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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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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.
When do you need advanced estate planning?
/in Estate Planning /by Michael LonichYou probably already understand the need for an estate plan that includes your will, powers of attorney, and healthcare directives. However, that may not be enough. You may need to consider advanced estate planning strategies.
Several factors can come into play when determining whether or not you need advanced estate planning. By understanding them, you can be better prepared to make decisions about your financial future.
An Advanced Estate Plan Goes Beyond the Basics
The goal of an advanced estate plan is not only to distribute assets but also to minimize taxes and protect assets from potential creditors or lawsuits. It can be especially beneficial for someone with complex financial situations or a high net worth because it provides additional tools and strategies to help preserve and protect their wealth.
Advanced estate planning may involve setting up trusts or creating a business succession plan to ensure the smooth transfer of ownership and management of a family business. Trusts can also be used to minimize taxes by allowing for tax-free gifting or using charitable giving strategies to reduce taxable income.
An advanced estate plan can also address complex family dynamics and ensure that assets are distributed according to the individual’s wishes. This may involve setting up trusts with specific instructions for their allocation or creating a prenuptial agreement that protects them in case of divorce.
Proper planning can keep your estate from going into probate, which can be costly and time-consuming. In a traditional probate process, someone must file paperwork with the court and provide legal notice to creditors. This process typically takes six to eight months – or longer – before any assets can be distributed. Anticipating potential scenarios is part of an advanced estate plan that ensures your beneficiaries receive their inheritance exactly how you intended.
Finally, an advanced estate plan can address long-term care costs by incorporating Medicaid planning strategies. This may involve setting up living and irrevocable trusts to protect assets while still qualifying for Medicaid benefits. Or, it could be creating a special needs trust to provide for a loved one with disabilities without jeopardizing their eligibility for government benefits. It ensures that the individual’s needs are met without putting undue financial strain on the family.
Creating an Advanced Estate Plan
If you are looking to go beyond the basics with additional tools such as trusts, charitable giving strategies, and tax planning, then you will want to consider an advanced estate plan. Our attorneys at Lonich Patton Ehrlich Policastri are experienced estate planners and can help you create a plan that fulfills your needs. And afterward, we will work with you to ensure it is kept up-to-date in the face of ever-changing complex tax laws.
Now is the time to start planning for the future financial security of your loved ones. The peace of mind you get from knowing that your affairs are taken care of is invaluable. If you live in San Jose or the greater Bay Area, contact us for a free 30-minute consultation. Fill out the online form or call us at 408-553-0801.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
When to Write Your Will
/in Estate Planning /by Michael LonichMost people know that a will is a legal document that outlines how your assets are to be divided and distributed when you pass away. A will is the most widely utilized and well-known aspect of estate planning and is vital to have. Without a will, the state gets to decide who gets your assets in the event of your death. Even though most people are familiar with how important this legal document is, nearly two-thirds of all Americans don’t have a will in place. Making a will can be uncomfortable because it means addressing your mortality, but having your will in place is a crucial part of estate planning.
Who should have a will?
In a nutshell, everyone. You don’t need to wait until you have a significant amount of assets, or until you retire. Wills can (and should) be updated regularly to reflect your current place in life. Events that would result in changing your will can include getting married, getting divorced, having children, or gaining more assets. For people who have minor children, it is especially important to make a will so you can determine who will receive custody of the children in the untimely event that both guardians pass away. This requires having some difficult conversations but will provide everyone with peace of mind knowing that there are steps in place that will ensure the welfare of the children. In California, unless you make a will that states otherwise, your spouse will receive all of your community property as well as a portion of your separate property, and your children will receive the other portion of your separate property. If you don’t have a spouse or any children, then your property will be distributed amongst your relatives. If no relatives can be located, then your property will go to the State.
What should be included in a will?
In addition to the custody of children and the division of financial assets, a will can outline who will receive any and every item in your possession. This can include pets, vehicles, furniture, and pictures. Your will can also dictate if your belongings will be left directly to your heirs or be left to them via a trust. By placing their inheritance into a trust, you can lay out specific rules and provisions for how they use or spend it. You will also determine who will be the executor of your will. This person will act as the administrator of your will and should be someone you trust.
Call LPEP Law today.
At Lonich Patton Ehrlich Policastri, we understand the importance of having a skilled attorney draft your will. We want to give you peace of mind knowing that all of your wishes are documented in a document that will hold up in court, giving you and your loved ones peace of mind. Call us today at 408-553-0801 or fill out our online form here 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.
