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What to do With Retirement Accounts After Death

August 31, 2023/in Estate Planning /by Michael Lonich

By the time some people reach retirement age, they have accumulated a substantial nest egg consisting of 401k’s, pensions, and IRAs. They saved with the intent of having a comfortable lifestyle during their golden years. But what happens to an individual’s hard-earned assets once they pass away? Understanding what happens with retirement accounts after death can help provide peace of mind for the account holder and their loved ones.

After someone passes away, the first step is locating all of their retirement accounts and contacting the financial institutions. If the deceased named a beneficiary for their accounts, the assets will go directly to them without needing to go through probate. However, the funds will become part of the deceased’s estate if there is no beneficiary. In that event, they will need to go through probate.

Probate is the legal process that involves authenticating the deceased person’s will, if one exists, and settling their estate, which includes paying debts and distributing assets to heirs or beneficiaries.

The duration of the probate process can vary widely depending on the complexity of the estate, taking anywhere from several months to a couple of years.

The relationship between the deceased and the beneficiary can also impact what happens to the retirement accounts. A spouse is able to transfer the funds of a 401k or IRA into their own IRA. Or, they can choose to take it over. In that event, there are three options:

  • It can stay in the account until the employee has turned 72
  • The spouse can take distributions based on their own life expectancy 
  • They can follow the 10-year rule, which states the account must be emptied by the tenth year following the deceased’s death.

Non-spouse beneficiaries of an inherited IRA have different rules based on whether they are a designated beneficiary or an eligible designated beneficiary.

A designated beneficiary is a person whom the deceased named to inherit the balance of an IRA or other type of retirement account. They can be any person chosen by the account owner

On the other hand, an eligible designated beneficiary is a specific classification, such as:

  • surviving spouse
  • a disabled or chronically ill individual
  • an individual who is not more than ten years younger than the IRA owner
  • a minor child of the IRA owner

One key difference is that a designated beneficiary is required to follow the 10-year rule. Furthermore, any distribution from the account is considered taxable income.

However, eligible designated beneficiaries have different rules that allow them to stretch out distributions over their lifetime or the deceased’s, providing potential tax benefits.

Navigating the rules for inherited retirement accounts can be complex. Each person’s situation is unique, so getting professional advice is essential. Our attorneys at Lonich Patton Ehrlich Policastri have the expertise you need and can help ensure that your retirement accounts are part of your estate plan. Contact us for a free consultation by calling 408-553-0801 so you can protect your family’s financial 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/2023/08/bigstock-Paper-On-Clipboard-With-Ira-On-477014415.jpg 566 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2023-08-31 22:39:562023-08-31 22:41:14What to do With Retirement Accounts After Death

When Can You Get an Annulment in California?

August 24, 2023/in Family Law /by Virginia Lively

Marriage is a sacred union binding two people together, symbolizing a commitment to love, support, and share their lives. However, there are times when a marriage may prove untenable or legally invalid, leading individuals to seek an annulment rather than a divorce. 

Obtaining an annulment in California is not a straightforward process, as it requires meeting specific criteria and following a distinct set of guidelines. In this article, we’ll discuss the grounds on which an annulment can be granted in California. 

What is an annulment?

An annulment is a legal process that declares a marriage to be void, essentially treating it as though it never legally existed. It aims to restore the parties involved to their pre-marital status, erasing the legal consequences that arise from marriage. 

An annulment is not a remedy available for every unsuccessful or short-lived marriage. Instead, it is reserved for specific situations where the marriage can be proven to have been fundamentally flawed or legally invalid. 

What’s the difference between divorce and annulment?

In a divorce, the law recognizes the marriage as valid, and the process involves the termination of a legally recognized union. A divorce legally ends a valid marriage and addresses issues such as property division, spousal support, child custody, and visitation rights. It recognizes the existence of a marital relationship and seeks to provide a fair and equitable resolution for the parties involved. 

An annulment, on the other hand, treats the marriage as though it never legally existed. It declares the marriage to be void or voidable, usually due to specific legal defects or circumstances that existed at the time of the marriage. As a result, an annulled marriage carries fewer legal consequences compared to a divorce, and the division of property and financial matters may be treated differently compared to a divorce.

When can you get an annulment in California?

Under California law, there are various grounds upon which an annulment can be granted. 

A void marriage is considered legally invalid from the beginning, and no legal annulment proceeding is necessary. In California, examples of void marriages are incestuous or bigamous marriages.

Voidable marriages are considered legally valid until an annulment is sought and granted. The following grounds may render a marriage voidable in California: 

  • Age: If both parties were under the age of 18 at the time of marriage without parental consent
  • Prior existing marriage: If one party was already married at the time of the marriage 
  • Lack of consent: Due to fraud, force, or physical/mental incapacity 
  • Unsound mind: If one party lacked the mental capacity to understand the nature of the marriage 
  • Fraud or misrepresentation: If one party deceived the other regarding a crucial aspect of the marriage
  • Force: If a marriage occurred under duress or coercion, it may be deemed voidable

How to file for annulment 

The first step toward marriage annulment is to ensure you make the deadline for annulment based on the statute of limitations. At Lonich Polich Ehrlich Policastri, we have dedicated experts who can help you navigate the complexities of filing for annulment in California. 

