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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
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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Cryptocurrency and Estate Planning: Addressing the Challenges of Passing Down Digital Wealth
/in Estate Planning /by Michael LonichTechnology has changed the way we communicate, work, and invest. Approximately 27% of Californian adults own cryptocurrency, which provides both unique opportunities and challenges.
If you’re considering adding digital wealth to your portfolio, it’s crucial to understand how cryptocurrency will affect your estate plan.
Cryptocurrency Simplified
Cryptocurrency, such as Bitcoin, is a form of digital money that exists only online and uses secure technology called blockchain to record transactions. It is decentralized, meaning it isn’t controlled by any institution. People use cryptocurrency to invest, make payments, or store value.
The Complexities of Cryptocurrency in Estate Planning
Since cryptocurrency is intangible, you need to prove ownership through private digital keys rather than bank records or paper statements. Access depends entirely on these digital keys and requires careful planning to ensure it can be accessed and transferred when needed. If these digital keys are lost, there is no authority you can call to gain access.
Additionally, if your heirs don’t have access to your private keys or recovery phrases after you pass away, your digital wealth, which could be substantial, can be lost forever.
California Recognizes Cryptocurrency in Estate Planning
California’s Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) provides fiduciaries, such as executors, trustees, and POAs, with a legal framework for accessing and managing a person’s cryptocurrency upon death or incapacity.
However, your estate planning documents must explicitly authorize access under RUFADAA. Without that authority, the cryptocurrency exchange or wallet provider may deny your appointed fiduciary access.
Your Digital Estate Plan
You can help ensure your digital wealth is passed on to your heirs by taking the following steps:
1. Inventory Your Digital Assets
Document all of your digital holdings, including cryptocurrency wallets, NFTs, and DeFi investments. Include where they are stored and any technical details you believe your fiduciary will need.
2. Document access instructions
Use a secure, offline method for storing your private keys or seed phrases. Never write them directly into your will, as it will become public record during the probate process. Make sure your fiduciary knows how to retrieve them.
3. Use Specific Digital Asset Language
Using generic terms, such as “my digital assets,” is insufficient. Your estate plan should distinctly identify cryptocurrency, NFTs, and other digital assets by name. Explain how you want them distributed and ensure your executor has the explicit authority to access them.
4. Name a Digital Executor
Managing digital wealth requires technical skills that your estate’s executor may lack. Consider appointing a separate executor who’s solely responsible for accessing, managing, and distributing your digital estate.
LPEP Law Can Help with Your Digital Estate Planning
If cryptocurrency and other digital assets are an integral part of your investment portfolio, it’s essential to plan ahead. Failing to do so could result in:
Our attorneys at Lonich Patton Ehrlich Policastri can help you craft an estate plan that includes your digital assets. We understand the challenges of passing down digital wealth and will work with you to protect, organize, and legally transfer it so your loved ones aren’t locked out when it matters most.
Contact us at (408) 553-0801 for a free consultation on safeguarding your digital assets and preserving your legacy.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
The Legal Complexities of IVF and Embryo Disputes in Divorce
/in Family Law /by Virginia LivelyAssisted reproductive technology, such as in vitro fertilization (IVF), has become increasingly accessible and common over the last two decades, helping millions of people worldwide build their families. While these scientific advances have been largely beneficial for couples struggling with infertility, IVF and the resulting frozen embryos present some challenging legal issues when it comes to divorce, straddling the intersection of contract law, family law, and reproductive rights.
Most divorce cases center around the distribution of shared assets (e.g., real estate or investments, etc.) and custody issues, when children are involved. Embryos do not legally fit comfortably into either category, which leaves family courts to make difficult and emotionally-charged decisions. There is no standardized answer and no federal law regarding the disposition of embryos, so states differ in their approaches, but the following are the most common legal approaches and considerations:
Contractual Approach
Before a couple begins the IVF process, most fertility clinics require a signed contract or Disposition of Embryos Agreement that outlines the couple’s wishes regarding what happens to any frozen embryos that they cannot use as originally intended (e.g., if one or both parents die or their relationship is dissolved, etc.). Possible choices include that the embryos be:
Where a signed contract or agreement exists, and clearly states the intent of both partners, family courts will often rely heavily on these contracts and uphold them, even if one partner has changed their mind. However, the approach varies by state as well, with some states more strictly adhering to a contractual approach than others.
