• Facebook
  • Youtube
  • Linkedin
  • Twitter
  • Instagram
  • Vk
Call Us At: (408) 553-0801
Lonich Patton Ehrlich Policastri
  • Home
  • About
    • Why LPEP
    • Our Attorneys
    • Locations
      • San Jose
      • Santa Cruz
    • Testimonials
  • LPEP Spotlight
  • 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

Estate Planning Tips to Keep Money in the Family

March 16, 2023/in Estate Planning /by Michael Lonich

Estate planning for a family is essential to ensure your funds and assets are handled correctly when you pass away or become incapacitated. And, like many people who have spent years building their wealth, it probably upsets you that the government will take a substantial cut of that wealth before distributing it to your heirs.

But it doesn’t have to be that way. A carefully crafted plan will help protect your property, so it passes directly to your beneficiaries.

The Probate Process

There is no inheritance tax in California, and it is only in effect at the federal level on estates valued at more than $12.92 million will have an estate tax.

But what if your estate goes into probate? That is typically a lengthy process that often requires court supervision and involves multiple complicated steps like locating assets and undertaking ownership transfers.

Therefore, California has attorney probate fees based on the estate’s value:

4% on the first $100,000

3% for the next $100,000

2% on the next $800,000

So, a $1 million estate may have a $23,000 attorney probate fee; a number of other fee’s and expenses are chargeable in probate.

The best way to avoid these fee’s is by keeping your estate out of probate, and there are a few ways you can accomplish that goal.

Trusts

Trusts are a common way for people to avoid probate. They are powerful tools in estate planning that can be immensely beneficial. Creating a trust can help ensure your estate passes to your heirs according to your wishes without going through the probate court process.

There are different types of trusts available that may suit particular situations. An irrevocable trust, for instance, is one where the terms cannot be changed once established, whereas a revocable trust allows for alterations of its terms. Other common trusts include charitable trusts and special needs trusts. Each of these serves a specific purpose based on your goals.

Joint Ownership

Joint Tenancy, or Joint Tenancy with Rights of Survivorship, is another arrangement that allows a property to pass directly to co-owners without going through probate court. But it’s important to remember that if your estate plan changes for any reason due to marriage, death, or other circumstances, it is necessary to make modifications accordingly.

Designate Beneficiaries

You can also use payable on death (POD) designations so that your beneficiaries can receive their inheritance promptly without going through the probate process. By setting up a POD designation for your bank accounts, investment portfolios, real estate, motor vehicles, and any other type of asset ownership you may possess, you can expedite the transfer of those assets to your chosen beneficiary or beneficiaries.

Creating Your Estate Plan

There are numerous ways to protect your estate from probate fees, from strategically structuring your assets ahead of time to drafting a will or trust. Our attorneys at Lonich Patton Ehrlich Policastri can provide estate planning advice to ensure money in your family is dispersed according to your wishes.

Contact us for a free 30-minute consultation by filling out our online form here or calling 408-553-0801. Together, we will create a secure future for you and your loved ones.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

https://www.lpeplaw.com/wp-content/uploads/2023/03/bigstock-Family-Budget-Planning-Concept-464940263.jpg 569 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2023-03-16 16:50:242023-03-16 16:50:24Estate Planning Tips to Keep Money in the Family

What’s the Difference Between a Will and Estate Planning?

March 9, 2023/in Estate Planning /by Michael Lonich

We all know it’s important to plan for the future. Maybe you have made some wise investments and want to make sure your assets get passed on to your children. Or, if you have a special needs child, you might be wondering how to ensure they’re well taken care of if anything happens to you. Although it might be unpleasant to think about a future when you won’t be around to care for your family, it is important to make decisions now to protect your family later.

If you’ve started thinking about making a will, you might have a few questions. Is a will all you need to cover everything? Is a will the same thing as estate planning? What happens if you don’t have a will?

What is included in a will?

A will is a written document that provides details and instructions for:

  • How you want your assets to be distributed after your death, including gifts to family members, friends, or charities. 
  • Who should be the guardian of your minor children.
  • Management of any assets left to minor children.
  • Designation of an executor, or person responsible for administering your estate, including payment of debts, taxes, or expenses after your death.

What is estate planning?

Although they are related, a will is not the same thing as an estate plan. Estate planning is the process of organizing your estate to help you make decisions about your finances, taxes, medical issues, debts, and business, etc. A will is part of this process, but an estate plan is much broader, allowing you to:

  • Maximize your enjoyment of your estate during your life;
  • Help protect your assets in cases of divorce or bankruptcy;
  • Minimize the impact of taxes;
  • Ensure that you can provide continuing care for your loved ones after you are gone;
  • Provide instructions related to healthcare decisions such as the use of life support or organ donation if you become incapacitated;  
  • Be certain that your decisions and final wishes regarding distribution of your assets are carried out after your death.