Estate Planning Tips to Keep Money in the Family
/in Estate Planning /by Michael LonichEstate planning for a family is essential to ensure your funds and assets are handled correctly when you pass away or become incapacitated. And, like many people who have spent years building their wealth, it probably upsets you that the government will take a substantial cut of that wealth before distributing it to your heirs.
But it doesn’t have to be that way. A carefully crafted plan will help protect your property, so it passes directly to your beneficiaries.
The Probate Process
There is no inheritance tax in California, and it is only in effect at the federal level on estates valued at more than $12.92 million will have an estate tax.
But what if your estate goes into probate? That is typically a lengthy process that often requires court supervision and involves multiple complicated steps like locating assets and undertaking ownership transfers.
Therefore, California has attorney probate fees based on the estate’s value:
4% on the first $100,000
3% for the next $100,000
2% on the next $800,000
So, a $1 million estate may have a $23,000 attorney probate fee; a number of other fee’s and expenses are chargeable in probate.
The best way to avoid these fee’s is by keeping your estate out of probate, and there are a few ways you can accomplish that goal.
Trusts
Trusts are a common way for people to avoid probate. They are powerful tools in estate planning that can be immensely beneficial. Creating a trust can help ensure your estate passes to your heirs according to your wishes without going through the probate court process.
There are different types of trusts available that may suit particular situations. An irrevocable trust, for instance, is one where the terms cannot be changed once established, whereas a revocable trust allows for alterations of its terms. Other common trusts include charitable trusts and special needs trusts. Each of these serves a specific purpose based on your goals.
Joint Ownership
Joint Tenancy, or Joint Tenancy with Rights of Survivorship, is another arrangement that allows a property to pass directly to co-owners without going through probate court. But it’s important to remember that if your estate plan changes for any reason due to marriage, death, or other circumstances, it is necessary to make modifications accordingly.
Designate Beneficiaries
You can also use payable on death (POD) designations so that your beneficiaries can receive their inheritance promptly without going through the probate process. By setting up a POD designation for your bank accounts, investment portfolios, real estate, motor vehicles, and any other type of asset ownership you may possess, you can expedite the transfer of those assets to your chosen beneficiary or beneficiaries.
Creating Your Estate Plan
There are numerous ways to protect your estate from probate fees, from strategically structuring your assets ahead of time to drafting a will or trust. Our attorneys at Lonich Patton Ehrlich Policastri can provide estate planning advice to ensure money in your family is dispersed according to your wishes.
Contact us for a free 30-minute consultation by filling out our online form here or calling 408-553-0801. Together, we will create a secure future for you and your loved ones.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
What’s the Difference Between a Will and Estate Planning?
/in Estate Planning /by Michael LonichWe all know it’s important to plan for the future. Maybe you have made some wise investments and want to make sure your assets get passed on to your children. Or, if you have a special needs child, you might be wondering how to ensure they’re well taken care of if anything happens to you. Although it might be unpleasant to think about a future when you won’t be around to care for your family, it is important to make decisions now to protect your family later.
If you’ve started thinking about making a will, you might have a few questions. Is a will all you need to cover everything? Is a will the same thing as estate planning? What happens if you don’t have a will?
What is included in a will?
A will is a written document that provides details and instructions for:
What is estate planning?
Although they are related, a will is not the same thing as an estate plan. Estate planning is the process of organizing your estate to help you make decisions about your finances, taxes, medical issues, debts, and business, etc. A will is part of this process, but an estate plan is much broader, allowing you to:
Because your estate encompasses all of your property and assets, including financial accounts (bank, life insurance, retirement); investments (stock, bonds); real property (house, real estate); and personal property (cars, jewelry, furniture), estate planning is essential for everyone, not just individuals with large estates. Families, specifically, benefit from estate plans because they can help plan for funeral expenses and determine custody and guardianship issues for minor dependents, including children with special needs.
What happens if I don’t have a will or estate plan?
If you do not have a will or estate plan upon your death, a judge will appoint another person to take control of your assets in accordance with laws in California. Usually, your estate will be distributed to a spouse or domestic partner first, followed by immediate family. Any close friends or charitable organizations would be ineligible to receive benefits.
Start planning today
The estate planning attorneys at Lonich Patton Ehrlich Policastri offer a full range of legal services related to estate planning and are experts in preparing wills, revocable living trusts, special needs trusts, and other documents used in charitable giving and transference of wealth. Call us today at 408-553-0801 or fill out our online form here for a free consultation. We can help you make the important decisions that will help you and your family today and in the future.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.