• Facebook
  • Youtube
  • Linkedin
Call Us At: (408) 553-0801
Lonich Patton Ehrlich Policastri
  • Home
  • Locations
    • San Jose
    • Santa Cruz
  • About
    • Why LPEP
    • Our Attorneys
  • Practice Areas
    • Family Law
      • Annulments
      • Certified Family Law Specialists
      • Child Custody and Visitation
      • Child Support
      • Divorce and Your Estate
      • Divorce Litigation
      • Divorce Planning
      • Domestic Partnerships
      • Domestic Violence
      • Enforcement and Modifications
      • Extramarital Affairs
      • Grandparents’ Rights
      • Harassment
      • Legal Separation
      • Mediation and Collaborative Divorce
      • Parental Relocations
      • Paternity
      • Postnuptial Agreements
      • Prenuptial Agreements
      • Property Division
      • Restraining Orders
      • Same Sex Divorce
      • Spousal Support and Alimony
    • Estate Planning
      • Business Succession Planning
      • Power of Attorney
      • Probate
      • Trust Administration
      • Trust and Probate Litigation
      • Trusts
      • Wills
  • FAQ
    • Estate Planning FAQ
    • Family Law FAQ
  • Blog
  • Pay Now
  • Resources
    • Family Law Resources
    • Estate Planning Resources
  • Contact Us
    • Careers
  • Get a Free Consultation
  • Menu
Lonich Patton Ehrlich Policastri

How to protect your assets, even if you didn’t win the billion dollar powerball

January 25, 2016/0 Comments/in Estate Planning, Probate /by Lonich Patton Ehrlich Policastri

After the historical $1.5 billion jackpot was finally won, it is time for many of us to consider how to protect our assets during our lifetime and after. Although winning the lottery may not be something we will experience, many of us do have valuable assets that we would like to protect when we are gone.  Therefore, this year it might be time to give your estate plan a review.

An important tool in estate planning to consider is the living trust (also called a revocable living trust). In its simplest form, a living trust is a written agreement which sets forth what happens to your assets in the event of your death.  One of the greatest advantages of a living trust is that it protects your estate from the probate process, which can be time consuming and expensive. And while a living trust is primarily used as a convenient and efficient way to distribute your assets upon death, you still maintain control over all your assets during your lifetime. Therefore you can alter, add or revoke the living trust at any time for any reason.

In many situations, a trust is the best way to achieve your goals. With a trust you can:

  • Avoid probate
  • Provide for your care should you no longer be able to handle your own affairs
  • Provide for children from a previous marriage
  • Hold money for minors and ensure they cannot spend it all the minute they come of age
  • Protect assets from creditors and former spouses
  • Benefit family and charity through one mean

Probate, on the other hand, is the process the court utilizes to manage the affairs of a decedent’s estate. In contrast to a living trust, the probate process, in most metropolitan areas in California, can take about 6- 18 months. This delay creates additional expenses that can consume 3% to 6% or more of the gross value of the probate estate.

At Lonich Patton Ehrlich Policastri, our estate planning attorneys don’t believe in offering services that are “one size fits all.” We understand that each family has particular needs and concerns, and we can customize our estate planning services to meet these specific needs and ensure that your long term wishes are carried out. If you are interested in nonprobate transfers or have any questions regarding your current estate plan, please contact the experienced estate planning attorneys at Lonich Patton Ehrlich Policastri for further information. The attorneys at Lonich Patton Ehrlich Policastri have decades of experience handling complex estate planning matters, including nonprobate transfers, and we are happy to offer you a free consultation. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

Source:

http://www.forbes.com/sites/deborahljacobs/2012/01/04/make-a-new-years-resolution-to-give-your-estate-plan-a-checkup-2/#2715e4857a0b7be8584f7cf0

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Lonich Patton Ehrlich Policastri2016-01-25 12:17:432016-01-25 12:17:43How to protect your assets, even if you didn't win the billion dollar powerball
Lonich Patton Ehrlich Policastri

Gina N. Policastri Receives 2016 Avvo Clients’ Choice Award

January 22, 2016/0 Comments/in Firm News /by Lonich Patton Ehrlich Policastri

Gina Policastri, partner at Lonich Patton Ehrlich Policastri, was recently awarded the 2016 AVVO Clients’ Choice Award.  To obtain this award, an attorney must receive five or more 4 or 5 star client reviews on AVVO within a year.  Gina did this in the first 21 days of 2016!  Gina’s award reflects her reputation for high quality and compassionate legal representation.  As one recent client reviewer stated, “Gina is a highly competent, intelligent and witty attorney. She understands family law, knows your rights, is highly proactive and will fight for you and your children. Don’t hesitate to meet with Gina, you will be impressed with her professionalism and compassion for your situation and needs.”

Gina Policastri is a Certified Family Law Specialist.  She handles all areas of family law including high conflict custody cases, complex business valuation and asset division issues and complicated child and spousal support matters.

 

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Lonich Patton Ehrlich Policastri2016-01-22 11:11:122019-01-25 17:48:15Gina N. Policastri Receives 2016 Avvo Clients' Choice Award
Lonich Patton Ehrlich Policastri

Important Estate Tax Figure for 2016

January 21, 2016/0 Comments/in Estate Planning /by Lonich Patton Ehrlich Policastri

For 2016, the federal estate tax exemption has increased to $5.45 million per individual, up from $5.43 million in 2015.

