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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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What Happens to the Inheritance of a Minor Beneficiary?
/in Estate Planning /by Michael LonichIf you plan to leave part of your estate to a minor beneficiary, there are several legal and financial considerations to keep in mind. In the eyes of the law, anyone under the age of 18 lacks the life experience, maturity, and decision-making skills to own and manage property and other assets for themselves, leaving them open to exploitation and potential losses from mismanagement and poor decisions.
Inheriting assets directly could also impact a minor’s eligibility for some government benefits, such as Supplemental Security Income and Medicaid. These benefits have specific income limits, and assets in a minor’s name might push them over those limits, thus disqualifying them.
So what happens if a minor beneficiary inherits property or assets? If there is no other plan in place, a probate court would likely step in to appoint a guardian to manage the minor’s inheritance until they come of age. The probate process can be intrusive, time-consuming, and expensive, so it’s a good idea to take steps now to provide for your beneficiaries and protect their best interests, even if they are minors.
Careful estate planning is key to ensuring that your wishes for the distribution of your assets to your beneficiaries are followed after your death or if you become incapacitated. The most common approach for safely arranging to leave an inheritance for minor beneficiaries is by setting up a trust. Below, you’ll find descriptions of different types of trusts that might work for you and your family.
Setting Up a Trust
When you create a trust in your estate plan, the trust itself becomes the legal entity that holds the assets, rather than your minor beneficiary. In most cases, you will also designate a trusted individual, known as a trustee, to manage and distribute the assets on behalf of your beneficiary until they reach an appropriate age.
Types of Trusts
There are a few different types of trusts to consider.
Talk to an Estate Planning Professional
Of course, you want what’s best for your family both now and in the future. If you haven’t made an estate plan yet, it’s important to get started as soon as possible. If you do have an estate plan in place, it’s a good idea to review and update it on a regular basis with the help of an estate planning attorney.
The Estate Planning Group at Lonich Patton Ehrlich Policastri has significant experience in the full range of legal services related to estate planning: drawing up wills, revocable living trusts, special needs trusts, administration of trusts, litigation, probate, etc. Don’t leave your family’s future to chance. Call us today at (408) 553-0801 to set up a free, no-obligation consultation to go over your estate planning needs.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How Does a Family Law Attorney Help in Child Support Matters?
/in Family Law /by Mitchell EhrlichThere are very few things that match the joy of having a child. Watching them grow and discover new things reminds us of the magic of childhood. We are given the opportunity to guide them and instill our values. If we do a good job, they eventually leave the family nest and take those values with them into the world.
But it isn’t cheap. California’s average cost of raising a child from birth until eighteen is approximately $310,000. This is just the essentials, such as housing, food, and clothing. It doesn’t include sports, extracurricular activities, or saving for college.
Financial Responsibility to Our Children
As parents, we have a legal and moral responsibility to support our children financially. At the most fundamental level, that means ensuring they have
The proper food to support their growth and development
By investing in their education and planning for their future, we are preparing them for their own financial independence.
Financial Support Should Come from Both Parents
Raising a child is a shared endeavor that requires contributions from both parents. It is not up to one parent to supply all of their child’s needs. According to California law, both parents are legally required to provide financially for their child’s support.
Unfortunately, this isn’t always the case. And, it can be almost impossible for the custodial parent to make the non-custodial parent help pay for the support of their children.
The Role of a Family Law Attorney
A family law attorney is crucial in ensuring child support matters are handled fairly and in compliance with California laws.
One of the primary roles of a family law attorney is to educate parents about the legal obligations of both custodial and non-custodial parents. They provide information on how child support amounts are determined per California’s formulas, which consider parental income, time spent with the child, and other relevant expenses.
A family law attorney can also assist their client in filing petitions for child support and ensuring that all the required information is accurate and complete. They can also help gather evidence, including financial documents, income statements, and other information needed to support child support claims.
Enforcing Child Support Court Orders
If the child support issue is in dispute, a family law attorney will advocate for their client’s interests during hearings, introduce evidence, and present arguments. They will also negotiate with the opposing counsel to try to reach a fair settlement. Furthermore, if the other parent fails to comply, they will work with the court to enforce the child support orders.