Balancing of Interests
In cases where there is no signed agreement, the agreement was vague or outdated, or the state focuses more on reproductive and/or constitutional rights, the family court will most likely weigh each party’s competing interests.
Disputes about frozen embryos often come down to competing, deeply personal, constitutionally protected interests: the right to procreate and have a biological child and the right to avoid becoming a genetic parent. Depending on the public policy of the state of residence, family courts often prioritize the latter since forcing parenthood on a person results in lifelong consequences.
However, if the partner who wants to have a biological child does not have other avenues open to them to have children, the court must also consider their interests fairly.
The Importance of Legal Guidance
Although working with experienced family law attorneys can always be helpful in divorce, when cases are complicated by emotional issues that are not clear-cut, such as IVF and embryo disputes, it can be even more important to consult with legal experts. The Family Law Group at Lonich Patton Ehrlich Policastri (LPEP Law) has years of experience helping clients navigate through complex divorce and family law matters.
If you are considering divorce but are worried about the disposition of frozen embryos or other issues related to distribution of assets or custody, please schedule a free consultation to discuss your case with LPEP Law today.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Navigating Estate Planning for Blended Families: Ensuring Fair Distribution Among All Heirs
/in Estate Planning /by Michael LonichEstate planning can be emotional for any family, but it can be especially complex for blended families. When spouses bring children from previous relationships into a new marriage, questions about fairness, security, and long-term planning often arise. With the right approach, estate planning can help protect everyone involved and reduce the risk of conflict down the road.
Why Estate Planning Is More Complicated for Blended Families
Blended families often include stepparents, stepchildren, biological children, and sometimes former spouses. Without a clear estate plan, California’s default inheritance laws may not reflect your wishes.
For example, stepchildren are not automatically entitled to inherit unless they are legally adopted or specifically named in an estate plan. This can lead to unintended outcomes, such as one spouse’s children receiving less than expected, or even nothing at all.
Common Concerns Blended Families Face
Key Estate Planning Tools for Blended Families
A thoughtful estate plan uses legal tools designed to balance the needs of all heirs.
Wills and Trusts
A will allows you to clearly state who should receive your assets. However, many blended families benefit from trusts, which offer more control over how and when assets are distributed.
Trusts can:
Beneficiary Designations
Some assets, such as retirement accounts and life insurance policies, pass directly to named beneficiaries, regardless of what a will says. Reviewing and updating these designations is critical, especially after marriage, divorce, or remarriage.
Failing to update beneficiaries can result in assets going to an ex-spouse or excluding intended heirs.
Planning for Fair (Not Always Equal) Distribution
Fair distribution does not always mean dividing everything equally. In blended families, fairness often depends on individual circumstances.
Consider Each Family Member’s Needs
Questions to think about include:
Clear planning allows you to explain these decisions and reduce misunderstandings later.
Why Working with an Estate Planning Attorney Matters
Blended family estate planning involves legal, financial, and emotional considerations. At Lonich Patton Ehrlich Policastri, our experienced attorneys can help you:
The best estate plans begin with open conversations and careful planning. By addressing these issues now, blended families can gain peace of mind knowing that all heirs are protected and their wishes will be honored. Contact our team today to schedule your free consultation.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Should Small Business Owners Plan for Retirement?
/in Estate Planning /by Michael LonichRunning a small business often means wearing every hat, from owner to manager, marketer, bookkeeper, and problem-solver… the list never ends. But with so much focus on daily operations, many business owners put long-term planning on the back burner, especially when it comes to retirement.
The truth is, small business owners should plan for retirement, and the earlier, the better. Your business may be thriving today, but a solid retirement plan ensures financial security for your future self and peace of mind for your family.
Why Retirement Planning Matters for Small Business Owners
Unlike traditional employees who may rely on employer-sponsored 401(k)s or pension plans, small business owners shoulder the responsibility of building their own nest egg. That makes intentional planning even more important.
