Articles
What Happens to Your Retirement Account (IRA and 401(k)) When You Die?
A question we often get is: What Happens to Your Retirement Account When You Die? For many of you, your IRA or 401(k) plan is the largest asset in your estate, after your home. While many estate plans contemplate the distribution of your home at death, does your estate plan adequately consider the distribution… Read More »
Non-Resident Alien Inheritance and Gift Laws: International Estate Planning for Irvine and OC
Non-Resident Alien Inheritance and Gift Laws Complex estate and gift tax rules apply to your estate planning if you are not a U.S. citizen and you own assets in the United States. Definition of Non-Resident Aliens Irvine and much of Orange County are home to many first generation U.S. citizens with family members that… Read More »
Trust and Estate Litigation: What’s Almost as Certain as Death? Not Talking About Your Children’s Inheritance
The New York Times cover story in the business section last weekend discussed the importance of discussing your children’s inheritance with your children and the potential of trust and estate litigation. It read: What’s Almost as Certain as Death? Not Talking About the Inheritance The article states that while 84% of people surveyed had… Read More »
The New Definition of Undue Influence – Irvine, Orange County
The definition of undue influence as we knew it changed on October 9, 2013, when Governor Jerry Brown signed AB 140, changing the definition of undue influence in Orange County, and all of California as “excessive persuasion that causes another person to act or refrain from acting by overcoming that person’s free will and… Read More »
Super Lawyers Magazine selects Anh Tran as a 2014 Rising Star in Estate Planning and Probate
Super Lawyers is a rating service of outstanding lawyers in estate planning and probate, who have attained a high-degree of peer recognition and professional achievement. The selection process is multi-phased and includes independent research, peer nominations and peer evaluations. Super Lawyers Magazine features the list and profiles of selected attorneys for each area of… Read More »
How Should You Take Title to Your Home? (Part 3 of 3)
Something that is often overlooked when buying your home is how you should take title to your home. For most of you, when you buy a home, your biggest concerns are with the price, the location, the aesthetics, the school district, etc. Once you find the home of your dreams, you’ve qualified for the… Read More »
How to Avoid Paying Capital Gains Taxes When You Sell Your Home (Part 2 of 3)
Once you calculate your capital gains when you sell your home, the next step is figure out how to avoid paying capital gains taxes when you sell your home. Capital Gains Tax Exclusion on the Sale of Your Home You probably know that, if you sell your home, you may exclude up to $250,000… Read More »
How Do You Calculate Capital Gains Taxes When You Sell Your Home? (Part 1 of 3)
Before you can calculate the capital gains taxes on the sale of your home, you must first understand basis. The examples below are for illustrative purposes only. For a complete understanding and a full review of your specific situation, contact an Orange County Estate Planning Attorney at Modern Wealth Law. What is the Basis… Read More »
Setting Up an Out of State Corporation by a California Resident
California residents often ask me, “should I set up an out of state corporation to save or avoid taxes?” California residents often mention Nevada because it has no corporate income tax and no personal income tax. Many “business advisors” promote these Nevada LLCs or corporations for this very reason (with the caveat that they… Read More »
Should You Write Your Own Will or Trust?
Often times I’m asked, “can you write your own Will or Trust?” The simple answer is yes, you can write your own Will or Trust. However, you can also perform your own surgery, invest your own assets and buy your own house. But as a doctor, financial advisor and real estate agent will tell… Read More »
