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LONICH PATTON EHRLICH POLICASTRI
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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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Florida Court Orders Chidi Ahanotu to Surrender His Half-Time Championship Ring in Divorce Case
/in Family Law /by Mitchell EhrlichUSA Today reports that a Florida divorce court recently ordered Chidi Ahanotu to handover the championship ring he won in 2002 while he was a defensive lineman for the St. Louis Rams. This decision has been viewed as unfair by some members of the public.
The court ordered Ahanotu to surrender the ring in order to pay the $130,000 he owes for his ex-wife’s legal fees. Ahanotu was not quiet about his view on the ruling: “This court system is a farce . . . This court wants a man to hand over his once-in-a-lifetime accomplishment to pay some damn attorney’s fees? I could see if it was going to pay something for my children or my ex-wife.”
It is important to remember that the law relating to divorce and legal procedures vary by state. In California, a trial court has broad discretion in deciding whether or not to award attorneys fees and costs in marital proceedings. The court’s decision will not be overruled on appeal unless there is a showing of an abuse of discretion. This means that the judge’s decision will remain intact on appeal unless it is shown that no judge could have reasonably decided to order (or deny) awarding attorneys fees and costs.
For more information about California’s divorce process, please contact our attorneys at Lonich Patton Erlich Policastri. 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.
Source: USA Today
California Court Invalidates Dodger Owner’s Postnuptial Agreement
/in Family Law /by David PattonEarlier last month, a California court ruled that the postnuptial agreement entered into by Frank and Jamie McCourt, best known in their roles as owners of the Los Angeles Dodgers baseball team, was invalid. The invalid postnuptial agreement was alleged to have given Frank McCourt sole ownership of the LA Dodgers.
The court held that this agreement was invalid because when the contract was signed, there was not a mutual understanding between the parties regarding the contents of the agreement. The court supported its decision by noting that two conflicting versions of the postnuptial agreement were signed by the spouses, and both Frank McCourt and Jamie McCourt admitted they had not read the agreement.
For those individuals who are not familiar with the term “postnuptial agreement,” it is a contract that is entered into by married spouses during marriage. The agreement typically addresses issues relating to asset protection, debt division, and spousal support.
The fiduciary duty obligations that apply to the execution of a postnuptial agreement do not apply to the execution of a prenuptial agreement. Unlike a prenuptial agreement, which is executed prior to marriage, a postnuptial agreement must be executed within the parameters of the parties’ fiduciary obligations. Specifically, the California Family Law Code explains that spouses entering into postnuptial agreements must act with the “highest good faith and fair dealing” towards each other and must not “take any unfair advantage of the other.” Although the prospective spouses entering into a prenuptial agreement do not owe each other fiduciary obligations, many other requirements must be met in order for a prenuptial agreement to be enforceable.
This ruling serves to highlight the importance of selecting a qualified family law attorney who is experienced in drafting effective postnuptial and prenuptial agreements. For more information about these types of agreements, please contact the Family Law attorneys at Lonich Patton Erlich Policastri. 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.
Source: ESPN
Four Tips for Ensuring Your Pet is Cared for After Your Death
/in Estate Planning /by Michael LonichSue Stevens, a financial planner and founder of Stevens Wealth Management, discusses estate planning for pets in her book, “Put Your Money Where Your Heart Is.” In the book, Stevens lays out four steps that anyone can take to protect their pet after they’re gone.
First, Stevens suggests that you choose a “pet guardian” and name this person in a trust. This should be the person that you want to care for your pets. In addition, make sure to name at least one back-up guardian in case your first choice is unable or unwilling to serve.
Second, decide how much money you want to set aside in a trust for your pet’s care. According to an American Pet Products Association survey, dogs generally cost around $1,400 per year while cats can cost approximately $1,000 per year. One of the best ways to ensure your pet is provided for is to set up a trust for your pet. The trustee of the pet trust does not have to be the same person that you choose as the pet’s caregiver (guardian).
Third, make sure to include provisions in your trust which provide for pet care. Specifically, the trust should include language that details how the money is to be spent (i.e. food, veterinary care, etc). Also, the trust should include a provision for interim care until your pet can be placed in a permanent home. An estate planning attorney can help you draft an effective trust for this purpose.
