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Estate Planning Lawyers & Probate Attorney in Tustin, CA

Estate Planning Lawyers & Probate Attorney in Tustin, CA

Protect Your Future With a Skilled Estate Planning Lawyer in the City of Tustin

The City of Tustin estate planning lawyers at Modern Wealth Law bring a refined degree of skill and experience to the field of asset protection and estate planning. Our lawyers have many years of dedicated estate planning experience assisting clients in Tustin and surrounding areas. The firm can provide estate planning services and the skills you need that include helping you with drafting a living trust or will as well as transferring your possessions to your loved ones upon your passing. Moreover, our firm has widespread experience with probate and trust litigation.

City of Tustin Estate Planning Attorneys: Obtain The Support of An Attorney With In-Depth Experience

Every one of our litigators is knowledgeable in the many distinctive issues that are exclusive to Tustin citizens. Estate planning demands extensive familiarity of local estate taxes, HOAs, along with Mello-Roos.

Tustin, CA estate planning lawyer John L. Wong has assisted several of the most affluent and well recognized estates in the nation. This includes the private Estate of Britney Spears and the private Estate of the late Michael Jackson. John has a history of helping individuals and their families in Tustin ranging from small business proprietors and working professionals to the wealthy. John has diligently represented families, which range from a grandparent to his or her great grandchild. We are dedicated to assisting you plan for what want but also for the things you absolutely need.

Attorney Anh P. Tran has previously worked for Ayco, which is a Goldman Sachs corporation, located in the City of Irvine. Here, she systematically advised executives and directors of Fortune 100 list of companies on their tax planning and estate concerns. Attorney Anh continues her work guiding high-ranking executives of abundant companies along with tech startups here in the greater Tustin area.

As establishing shareowners of the firm, Modern Wealth Law, Attorneys John L. Wong and Anh P. Tran remain working closely with business owners and residents alike throughout Orange County.

Available Documents for Estate Planning and Establishing a Successful Procedure

In effort of designing an effective estate plan design for you and your family, we take due diligence in learning about you occupation, financial outlook, businesses, family, as well as any estate planning desires you may have. Understanding you background and way of life helps us create a tailored estate plan, which ensures to cover your needs. The firm works closely with many families residing in Tustin and has helped them attain these objectives. Our estate plan portfolio currently includes the following:

Are Estate Plans Needed?

There are four principal motivations why you should consider obtaining a well-written estate plan: 1) You will avoid probate; 2) You will be designating specific beneficiaries for the estate; 3) You are ensuring your dependents will be taken care of; and 4) You are helping your loved ones avoid estate tax.

Proficient Probate Attorney in the City of Tustin

A fundamental reason to consider having more than just a minimal will is to ensure that your loved ones circumvent the probate process. Properties and assets not included in the Trust will be allocated in accordance to your established Will. In other words, these will be disseminated through the courts, commonly referred to as known as the probate process. Many people avoid this process because it’s a lengthy process, it can be very costly, and the process is made entirely public.

Attorneys John and Anh are proficient probate attorneys assisting Tustin residents and will work diligently to assist individuals in the event that a loved one has passed away in what is known as “intestate”. When a person has passed intestate, the person has perished without having made Living Trust or Will. Attorneys John and Anh have handled many probate cases that involve assets and property ranging from a few hundreds of dollars, to clients with an estate worth over millions of dollars. Attorney John Wang is a Certified Estate Planning & Probate attorney with the California Bar Association. He can navigate the intricacies of probate law along with probate litigation between family members and debtors.

Designating Asset Beneficiaries

Aside from avoiding the expense of probate, a well-drafted estate plan will allow you to select beneficiaries of the estate. Not having a well-written estate plan, it is likely that the probate court will allocate the assets and these decisions will probably not correspond to your desires. See California Probate Code S.6400. Not having a well-written estate plan can often lead to unwarranted disagreements among your asset receivers and can ultimately lead to Trust or probate Litigation.

Establishing Care for Underage Children

For the majority of parents with minor children, the main concern with having an estate plan is to have control of how underage children will be cared for in the event that both parents have perished. If you have underage children and dependents, you should ask yourself: would you like your dependents to remain living in the city? Furthermore, will you require that the children’s custodians also reside in Tustin? Without your input, a court will likely make these decisions for you. A court will also choose who and/or how your dependents will be cared for. Without your input, the likely outcome will be not conforming to your wishes and the outcome can also be very expensive. An adequately prepared estate plan will help to avoid paying unnecessary court fees that could last for the next few years.

The City of Tustin, the State of California, and Federal Tax Prevention

Upon you passing, the government will impose a tax the assets under your name if these are over certain predisposed margins. These margins can vary from time to time and depending on the worth of the assets at the time of your passing, this might not be an issue. Nonetheless, with an astonishing 40% tariff on certain property and assets over the given value, it is vital to arrange a well-drafted estate plan that postpones, reduces, or completely eradicates these taxes.

While there are no precise state or city estate taxes on your assets, an adequately prepared estate plan will benefit your family by avoiding imposed income taxes and capital gains when estate is sold after your passing. In the event that your beneficiaries reside in the City of Tustin or otherwise reside in other regions of the state, they could pay very high taxes without adequate planning.

How to Determine If a Will is Insufficient

In the event that your total estate (investments, cash, real estate, personal and business belongings) exceeds the amount of $150,000, it is likely you will need more extensive planning than just a minimal will. As a resident of Tustin, it is likely you are aware that finding a residence less than $400,000 is close to impossible. Many times, people will think that their estate does not amount to $150,000 because their equity does not meet that amount. Unbeknownst to many, the courts will not care. In the event that the gross value of the home is over $150,000, it is probable that you will need more than a will to circumvent your beneficiaries going through an expensive and lengthy probate process.

Beyond Basics: Protecting Your Estate in the City of Tustin

In the event that you’re in a vastly litigious work trade, whether as a business owner or a physician, it is likely you know the stories of people who were sued and ultimately lost their entire assets and property. While protecting an estate has limits, there are various accessible methods to safeguard your estate, or minimally, make it difficult for debtors to claim your property. Estate protection will not always bulletproof, however, the earlier you start preparing to safeguard your estate, the more probable it is that your protection efforts will be effective. There are expensive penalties for specific forms of transactions, commonly referred to as fraudulent conveyance. These transactions should be considered before contemplating each of the accessible protective methods.

Estate Planning & Probate Law Firm in the City of Tustin: Contact a Skilled Attorney

If you reside in Tustin or the surrounding areas and need more information about our top-level estate planning assistances, including wills, living trusts, trust litigation and probate administration, contact our firm by calling (949) 371-5003. You can also reach us via email by contacting us today. Our estate planning attorneys at Modern Wealth Law have assisted residents throughout Tustin and surrounding communities area.

Photo Attribution: Nandaro https://commons.wikimedia.org/wiki/File:20140923-0009_Tustin.JPG [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]

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