Child Support Modification
Sometimes, life circumstances change, and the existing child support orders need modification. The family law attorney can also help with that. They will evaluate changes in income, employment status, or custody arrangements to determine if they warrant a modification. If so, they will file a request with the court to ensure the support payments remain fair and reflect the current situation.
LPEP Law Can Help
Having a skilled family law attorney can significantly impact the outcome of child support matters. Our dynamic team at Lonich Patton Ehrlich Policastri can work with you and advocate on your behalf to ensure your child receives the financial support they deserve.
Contact us for a free consultation by calling (408) 553-0801 and enjoy the peace of mind that comes from knowing your child support matters will be resolved fairly and efficiently.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
What Documents are Necessary for Estate Planning?
/in Estate Planning /by Michael LonichApproximately 75% of adults in the United States don’t have an estate plan, even though they understand the importance of having one. There are several reasons for this, but for some people, it’s a matter of feeling overwhelmed, which leads to procrastination.
However, estate planning is about being prepared if you become incapacitated, in addition to the distribution of your assets after you pass away. And we never know when either might happen. Procrastinating too long can mean too late, leading to multiple complications for your loved ones.
But it doesn’t need to be daunting, and a better understanding of the legal documents required for a comprehensive estate plan can help make the process less overwhelming.
Living Trust
A living trust allows you to place all your assets into a trust during your lifetime. You will still have access to them, but they are then transferred to your beneficiaries upon your death without going through probate, a costly and time-consuming process.
Last Will and Testament
A will is a legal document that outlines the distribution of your assets after you pass away. It also allows you to appoint an executor for your estate and designate guardians for minor children. If you have a living trust, you might consider creating a “Pour-Over Will,” which transfers any assets not included in the trust at the time of your death into it.
Power of Attorney
If you become incapacitated, someone will need to pay your bills and handle your financial affairs. Legal documents appointing a power of attorney will ensure your finances are managed according to your wishes.
Advanced Health Care Directive
An advanced health care directive specifies your medical treatment preferences if you cannot make decisions for yourself. You can also name someone as your medical power of attorney to make healthcare decisions on your behalf.
Beneficiary Designations
Ensure that all beneficiary designations on retirement accounts, life insurance policies, and other financial accounts are up-to-date and align with your overall estate plan. These designations often take precedence over instructions in your will.
Keep Paperwork Updated
Creating and maintaining a comprehensive list of bank statements, life insurance policies, statements from your investments and retirement plan accounts, and other vital financial documents is essential. Also, include copies of deeds for any real estate that you own. This will help your executor manage your estate efficiently and transfer property ownership according to your wishes.
Don’t Forget Your Digital Estate
In today’s digital world, much of our personal and financial business is conducted online. Therefore, it’s crucial to have a digital estate plan that lists your online accounts, usernames, and passwords. You can also stipulate how you want your social media accounts handled after your death.
LPEP Law Can Help with Your Estate Planning
The estate planning process is easier when you have someone advising you. Our attorneys at Lonich Patton Ehrlich Policastri can help you with your estate planning needs. We have extensive experience assisting individuals in San Jose and the greater Bay Area. Everyone’s situation is unique, and we will tailor your estate plan to align with your goals and final wishes and ensure they comply with California’s laws.
Contact us for a free consultation by calling (408) 553-0801.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How Can I Legally Break the Relationship With a Parent?
/in Family Law /by Gretchen BogerFamily relationships can be complicated. Unfortunately, children sometimes find themselves in situations of abuse or neglect that lead them to seek a legal separation from one or both parents. Severing or limiting legal ties with a parent can take various forms, depending on the age of the child and the jurisdiction. The following are a few of the avenues that might be open to you if you wish to legally break the relationship with a parent.
Emancipation of a Minor
Some states recognize a legal process known as emancipation of a minor. Minimum age requirements vary but are usually around 16 or 17 (although minors as young as 14 can petition for emancipation in California). In general, there are three ways to seek emancipation: by getting married; by joining the military; or through a court order called a Declaration of Emancipation.
To petition the court for a Declaration of Emancipation, the minor needs to prove that they meet the minimum age requirements of the state of residence, do not live with their parents (and the parents are not opposed to this situation), and can support themselves legally.