Lastly, leave written instructions for your pet’s caregiver (guardian). This information should include your pet’s medical record, feeding instructions, a list of favorite toys, and even the names of your pet’s human and furry friends. Please click here for the full article.
If you would like more information about how to plan for your dog or cat’s care after your passing, please contact our experienced Silicon Valley estate planning attorneys at Lonich Patton Erlich Policastri. 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.
Something to Consider Before Marriage: Divorce Insurance & Prenuptial Agreements
/in Family Law /by David PattonA divorcee, John Logan, knows all too well that divorces bring out the worst in people. Logan is the founder of “WedLock,” a company providing divorce insurance to couples. He described his own divorce as “world-class ugly.” Most couples do not plan on getting a divorce in the same way as they plan their wedding day. However, divorces are prevalent in today’s world. In addition, a divorce often causes immense financial and emotional strain on the divorcing parties. But the question remains, is divorce insurance the answer?
WedLock provides divorce insurance to individuals for as little as $16 per month for one “unit” of $1,250 in divorce coverage. For greater coverage, you can increase your “units” of coverage at the same rate per month. In addition, as long as you pay your premiums, the company will increase your coverage $250 per year. If you meet the eligibility requirements upon a later divorce, the insurance company pays out the current value of the policy. This money can then be used to help you defray the costs associated with your divorce.
A prenuptial agreement can also provide you with protection in the event of a subsequent dissolution of your marriage. A prenup is a contract between the two prospective spouses. The agreement can cover issues relating to division of assets upon divorce and your marital property rights and financial responsibilities during your upcoming marriage.
For more information on how a well drafted prenuptial agreement can help protect your assets, please contact us. 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.
Thanks to http://californiadivorce.blogs.com/. For the original article, please click here.
2011 Tax Changes: Gift Tax, Estate Tax, Portability
/in Estate Planning /by Michael LonichGeneral Overview of 2011 Tax Changes
The “Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010” (TRA) was signed into law on December 17, 2010. The TRA applies to the years 2011 and 2012. This Act was passed to address the expiration of two major tax bills[1]. These two tax-cut bills expired at the end of 2010. The TRA extends certain provisions of these bills and also provides amendments to the tax system.
2011 Gift Tax
Starting in 2011, the gift tax exemption amount will increase from $1 million to $5 million. The exemption for couples is $10 million.[2] Gift tax is again unified with the estate tax. For 2011, the “unified” applicable exemption amount is $5 million per person, and in 2012 this amount is subject to being indexed for inflation.”[3] The tax rate is set at 35%.[4] The annual exclusion for tax-free gifts remains $13,000 per donor.[5] A donor may make an unlimited number of $13,000 gifts as long as they are to different individuals.[6]
2011 Estate Tax
Under the TRA, the “applicable credit amount is the amount of tax with respect to an applicable exclusion amount of $5 million.”[7] Starting in 2012, the applicable exclusion amount will be indexed for inflation, with adjustments rounded to the nearest $10,000. The maximum rate of estate tax is 35%.[8]
2011 Portability
Under the TRA, the new tax structure will “allow a decedent’s estate or a donor to tax advantage of the applicable exclusion amount of the decedent’s or donor’s previously deceased spouse. This ‘portability’ concept is intended to prevent families from incurring gift and estate tax that could have been avoided through planning prior to the death of the predeceased spouse.”[9] Under the new tax law, “when computing the applicable exclusion amount for a donor’s or a decedent’s estate, the [deceased spousal unused election amount] is added to the donor’s or decedent’s [basic exclusion amount].”[10]
For more information about 2011 estate planning, please contact our experience attorneys. 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.
[1] Both the “Economic Growth and Tax Relief Reconciliation Act of 2001” (EGTRRA) and the “Jobs and Growth Tax Relief Reconciliation Act of 2003” (JGTRRA) were set to expire at the end of 2010. [2] U.S. Senate Committee on Finance, “Summary of the Reid Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010,” p. 4. The ABA materials did not state the couple exclusion as $10 million, but it makes sense if it is $5 million per person. [3] ABA Summary of Tax Relief Act 2010, p. 6. [4] Id. [5] “Tax Changes for 2011: A Checklist,” The Wall Street Journal, Laura Saunders. [6] Id. [7] ABA Summary of Tax Relief Act 2010, p.9. [8] Id. [9] ABA Summary of Tax Relief Act 2010, p. 11. [10] Id.