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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 is a Lifetime Transfer Strategy?
/in Estate Planning /by Michael LonichAre you seeking ways to manage and protect your family’s wealth and assets? A lifetime transfer strategy is an invaluable tool that allows for the planned process of transferring your assets throughout your life instead of upon your death.
What is involved in this comprehensive approach, and how is it crucial for preserving generational wealth?
What Can Be Transferred?
Lifetime transfers are a method of transferring and distributing assets to your designated beneficiaries during your lifetime rather than leaving them as part of an estate after death.
Assets that can be transferred during one’s lifetime typically include tangible items such as real estate, cars, jewelry, and furniture and intangible items such as stocks, bonds and company shares. Additionally, lifetime transfers can also involve the transferring of intellectual property, such as patents, trademarks, and copyrights.
What Are The Advantages and Disadvantages?
The primary advantage of a lifetime transfer is that it allows you to distribute your assets as desired during your lifetime, allowing you to control who will receive them and when. This helps to ensure that your estate planning goals are achieved in the most efficient way possible. Transferring assets during your lifetime often allows for more flexibility than a traditional estate plan.
On the other hand, there can be some drawbacks associated with a lifetime transfer strategy. One of the main drawbacks is that it may involve complex legal documents, which can be challenging to navigate without proper guidance. Additionally, applicable taxes or fees may vary depending on the value or type of assets being transferred.
It should also be noted that transferring assets during one’s lifetime often means relinquishing control over them and, therefore, can limit your ability to change your estate plan if you choose to do so at a later date.
Is There a Limit on the Amount You Can Transfer?
Generally speaking, there are no limits on the amount of assets you can transfer during your lifetime. But, any transfers over a specific monetary value may be subject to taxes.
As of 2023, you can transfer up to $12.92 million during your lifetime without incurring a gift tax. However, you can gift any individual $17,000 annually without incurring taxes or affecting the lifetime exception.
Can You Do a Lifetime Transfer Into a Trust?
When doing a lifetime transfer into a trust, it’s essential to understand the different types of trusts available and how they work. Revocable trusts allow the grantor (the person who creates the trust) to make changes or revoke the trust at any time. Irrevocable trusts cannot be changed once they have been created.
Is a Lifetime Transfer Strategy Right For You?
A good lifetime transfer strategy maximizes the benefits of transferring assets during life while minimizing future tax liabilities and ensuring adequate provision for dependants and other beneficiaries over time.
Because of the legal requirements and various regulations, it is essential to seek professional advice before proceeding with a transfer. Our attorneys at Lonich Patton Ehrlich Policastri have the expertise you need to create an estate plan that meets your specific needs. Call us today at 408-553-0801 or fill out our online form here to schedule a free 30-minute consultation. By making strategic decisions now rather than later, you can ensure peace of mind knowing that all matters relating to inheritance will be handled smoothly both during and after one’s lifetime.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How to Support Your Children During Divorce
/in Family Law /by Gretchen BogerDivorce is a difficult experience for any couple, especially one with children. Even if divorce is the best path forward for you and your partner, it can be a very challenging experience for children to navigate. It’s important to support your children throughout the process, but how do you do that? Let’s discuss how to best support your child during divorce.
How do children react to divorce?
Children react differently to divorce depending on their age, personality, and specific family circumstances. Some children feel very guilty and blame themselves, while others may start acting out and experiencing difficulties at school.
Younger children tend to not understand the situation and often experience confusion and sadness. Older children often experience worry and guilt, while teenagers may become angry, withdrawn, and not want to talk about the situation.
It’s important to support your child, regardless of how they react. Here are some simple steps you can take to help your children navigate this complicated time in their young lives.
Tips for supporting your child during a divorce
Contact us to discuss the complexities of divorce
At Lonich Patton Ehrlich Policastri, we take care of the legal side of divorce proceedings, leaving you with more time for what’s really important. With more than 100 years of combined litigation experience, you can trust our team of divorce litigation specialists to negotiate on your behalf and ensure you receive what you are entitled to during divorce proceedings.
Questions? Discuss your situation with a divorce litigation expert by calling 408-553-0801 or setting up a free consultation today.
Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How to Manage a High-Asset Divorce
/in Family Law /by Gina PolicastriDivorce is a difficult and emotionally draining experience, especially when high-value assets are involved. With family networks, businesses, investments, wealth management strategies, and other financial components at stake in the divorce proceedings, it’s important for divorced couples to consider all of their options before making any drastic decisions.
Regardless if you choose to settle or engage in litigation, there are specific considerations that you must take into account to ensure the fair division of assets and liabilities for both parties involved.
What is Considered a High-Asset Divorce?
A high-asset divorce involves significant assets of different types. This could include financial accounts, investments, real estate or other properties, business interests, and various personal possessions. Therefore, there are unique and complex issues when dissolving the marriage. They also typically involve other considerations, such as spousal support, child support, and tax liability issues.
As such, couples need to be aware of the special attention required for their situation so that everything is correctly managed and accounting for all assets can be as accurate as possible. Doing this ensures each party is fairly compensated according to their contributions toward the marriage.
What Assets Are Not Included in the Divorce?
California is a community property state, meaning that any assets or property obtained during the marriage is considered legally owned by both spouses and must be divided equally in a divorce. This includes all real estate, bank accounts, investments, retirement benefits, and other assets accumulated during the marriage. It’s important to note that it also encompasses all debts the couple incurred.
