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Newport Beach Estate Planning Attorney

Newport Beach Estate Planning Attorney

Estate Planning & Probate Attorney for Residents of Newport Beach

Modern Wealth Law is a Newport Beach estate planning and probate law firm that focuses on estate planning for individuals, families, the elderly and business owners. The Newport Beach estate planning attorneys at Modern Wealth Law can provide legal expertise and advice regarding:

  • Trusts
  • Wills
  • Advanced Estate Planning
  • Asset Protection
  • Avoiding Probate

We are experienced, well-qualified Newport Beach estate planning lawyers that will personally meet with you to discuss your estate planning objectives. During our meeting, we will learn more about potential estate plan goals & objectives and guide you through the entire process. We then prepare a customized estate plan that reflects your objectives and your desires.

Let Us Help You Develop A Tailor-Made Estate Plan

We work closely with residents and business owners throughout Newport Beach and our founding shareholders, John L. Wong and Anh P. Tran, are well-qualified to advise you on many relevant tax issues related to estate planning, including, property taxes in Newport Beach, state and federal income tax and gift and estate tax.

John L. Wong is a California Bar Certified Estate Planning Specialist in Newport Beach and has represented some of the largest and well-known estates in the country, including the probate administration of Michael Jackson and the Conservatorship administration of Britney Spears. John’s clients in Newport Beach range from young families to pre and post retirees. John has represented generations of families, from a great grandmother at 95 years of age, to her great grandson at 25 years of age, and each generation in between.

Anh P. Tran is an estate planning lawyer serving Newport Beach and manages both a financial planning firm, Modern Wealth Advisors, as well as Modern Wealth Law. Prior to establishing her own firms, Anh worked at Ayco, a Goldman Sachs company located near Newport Beach, where she advised CEOs of large companies on estate and tax planning issues. Anh continues to work with employees of tech companies, including Google, Hulu and Facebook.

Wills

A will is a testamentary document, which means it becomes effective upon your death. There are different types of wills, including a self-proving will which is the traditional type of will where it is signed in the presence of witnesses. There is also holographic will is a will written in the testator’s own handwriting. As part of your estate plan, each Newport Beach Estate Planning Attorney at Modern Wealth Law will create a pour-over will for you, which will transfer certain assets to your Trust. A will may also appoint a guardian for your minor children. Generally your will is prepared in conjunction with other key estate planning documents such as: 1) Living Trust, 2) Power of Attorney for Finances, 3) Power of Attorney for Medical Decisions, 4) Trust Certification, and 5)Trust Funding (Transferring Your Home to Your Trust).

Trusts

A Revocable Living Trust is treated similar to a separate legal entity (for example, an LLC or corporation). The person who sets up the Revocable Living Trust is often called the “Settlor,” “Grantor” or “Trustor.” Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will.
Other benefits of trusts include:

  • Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex situations such as children from more than one marriage.

  • Protection of your legacy. A properly constructed trust can help protect your estate from your heirs’ creditors or from beneficiaries who may not be adept at money management.

  • Privacy and probate savings. Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.

Beyond the Basics: Asset Protection in Newport Beach

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 conveyances, which should be explored before considering each of these vehicles.

Contact Our Newport Beach Estate Planning & Probate Attorneys

If you live in Newport Beach and you would like to learn more about our services, including living trusts, wills, probate administration and trust litigation, call us at (949) 371-5003 or email us by contacting John Wong, an Orange County estate planning attorney at Modern Wealth Law.

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