Financial Security for the Long Term
Your business might be your biggest asset, but counting on it alone to fund your retirement can be risky. Markets shift, industries change, and transitions don’t always go as planned. A retirement plan helps diversify your financial future and provides stability no matter what happens with your business.
Protecting Your Family
Retirement planning often overlaps with estate planning. Without a clear plan, your loved ones may face difficult decisions about your business, finances, and long-term care. Preparing now helps ensure your family is protected and your wishes are honored.
Retirement Planning Options for Small Business Owners
When it comes to retirement planning, you have more options than you might realize, and many of the options outlined below are specifically designed for self-employed individuals and small business owners.
SEP IRAs
A Simplified Employee Pension (SEP) IRA is easy to set up and offers higher contribution limits than traditional IRAs. It’s a popular choice for owners who want flexibility and the ability to save more in profitable years.
Solo 401(k)s
If you’re a business owner with no employees (other than a spouse), a Solo 401(k) can be a powerful tool. It allows for both employer and employee contributions, making it possible to save significantly more each year.
SIMPLE IRAs
For businesses with a few employees, a SIMPLE IRA offers a streamlined way to help your team save for retirement while still being manageable for the employer.
Don’t Forget Succession Planning
Retirement planning isn’t just about money, it’s also about ensuring your business can continue smoothly when you’re ready to step back. Whether you’re planning to sell, pass the business to a family member, or wind it down, having a written succession plan helps avoid confusion, conflict, and financial loss.
Start Planning Today
If retirement planning has been on your “someday” list, consider this your sign to take action. Small business owners work hard to build something meaningful, and your retirement and legacy deserve that same level of care.
At Lonich Patton Ehrlich Policastri, we provide a number of financial-related services for small business owners, including business succession planning and estate planning. Contact us today to schedule your free consultation.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Does a Will Cover Child Custody?
/in Family Law /by Gina PolicastriThe addition of a child to the family is cause for celebration. As a parent, every part of your life changes – your world grows bigger, and your priorities shift. But along with the joy comes a profound sense of responsibility. You are committed to protecting this tiny, vulnerable person and their future, including making sure they would be cared for by the right people if something unexpected happened.
One question many parents have is whether their will can dictate who will take custody of their children. A will plays an essential role in expressing your wishes; however, it doesn’t control every aspect of child custody under California law. Understanding what a will can and cannot do can help you make more informed decisions for protecting your children’s future.
What a Will Can Do
A will allows you to name a guardian to take care of your minor children in the event of your death. For new parents, this is one of the most critical aspects of creating a will. There are two capacities in which a guardian may serve:
You can name the same person for both roles or appoint different individuals for each one based on their strengths.
What a Will Cannot Do
Many parents are surprised to learn that naming a guardian in their will doesn’t automatically guarantee custody. The judge will give substantial weight to the parents’ wishes, but they must also evaluate what is in the child’s best interests. Therefore, they may reject the parents’ nomination if:
What if Only One Parent Dies?
If one parent dies, the child will stay with the surviving parent unless the judge finds them unfit. Even if you nominate someone else as guardian, the courts will not allow a will to override the surviving parent’s rights.
If both parents die, or the surviving parent can’t care for the child, the court will look to the will for guidance.
What if there is no Will?
About two-thirds of American adults don’t have a will. For parents with minor children, this creates a dilemma for California courts as they must determine guardianship with no guidance. This can result in family disputes as multiple relatives petition for custody. The worst part is the uncertainty it creates for the child who has lost their parents and is trying to process their emotions.
Beyond the Will
You want your wishes to carry as much weight as possible with the courts. In addition to naming a guardian in your will, consider writing a letter of explanation describing why you chose a particular guardian. You should also name a backup guardian in the event your first choice can’t fulfill the role. Creating a trust to manage your children’s inheritance helps ensure their financial security.
Our attorneys at Lonich Patton Ehrlich Policastri can help you draft a will, create a guardian plan, and set up a trust. We understand the importance of protecting your children’s future if something were to happen to you.
Contact us for a free consultation by calling 408-553-0801. By working with us, you will have peace of mind and the assurance that your wishes are legally sound.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.