However, certain assets are exempt. These include inheritances or gifts received during the marriage and property acquired by either spouse before marriage.
Furthermore, a business started before the couple married won’t be considered community property. However, if the other spouse contributed to the growth of the company, then it may be regarded as a marital asset.
How Do I Prepare For a High-Asset Divorce?
Preparing for a high-asset divorce may seem daunting, but there are steps you can take to ensure that the process is as smooth and stress-free as possible. You must have comprehensive documentation of all assets and related information, including saving records related to investments, stocks, bank accounts, real estate holdings, business interests, and any other item with possibly confusing ownership laws. Hiring a forensic accountant may help with this process.
High-Asset Divorce Mistakes
A divorce is stressful, and couples must pay extra attention to avoid costly mistakes. Most commonly, divorcing spouses make the mistake of not fully disclosing all of their financial holdings. Whether intentionally or unintentionally, this omission can lead to accusations of fraud.
Another mistake is underestimating the complexity of these types of divorces. It’s vital that you partner with an experienced lawyer. Our attorneys at Lonich Patton Ehrlich Policastri will work with you to develop a strategy that protects your interests. Contact us for a free consultation to review your options. We will work diligently to ensure you receive what you are entitled to.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Child Custody After the Loss of a Guardian
/in Family Law /by Virginia Livelyemotional and tumultuous time, loved ones and close family friends want to support the child
and provide as much stability as possible. But who ultimately gets custody after the loss of a
guardian?
If there is a surviving parent, California family law states that he or she is entitled to full custody
rights. However, there might be valid reasons that the surviving parent should not have full
custody, such as the parent:
In cases where the non–custodial parent is unfit to be granted custody, another interested third
party, usually a close relative or family friend, can file a guardianship request in probate court.
Who can request guardianship?
Usually, grandparents, close relatives, neighbors, other family members, family friends, or other
caring adults with a vested interest in the child’s life, such as teachers, are the ones who
request guardianship. The probate court determines whether the adult requesting guardianship
is fit to fulfill all the duties and responsibilities usually fulfilled by a parent.
It’s important to remember that even if the court determines that the surviving parent should not
have legal guardianship, he or she could still have visitation rights if continued contact is in the
child’s best interests. Similarly, the siblings, grandparents, and other family members of the
deceased parent might also receive visitation rights.
Becoming A Ward of the State
parties seek to become the child’s guardian, the court might choose to place the child in the
foster system as a ward of the state.
How to Protect Your Child’s Best Interests
a plan in place to ensure that the right person of your choosing gets custody after your death. A
detailed will and estate plan can give you peace of mind that your child’s rights and assets will
be protected and that your specific wishes will be followed with regard to custody. Appointing a
guardian that you trust is one of the most loving things you can do and could help relieve some
of the stress on those you leave behind during a very emotional time.
We Can Help You Safeguard Your Child’s Future
have years of experience in helping parents make sure their family’s futures are well protected.
Call us today at 408-553-0801 for a free consultation. We understand how important family is,
and we would love to speak with you about what you need to provide the best for yours.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How Mediation Works and When to Get It
/in Estate Planning /by Mitchell EhrlichMediation is when a neutral third party, known as a mediator, helps two or more disputing parties find a compromise. A mediator can be a beneficial aid in communicating civilly to reach a goal that best satisfies everyone involved.
Mediators don’t take sides in disputes but provide support and solutions for a fair settlement. During negotiation, mediators aren’t present to issue commands or make final decisions. Their job is to moderate the discussion, find common ground and encourage resolution.
Most commonly seen in divorce and child custody issues, mediation can also be utilized in family and business conflicts. When deciding if mediation is the most productive way to solve your dispute, consider how you’d like to communicate with the other party and if you’d be able to advocate for yourself in an open discussion.
When is Mediation Necessary?
If you’re looking for a flexible process, mediation is an informal approach to conflict resolution. When parties are facing difficulties confronting each other, a mediator will help initiate the flow of conversation and guide them through the negotiation.
When you choose to have a mediator, you are also choosing to compromise. Using a mediator means you trust the other party is committed to finding an agreeable arrangement. If the parties are reasonable and willing to agree, they will find mediation to be a worthwhile process.
The Pros and Cons
While mediation is a productive tool for negotiation, every dispute is unique. If one party is likely to take advantage of an informal situation, then mediation will not be effective.
As a voluntary process, mediation must be a consensual conversation in which everyone involved is a willing participant. Agreements through a mediator can also include non-legal matters that wouldn’t be addressed in court and are often more private than public court disputes. Other advantages of mediation include:
Although mediation can be effective for amicable parties, not every dispute can be resolved on friendly terms. The mediator is impartial, which means you will be responsible for advocating your agenda. If there is an existing hostile relationship between the parties, consider the disadvantages before moving forward with a mediator, such as:
Furthermore, mediation does not guarantee a solution that everyone will agree on.
At Lonich Patton Ehrlich Policastri, we can help you determine whether a mediator is appropriate for your case. We have decades of experience in San Jose and the greater Bay Area dealing with mediation in a number of cases. Contact us for a free 30-minute consultation at 408-553-0801, and one of our attorneys will guide you through the negotiation process.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.