To learn more about the process, or discuss your unique circumstances, call us at 408-553-0801 for a free consultation, or contact us here. 

 

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/2023/08/bigstock-California-Law-With-Gavel-And-397256561.jpg 675 900 Virginia Lively https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Virginia Lively2023-08-24 18:45:052023-08-24 18:45:05When Can You Get an Annulment in California?

Estate Planning Tips for Pet Owners

August 18, 2023/in Estate Planning /by Michael Lonich

Most pet owners consider their pets to be part of the family. This loving bond makes it even more important to consider what will happen to your pets if you are unable to care for them because of illness, disability, or death. Many people assume that family members or friends will step in and take ownership of the pets, but without specific plans in place pets often end up in shelters instead.

Although you may have read newspaper stories about people leaving millions of dollars to their cats, the truth is, in the eyes of the law, pets are property. Rather than naming your pets as beneficiaries of your estate, you will need to designate a caregiver in your will and include guidance for your pets’ care in your estate plan.

Things to think about when estate planning with pets

There are several factors to consider when planning for your pets’ needs after you are gone. The following are some tips to help you plan.

  1. Develop a short-term plan: If you are unexpectedly injured or called away from home, who has access to your house and knows about your pets? Write out instructions about feeding, hiding places, daily routines, etc. to smooth a transition for both the temporary caregiver and your pets. Make sure that one or two trusted individuals (or a pet sitting company) have keys or know how to get in your house.
  2. Decide on a long-term caregiver: Make sure to ask the person before you designate them as the caregiver for your animal in your will. If you can’t find anyone, look into animal sanctuaries or perpetual-care programs. Perpetual-care programs help find suitable homes for pets after an owner’s death.
  3. Life expectancy of your pet: When thinking about who will care for your pet in the long-term and how much money you should set aside for that care, don’t forget that different breeds and animals may live longer than others. For instance, caring for a horse, parrot, or tortoise will likely involve a commitment of decades rather than a year or two.
  4. Annual costs: Deciding how much money to set aside can be tricky, since the costs of owning pets rise as they get older, but there are many online calculators to help you get a general idea. Be sure to include estimates for food, veterinary bills, dental care, toys, pet insurance, etc. 

Consider establishing a pet trust

Many states, including California, recognize pet trusts as a viable option for pet owners to pass caretaking responsibilities to someone else. Because a pet trust is a legal arrangement, you can provide detailed instructions for how you want your pets to be cared for and know that your wishes will be carried out. Working with an estate planning attorney is a good way to ensure your pet trust will stand up in court.

As with other trusts, you will name an individual or group as the trustee who will oversee and distribute funds to the beneficiary who is directly responsible for caring for your pet. Many pet owners fund the pet trust with life insurance benefits. 

Call for a free consultation about your estate planning needs

The Estate Planning Group at Lonich Polich Ehrlich Policastri (LPEP Law) specializes in all aspects of estate planning, including the administration of trusts. Call us today at 408-553-0801 or complete this form to schedule a free, 30-minute consultation to discuss your goals and needs. Not only can our attorneys help you protect the future of your family members, even your four-legged ones, but we can also help you get the most out of your estate now. Don’t wait to start planning. Start today to protect your tomorrow.

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/2023/08/bigstock-Woman-managing-the-debt-sittin-237105718.jpg 567 900 Michael Lonich https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Michael Lonich2023-08-18 20:08:332023-08-18 20:08:33Estate Planning Tips for Pet Owners

When do you Qualify for Alimony?

August 10, 2023/in Family Law /by Gretchen Boger

If you are considering divorce, you and your spouse are facing several life-changing decisions about your shared home, child custody, and dividing up your assets and debts. Separating finances can be one of the most stressful parts of the divorce process. 

You might be worried about making ends meet on your own, especially if you have not been working. That’s where alimony comes in. Alimony, also known as spousal support, is the legal obligation of one spouse to make financial payments to support the other spouse for a period of time. Spousal support is not mandatory or automatic in California, so the family courts have a lot of discretion when deciding the amount of alimony to be paid, if any, and for how long. 

Types of Alimony

When deciding on spousal support, the California court system considers three types:

  • Temporary – The higher-earning spouse will support the lower-earning spouse while the divorce case is ongoing. Temporary alimony helps the supported spouse become self-sufficient while transitioning from being married to being single and can last anywhere from 6 months to several years.
  • Permanent – The higher-earning spouse will continue to make payments to the supported spouse indefinitely. 
  • Lump-sum – Although alimony payments are usually made monthly, a spouse might choose to pay the entire alimony debt all at once instead. Choosing this option allows the supporting spouse to fulfill his or her obligations while at the same time eliminating the need for further interactions with their former spouse. 

When do you qualify to receive spousal support?

Even though alimony is not mandatory in California, if you can demonstrate to the court that you need the financial support, and your spouse is able to pay it, you have a good chance of a favorable outcome.

