Residents of Aliso Viejo, California should consider estate planning for several reasons. Here are a few specific factors that may be important to residents of this area:
- High Cost of Living: Aliso Viejo is located in Orange County, which has a high cost of living compared to many other areas in the country. As a result, residents may have more assets to protect and may need to take extra care in their estate planning to ensure that their assets are distributed appropriately.
- Real Estate Values: Real estate values in Aliso Viejo and the surrounding areas can be quite high. As a result, residents may have significant equity in their homes or other properties that they want to protect and pass on to their beneficiaries. The Orange County medium home price for 2022 was one million ($1,000,000) dollars. The average Probate cost on a home at that level would be $46,000 or more and a cost of time if held up for eighteen (18) or more months (average length of a quick Probate).
- Family Dynamics: Family dynamics can play a big role in estate planning, and Aliso Viejo is home to a diverse range of families. Some residents may have blended families, unmarried partners, or other non-traditional family structures that require special attention in their estate plans.
- Business Ownership: Aliso Viejo has a thriving business community, and many residents may own their own businesses or be involved in partnerships. Proper estate planning can ensure that these businesses are protected and that ownership is transferred smoothly in the event of the owner's death.
- State Estate Taxes: California is one of the few states that does not have its own estate tax, which can apply to estates valued at over $11.7 million. However, it does have high income tax and fir larger estate considering going outside of California is a prudent thought.
In short, residents of Aliso Viejo should consider estate planning to protect their assets, ensure that their wishes are carried out, and minimize the impact of taxes and other expenses on their estate. Consulting with an estate planning professional can help ensure that your estate plan is tailored to your unique needs and circumstances.
If your a homeowner and have not done any estate planning but have questions we invite you to book a free no obligation call. We have helped thousands of Californians plan their estates and also reviewed and diffused bad plans folks were unwittingly sitting in and didn't know things were set up incorrectly.