The estate tax is a tax on the value of your estate which exceeds the estate tax exemption. Your estate consists of the fair market value of everything you own or have interest in at the time of your death. The total of all of these items is your “Gross estate.” Once your Gross estate is accounted for, certain deductions are allowed and thus your “taxable estate” is determined.

After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed. The tax is then reduced by the available unified credit.

Many relatively simple estates do not require the filing of an estate tax return, however you should consult with an estate attorney. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5.45 for 2016.

 

Estate Tax 2016 2015
Federal estate tax exemption $5.45 million $5.43 million
Maximum estate tax rate 40% 40%
Annual Gift Exclusion 2016 2015
Amount you can give each recipient $14,000 $14,000

 

Estate planning is a highly complex area of law. If you are interested in creating a trust for your family business or have any questions regarding your current estate plan, please contact the experienced estate planning attorneys at Lonich Patton Ehrlich Policastri for further information. The attorneys at Lonich Patton Ehrlich Policastri have decades of experience handling complex estate planning matters, including family business trusts, and we are happy to offer you a free consultation. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may detail general legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

Sources:

IRS 2016 tax: https://www.irs.gov/pub/irs-drop/rp-15-53.pdf

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Lonich Patton Ehrlich Policastri2016-01-21 09:41:122016-01-21 09:41:12Important Estate Tax Figure for 2016
Lonich Patton Ehrlich Policastri

What happens to the children after a split when you are not married?

January 21, 2016/0 Comments/in Family Law /by Lonich Patton Ehrlich Policastri

The Kardashians always seem to be in the news. While the Kardashians are widely known for their expensive lifestyle and new fashion trends, Kourtney Kardashian was all over the news after her split with Scott Disick. Kourtney and Scott were together for about 9 years and have 3 children (Mason, 6, Penelope, 3, and Reign, 1]). However, while there seems to be no issue with Kourtney keeping the kids, what happens to the children after a split when you are not married?

The concept of a “common law marriage” no longer exists in California. Thus, simply living together does not give rise to a “marriage” or other legal marriage-like union under California law. This means that a non-marital cohabiting relationship does not give rise to “spousal-type” rights, obligations or remedies (except under certain circumstances in an invalid marriage, a “putative spouse” or under a Marvin claim, where non-marital partners have the right to enforce expressed or implied agreements for support or property sharing in the event of a separation).

However, there are certain family statutory rights and obligations that arise regardless of there being a formal marriage. Child support, for example, is a statuary duty to support minor children (and certain adult children) imposed on the parents regardless of them having ever been married.  California Family Code § 3900 provides that both the father and mother of a minor child have an equal responsibility to support their child. This duty continues until the unmarried child completes the 12th grade or attains the age of 18, whichever occurs first. However, the law does not limit the rights of parents to agree to provide additional support. A child support obligation between non-marital cohabiting parents is enforceable either through a parentage action or other action under the Family Code. Similarly, non-marital cohabiting partners have custody and visitation rights similarly to those formally married.

If you have any questions about child support or child custody, the Certified Family Law Specialists at Lonich Patton Ehrlich Policastri have decades of experience handling complex family law matters. Please contact the Certified Family Law Specialists at Lonich Patton Ehrlich Policastri for further information.  Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may include legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.

https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png 0 0 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2019/02/LPEP_PC.png Lonich Patton Ehrlich Policastri2016-01-21 09:38:192016-01-21 09:38:19What happens to the children after a split when you are not married?
Learn more about estate planning with a free resource
Read all about family law and child custody
Learn more about family law matters such as private divorce counseling.

Categories

  • Business Law
  • Estate Planning
  • Family Law
  • Firm News
  • In the Community
  • News
  • Personal
  • Probate
  • Uncategorized

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • April 2019
  • March 2019
  • February 2019
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • December 2017
  • November 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009

Free 30-Minute Family Law or Estate Planning Consultation

2 + 6 = ?

Link to: Contact Us

Contact Us

LONICH PATTON EHRLICH POLICASTRI

1871 The Alameda, Suite 400, San Jose, CA 95126
Phone: (408) 553-0801 | Fax: (408) 553-0807 | Email: contact@lpeplaw.com

Located in San Jose, Lonich Patton Ehrlich Policastri handles matters for clients in northern California, especially San Jose and Silicon Valley. Our services are available to anyone within the following counties: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, and San Benito. For a full listing of areas where we practice, please click here.

DISCLAIMER

This web site is intended for informational purposes only and is not legal advice. Nothing in the site is to be considered as either creating an attorney-client relationship between the reader and Lonich Patton Ehrlich Policastri or as rendering of legal advice for any specific matter. Readers are responsible for obtaining such advice from their own legal counsel. No client or other reader should act or refrain from acting on the basis of any information contained in Lonich Patton Ehrlich Policastri Web site without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.

About | Why LPEP | Contact | Blog

© 2019 Copyright Lonich Patton Ehrlich Policastri. All rights reserved.

Scroll to top

LPEP COVID-19 Office Protocol