before your assets are distributed pursuant to your will, your will must be submitted to Probate. This means that your will is submitted to the probate court for review. While this process may seem simple enough, it actually takes anywhere from 9 months to several years before your assets are actually distributed to your beneficiaries. Before your assets can be distributed, the court must appoint an executor (person in charge of your estate) and provide notice to all creditors of your estate. Your creditors have several months to make claims against your estate before your assets can be distributed. Probate is not only lengthy, it is also very expensive, with fees that can be up to 10% of your total estate.

While there are certain exceptions to probate for small amounts of money, if your total assets (cash, investments, real estate and personal belongings) exceed $150,000 (as of 2016), you may want to consider more than a basic will to avoid probate. If you live in Rossmoor, you know that you will not find a condominium or house for less than $150,000. You may believe that your assets are less than $150,000 because you do not have $150,000 of equity in your Rossmoor property. However, in Probate, if the gross value of your assets are more than $150,000, you will need more than a basic will to avoid probate.

How do I Avoid Probate?

One of the primary reasons to have more than a basic will is so that you can avoid Probate. A revocable living trust allows you to avoid probate. As discussed above, most people want to avoid probate because it is 1) lengthy, 2) costly, and 3) open to the public. Although your assets are now “owned” by the Trust, they are still treated as your individual assets. However, by transferring your assets to your Trust, your assets will pass to your beneficiaries outside of probate. You can also change the Trust, take assets out of the Trust, or revoke (terminate) the Trust at any time. Upon your death, the successor trustee (the person in charge of your trust after you death) will be able to distribute your assets without probate, which means that the distribution of your assets will happen quicker, cheaper and privately. Your Trust also has several other benefits including, 1) the deferral or avoidance of estate taxes; 2) the ability to avoid a conservatorship if you become incapacitated; and 3) more flexibility on how your assets are distributed.

Contact Our Rossmoor Estate Planning Attorneys

To learn more about how the Rossmoor Estate Planning Attorneys of Modern Wealth Law can assist you with your estate planning needs, including living trusts, wills, probate administration and trust litigation, email us by contacting John Wong, an Orange County Estate Planning Attorney or call us at (949) 371-5003 to schedule an initial consultation. We also serve clients throughout Orange County and Los Angeles County with offices in both Costa Mesa and Century City.