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Laguna Niguel Estate Planning Attorney & Probate Lawyers

Laguna Niguel Estate Planning Attorney & Probate Lawyers

Secure Your Future With an Expert Estate Planning Lawyer in Laguna Niguel

The Laguna Niguel estate planning lawyers at Modern Wealth Law bring a sophisticated level of understanding to the area of estate planning and asset protection. Our attorneys have years of estate planning experience working with clients in Laguna Niguel and the surrounding area. We can provide you with the estate planning services and expertise you need, from assisting you with preparing a will or living trust, to transferring your assets to your family members and loved ones according to your wishes. Additionally, our firm has extensive experience with probate and trust litigation.

Choose a Laguna Niguel Estate Planning Attorney With Vast Experience

Each of our attorneys are knowledgeable of the many unique issues specific to Laguna Niguel residents. Estate planning requires a vast knowledge of local property taxes, HOAs and Mello-Roos.

Laguna Niguel estate planning lawyer John L. Wong has represented some of the most well-known estates in the country, including the Estate of Michael Jackson and the Estate of Britney Spears. John’s clients in Laguna Niguel range from working professionals and small business owners to the mass affluent and high net-worth individuals. John has represented generations of families, from a great grandmother to her great grandson. We are here to help you plan for the things you want, and for the things you need.

Attorney Anh P. Tran previously worked at Ayco, a Goldman Sachs company located in Irvine, where she advised executives of Fortune 100 companies on estate and tax planning issues. Anh continues to work with executives of large companies and tech startups in the area.

As the founding shareholders of Modern Wealth Law, John and Anh continue to work closely with residents and business owners throughout Laguna Niguel and Orange County.

Estate Planning Documents and a Successful Process

In order to most effectively design an estate plan for you, we take the time to learn about your family, occupation, businesses, financial outlook, and your estate planning goals, to create a customized estate plan that meets your needs. We have worked closely with several families living in Laguna Niguel to accomplish these goals. Our estate plans include the following documents:

Is an Estate Plan Necessary?

There are 4 primary reasons why you need an estate plan: 1) Avoiding probate; 2) designating beneficiaries of your estate; 3) ensuring your minor children are taken care; and 4) avoiding estate tax.

Laguna Niguel Probate Attorney

One of the primary reasons to have more than a basic will is so that you can avoid the probate process. Any assets not in your Trust, and therefore distributed pursuant to your Will, will be distributed through the court system called “Probate”. Most people want to avoid probate because it is 1) lengthy, 2) costly, and 3) very public. John Wong and Anh Tran are highly experienced probate lawyers serving Laguna Niguel and can assist you and your family if a family member has passed away “intestate” (having not made a Will or Living Trust). We have handled probate cases involving property and assets ranging from hundreds of thousands, to tens of millions of dollars. As a California Bar Certified Estate Planning & Probate attorney, John Wong can handle all of the complexities of probate law and litigation between family members and creditors.

Designating Beneficiaries of Your Estate

Besides avoiding the cost of probate, an estate plan allows you to choose the beneficiaries of your estate. Without a well drafted estate plan, the probate court’s distribution of your assets will likely not conform to your wishes. See Probate Code section 6400 et seq. Often times this leads to disagreement among your beneficiaries and leads to Trust and Probate Litigation.

Preparing Care for Your Minor Children

For most parents with young children, the primary concern with estate planning is what will happen to your children if both parents are deceased. Do you want your children to remain in Laguna Niguel? Will the guardians also live locally? Without guidance from you, the court will be left to decide who, where and how your children will be taken care of. Again, this will likely lead to a result that you do not desire and become very expensive. A properly drafted estate plan can help you and your children from paying court fees for the next several years.

Laguna Niguel, California and Federal Estate Tax Avoidance

The federal government will tax your assets after your death if your assets are above certain thresholds. These thresholds vary from year to year. Depending upon the value of your assets at your death, this may or may not be a concern. However, with a 40% tax on assets above the exemption amount, it is imperative that you structure an estate plan that delays, reduces or eliminates these taxes.

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 beneficiaries live in Laguna Niguel, or other parts of California, they will pay some of the highest taxes in the country without proper planning.

Do I Need Something More than a Basic Will?

If your total assets (cash, investments, real estate, businesses and personal belongings) exceed $150,000 (as of 2016), you will almost assuredly need more than a basic will. If you live in Laguna Niguel, you know that you won’t find a condo for less than $400,000 – let alone a single family home. Often times residents believe that their assets are less than $150,000 because they do not have $150,000 of equity in their Laguna Niguel property. The Probate Court doesn’t care. If the gross value of your home is more than $150,000, you will need more than a basic will to avoid your heirs going through the lengthy & expensive probate process.

Beyond the Basics: Asset Protection in Laguna Niguel

If you are in a highly litigious industry, whether you are a physician or a small business owner, you have probably heard the stories about people being sued and losing all of their assets. While protecting your assets has its limitations, there are many vehicles available to protect your assets, or at a minimum, make it more difficult for creditors to take your assets. Asset protection is not bulletproof, but the sooner you begin to prepare to protect your assets, the more likely you will be successful. There are steep penalties for certain types of transactions, known as a fraudulent conveyance, which should be explored before considering each of these vehicles.

Contact Our Estate Planning & Probate Law Firm in Laguna Niguel

If you or family member live in Laguna Niguel, and you would like to learn more about our estate planning services, including living trusts, wills, probate administration and trust litigation, call us at (949) 371-5003 or email us by contacting John Wong at Modern Wealth Law. Our estate planning attorneys serve residents throughout Orange County.

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