ESTATE PLANNING CALIFORNIA
Most people start well and plan from a very young age for success by attending school and college, saving, working hard, starting businesses, gaining employment or whatever they pursue to achieve their goals. As wealth and success is obtained, most people are blindsided in the end when they realize they have overlooked a plan to protect their hard-earned wealth. This may be a result of failing to plan for incapacities, death, taxes, family dynamics, business succession planning, lawsuits, or any other threat to you and your family’s well-being.
All your hard work during your lifetime to obtain wealth could be for naught if you do not plan. This is true for your personal or business assets. Many people do not realize that incapacity or long-term care issues due to health complications is one of the biggest threats to our well-being. These health issues can last several years, which can be devastating to one’s finances and well-being. Further, a court may oversee your financial and health decisions for the rest of your life through a guardianship. Even after your death, a court may still oversee how your assets, if any after high fees, are distributed upon your death. These guardianship and probate procedures through court are costly and time consuming but can be avoided with the proper use of power of attorney documents, wills, and trusts. These documents can further assist individuals who may be facing adverse tax consequences due to estate (death) taxes.
Planning to transfer the management and ownership of a successful business takes years to properly plan and execute. Many successful business owners assume that a family member will take over the family business. This is not always the case. Other considerations such as tax implications (income, gift, transfer, and estate taxes), need to be carefully considered to minimize any tax exposure. Your business assets need to be carefully considered in conjunction with your personal assets to achieve the best results.
Take control of your own planning and do not leave your estate planning decisions to the courts or others. Contact the attorneys at Law Office of John Park today to schedule an appointment to discuss a comprehensive personal or business estate plan for you.
International Estate Planning:
If you are a Nonresident Alien or not a citizen of the United States and you own assets in the United States, you may have adverse tax consequences during your lifetime (gift tax) and after your death (estate tax). Many Nonresident Aliens have extensive real property holdings in the United States, due to the favorable investment opportunities offered. However, many Nonresident Aliens do not realize the adverse tax consequences that could destroy their investments, along with guardianship and probate issues.
If you are a Nonresident Alien and are planning on making considerable investments in the United States through real property purchases, seek advice immediately. Attorney John Park can effectively advise you on how to properly structure your investment into the United States so that there are minimal to no gift and estate taxes during your lifetime and after your death, as well as avoiding a guardianship and probate relating to your U.S. assets. However, you must plan to do so prior to transferring money into the United States or purchasing property or investments into the United States.
Contact our office today to schedule an appointment with attorney John Park to discuss your international estate planning needs and questions.