Every case is considered on its own merits, but there are several general factors the judge will take into account, including:

  • Length of marriage
  • Earning capacity of each spouse
  • Standard of living during marriage
  • Ability to pay spousal support
  • Financial need
  • Age and health of both spouses
  • Other information the judge deems relevant

The following are some common situations that would likely result in at least temporary alimony while the supported spouse becomes self-sufficient:   

  • One spouse relies on the other for income because of parental responsibilities, disability or health issues, adherence to traditional values, etc.
  • If one spouse took time off from their education or career to help the other spouse achieve their goals or to take over parental responsibilities, they might be financially reliant on their spouse and need additional time to restart their career.  
  • When couples own businesses together, and one spouse takes over ownership after the divorce. 

It’s important to remember that spousal support is based on financial need. Seeking alimony from a former spouse should never be about punishing him or her or unfairly enriching one spouse at the expense of the other.

An experienced attorney can help

Our family law attorneys at Lonich Polich Ehrlich Policastri have in-depth knowledge of the spousal support guidelines and practices in California family courts. We have decades of experience in helping our clients work through financial and other issues during a divorce. If you have any questions about alimony, please contact our office today at 408-553-0801 or complete this form to schedule 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/2023/08/bigstock-Payments-Alimony-Pile-Dollars-310576339.jpg 600 900 Gretchen Boger https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Gretchen Boger2023-08-10 20:03:052023-08-10 20:04:08When do you Qualify for Alimony?

How to Renew a Restraining Order

August 3, 2023/in Family Law /by Gina Policastri

Filing a restraining order can provide peace of mind for someone who is being threatened or harassed. However, a court-ordered injunction may not last forever. Renewing a restraining order is vital in staying safe and secure from potential dangers. Therefore, it’s imperative that you know how long an order lasts and how to renew it.

The Different Types of Restraining Orders

In California, there are several types of restraining orders you can apply for, depending on the circumstances:

  • Domestic violence restraining orders are for individuals who have been abused by someone with whom they have a close relationship, such as a spouse, former spouse, cohabitant, or the other parent of the victim’s child.
  • Civil harassment restraining order is for cases when the abused person does not have a close relationship with the abuser. 
  • Elder or dependent adult abuse restraining order is for elderly persons or dependent adults who are victims of physical or financial abuse, neglect, isolation, abduction, harm, or deprivation by a caregiver.
  • Employers can apply for a workplace violence restraining order if their employee has experienced violence or credible threats of violence at the workplace.

How Long Does a Restraining Order Last?

Law enforcement can issue an emergency protective order (EPO) lasting up to 7 days when immediate protection is needed.

When a person first petitions the court for a restraining order, they are typically issued a temporary restraining order that stays in effect until their full court hearing.

After the court hearing, a permanent restraining order (PRO) may be granted that can last up to five years.

What Happens When a Restraining Order Expires?

There are no automatic extensions for an expiring restraining order in California. When it expires, the legal protections provided by that order cease to exist. The restrained person is no longer legally barred from contacting the protected individual.

Therefore, you will need to file a request to renew your restraining order before the current order ends. 

The first thing you need to do is fill out a Request to Renew a Restraining Order and the Notice of Hearing on Request to Renew a Restraining Order. Once you complete them, you must file them at the courthouse where you had your initial hearing.

The clerk will give you the date for a hearing, and papers will need to be served to the person from whom you are seeking protection. You will need to attend the court hearing, and if the judge grants your request, your protection order will be extended an additional five years.

Contact LPEP Law For Help

Renewing a restraining order is an essential step in protecting your rights and safety. A legal professional can assist you with the legal forms and the court process. Our team at Lonich Polich Ehrlich Policastri has extensive experience helping people in difficult situations. Our caring staff believes that everyone has the right to feel safe. Contact us at 408-553-0801 or complete this form for a free 30-minute consultation. We can provide advice and guidance on renewing your restraining order so you can have the protection you need.

 

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/2023/08/bigstock-Justice-And-Law-Concept-male-J-467311699.jpg 600 900 Gina Policastri https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Gina Policastri2023-08-03 18:19:262023-08-03 18:19:26How to Renew a Restraining Order

August 2023 LPEP Spotlight: Virginia M. Lively

August 1, 2023/in 2023, Spotlight /by Lonich Patton Ehrlich Policastri
Read more
https://www.lpeplaw.com/wp-content/uploads/2023/08/LPEP-Spotlight-Featured-Thumbnails.png 490 718 Lonich Patton Ehrlich Policastri https://www.lpeplaw.com/wp-content/uploads/2021/05/LPEP_PC.png Lonich Patton Ehrlich Policastri2023-08-01 20:22:592023-08-01 20:24:27August 2023 LPEP Spotlight: Virginia M. Lively
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LONICH PATTON EHRLICH POLICASTRI

Phone: (408) 553-0801
Fax: (408) 553-0807
Email: contact@lpeplaw.com

1871 The Alameda, Suite 400
San Jose, CA 95126

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, San Benito, and San Francisco. For a full listing of areas where we practice, please click here.

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