Although in some ways an emancipated minor acts as an adult, they are not legally an adult and certain laws will still apply to them (e.g., they have to go to school, cannot vote until 18, cannot buy alcohol until 21, etc.) until they are of age.
Adoption
In most cases, if an adult legally adopts a minor, the court will terminate or vacate the legal rights of the biological parents. Many adoptions require the biological parents to agree to terminate their parental rights, and, in cases where the child is old enough, they might also be required to give consent.
Termination of Parental Rights
Family courts seek the best interests of children first. In extreme cases of abuse or neglect or where a parent is unable to appropriately care for a minor, the court might terminate parental rights, thus legally severing ties between the parent and child. If you are a minor still living with your parents and feel unsafe or are experiencing abuse or neglect, talk to a trusted adult like a teacher or school counselor or call your state’s Child Protective Services to report it. They will find a safe place for you and discuss next steps and options.
Legal Estrangement
Once you are 18 years old, your parents no longer have legal rights to make decisions for you. If you feel that this level of independence from your parents is not enough, you can sometimes seek to have a court formally acknowledge legal estrangement between you and your parent(s). Legal estrangement will affect your inheritance rights but also your obligations to provide parental support in the future. Some individuals also choose to legally change their name to further distance themselves from their parents.
Get the Help You Need Today
Before you pursue any of the above legal approaches to breaking the relationship with a parent, it’s a good idea to consult with a family law expert to better understand all your options and their repercussions. The family law group at Lonich Patton Ehrlich Policastri is one of the largest family law practices in the Bay Area and has years of experience navigating complex family issues. Contact us today for a free, no-obligation consultation.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Charitable Giving Through Estate Planning: Leaving a Legacy of Philanthropy
/in Estate Planning /by Michael LonichEstate planning is all about leaving a legacy – allowing you to provide for the people and causes most important to you even after you’re gone. Having this plan in place now can give you much-needed peace of mind and also means you can explore different options for how you want to structure your estate to achieve the greatest possible positive impact.
It’s best to work with an experienced estate planning attorney to ensure you understand all the legal complexities, tax benefits, and pros and cons of the various approaches you can take, but the following is a brief description of some of the most common methods of incorporating charitable giving into your estate plan.
Charitable Trusts
Setting up a charitable trust is a great way to provide for both your non-charitable beneficiaries (i.e., your family) as well as for the charity or charities of your choice. The most common type of charitable trust is a charitable remainder trust.
With this type of trust, you would transfer assets into an irrevocable trust that would pay income to your heirs for their lifetime or a designated number of years up to 20 years. After the death of the beneficiary (or the end of the term of years), the remainder of the assets in the trust would be donated to charity.
There are different types of charitable trusts that vary in the amount and the ways in which the principal is distributed. The type you choose will affect the relevant taxes (e.g., estate, gift, generation skipping, and income taxes), so it’s always a good idea to check with your financial advisor and an estate planning expert to accomplish your philanthropic goals while also reducing any negative tax impacts on your non-charitable beneficiaries.
Outright Gifts
One of the simplest ways to support the organizations you care about is by designating assets such as cash, stocks, or proceeds from the sale of property to be given directly to charity as part of your will. Some of the benefits of this option are that the gift can have an immediate impact while also providing some flexibility to you to make changes throughout your life, unlike with a charitable trust, which is irrevocable.
Donor-Advised Funds
If you are interested in a more long-term option, many people choose to establish a donor-advised fund for their charitable giving. Working with a public charitable organization, you contribute assets to set up a tax-free investment fund. With this option, you receive tax benefits immediately while also having the freedom to make recommendations for how the fund will be used to support causes important to you. The funds continue to grow tax-free, which means your contribution can have a significant impact over a longer period of time.
Ready to Get Started?
The estate planning group at Lonich Patton Ehrlich Policastri has significant expertise when it comes to preparing trusts and other estate planning documents related to transferring wealth and charitable giving options. Call us today at (408) 553-0801 to set up a free, no-obligation consultation to discuss your long-term philanthropic goals. We can help protect your family’s future while also establishing your legacy of philanthropy.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.