Wills & Trusts
Everyone has heard of a Will but most people don’t fully understand all the nuances of a Will. During your life, if you draft a Will, you choose who will receive your assets upon your death. If you don’t have a Will, the state of California has a Will for you. The California Will is referred to as intestate succession which is a law that governs who will receive your assets and how much of your assets a person will receive, upon your death.
A Will is initially cheaper to prepare than a trust, but a Will still goes to probate court and in the end, you will pay more in time, costs, and lack of privacy because of probate. Even though a Will does not avoid probate court, having a Will is better than no Will at all, since you are able to choose who your assets will be distributed to, instead of leaving that decision to the State of California.
Why settle for a better option when there is a best option, which is a trust. There are many types of trusts and the most common is a revocable living trust. Although, a trust is more expensive than a Will to initially prepare, in the end you will save because a trust, unlike a Will, avoids guardianship court during your life and probate court upon your death. A revocable living trust is similar to a Will in that you are able to choose who will receive your assets upon your death with the added benefit that you will have complete privacy of how your assets will be efficiently distributed through the trust.
Other types of trusts are
Life Insurance trusts
QDOT trusts for nonresident aliens
Each estate plan and type of trust is unique and customized to each client’s individual needs and circumstances. Make sure you contact our office today to schedule an appointment with attorney John Park to discuss your customized estate plan.
You have worked your whole life to build your wealth and you should be able to have the peace of mind that your wealth will be available to you and your family to enjoy. Many business owners, doctors, dentists, attorneys, etc. are prone to being sued because of the nature of their business. Threats of being sued or your hard-earned assets being taken away are a real possibility.
Through the proper use of irrevocable trusts or the proper set up of entity formations, your assets could be protected from these outside threats. Some states have enacted trust and business laws that can protect your assets. Nevada is the leading jurisdiction in the nation when it comes to asset protection through the use of irrevocable trusts. Attorney John Park is also a licensed attorney in the State of Nevada and has been helping clients with their estate and business planning and asset protection planning with Nevada irrevocable trusts.
Even though we can’t stop someone from suing you, we can plan to structure your estate plan that if you are sued, you are in a position to negotiate to settle or your assets will be fully protected. However, these results are not possible, unless you plan in advance. If you are already involved in a lawsuit, it may be too late to protect your assets. Don’t wait and contact our office today to schedule an appointment with attorney John Park to discuss your asset protection needs before it’s too late.