Because your estate encompasses all of your property and assets, including financial accounts (bank, life insurance, retirement); investments (stock, bonds); real property (house, real estate); and personal property (cars, jewelry, furniture), estate planning is essential for everyone, not just individuals with large estates. Families, specifically, benefit from estate plans because they can help plan for funeral expenses and determine custody and guardianship issues for minor dependents, including children with special needs.

What happens if I don’t have a will or estate plan?

If you do not have a will or estate plan upon your death, a judge will appoint another person to take control of your assets in accordance with laws in California. Usually, your estate will be distributed to a spouse or domestic partner first, followed by immediate family. Any close friends or charitable organizations would be ineligible to receive benefits.

Start planning today

The estate planning attorneys at Lonich Patton Ehrlich Policastri offer a full range of legal services related to estate planning and are experts in preparing wills, revocable living trusts, special needs trusts, and other documents used in charitable giving and transference of wealth. Call us today at 408-553-0801 or fill out our online form here for a free consultation. We can help you make the important decisions that will help you and your family today and in the future.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter. 

https://www.lpeplaw.com/wp-content/uploads/2023/03/bigstock-Woman-Signing-Papers-Last-Will-470503309.jpg 601 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2023-03-09 17:37:342023-03-21 23:52:25What’s the Difference Between a Will and Estate Planning?

Can You Amend a Postnuptial Agreement?

March 2, 2023/in Family Law /by Gretchen Boger

Creating a postnuptial agreement after marriage is a great way to protect yourself and your assets in the event of a divorce. While thinking about divorce after saying “I do” isn’t top of mind for most couples, a postnup provides transparency and understanding in your marriage. So let’s say you have established a postnup, but now several years have passed and your situation has changed. Are you still bound and tied to the original postnup, or can you amend a postnuptial agreement to reflect current circumstances?

Can a postnuptial agreement be amended?

Yes. Like a prenup, a postnup can also be edited and amended after it has been created. Situations change, and life happens. Certain events that might make it necessary to update an existing postnuptial agreement include:

  • Having children
  • Purchasing new property
  • Starting up a new business
  • Receiving a large inheritance

Likewise, you can update your postnuptial agreement if you or your spouse has acquired a new debt and you want to make sure you have a legally binding agreement in place detailing who that responsibility will go to in the event of a divorce. Postnuptial agreements are tailored specifically to the needs of both spouses involved, and no two are alike. They are created and modified to reflect the unique circumstances and desires of each respective party. 

In order to make any amendments, both parties must agree on the changes being made. However, there are circumstances that would prohibit making any modifications to an existing postnup. These situations include if the couple is currently separated or seeking a divorce. Additionally, if the amendments being made would adversely affect any children involved, those changes would not be possible to make. The postnup, just like a prenup, can even be revoked if both parties mutually agree on getting rid of it.

How do you amend a postnuptial agreement?

The most important thing to do in order to make an amendment to your existing postnuptial agreement is to consult with a trusted attorney. Here at Lonich Patton Ehrlich Policastri, we have a team of dedicated attorneys with the expertise to navigate these matters. Since postnuptial agreements (and amendments made to them) can sometimes be difficult to enforce, it is imperative to have a skilled attorney guide you through the process in order to ensure that you have an enforceable document that will hold up in court and also satisfies the desires of both parties. We are one of the most prominent firms in the Bay Area and have the resources and experience to help guide you and your family. If you have questions about creating or amending a postnuptial agreement, give us a call today at 408-553-0801 or fill out our online form here for a free 30-minute consultation. 

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

https://www.lpeplaw.com/wp-content/uploads/2023/03/bigstock-The-Bride-And-Groom-Sign-In-Th-464816763.jpg 600 900 Gretchen Boger https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Gretchen Boger2023-03-02 18:54:522023-03-02 18:59:10Can You Amend a Postnuptial Agreement?

March 2023 LPEP Spotlight: Shelby A. Rider

March 1, 2023/in 2023, Spotlight /by Lonich Patton Ehrlich Policastri
Read more
https://www.lpeplaw.com/wp-content/uploads/2023/03/Shelby_Featured.jpg 490 718 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Lonich Patton Ehrlich Policastri2023-03-01 16:50:352023-03-01 16:55:20March 2023 LPEP Spotlight: Shelby A. Rider
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

  • 2021
  • 2022
  • 2023
  • Business Law
  • Estate Planning
  • Family Law
  • Firm News
  • In the Community
  • News
  • Personal
  • Probate
  • Spotlight

Posts From The Past 12 Months

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022

Explore Our Archives

Free 30-Minute Family Law or Estate Planning Consultation

0 + 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, specifically 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

© 2023 Copyright Lonich Patton Ehrlich Policastri. All rights reserved. Privacy Policy

Scroll to top

LPEP COVID-19 Office Protocol