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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 To Create A Custody Schedule That Works For Both Parents
/in Family Law /by David PattonOne of the most challenging things about going through a divorce when you have children is planning out a custody schedule that works for both parents. It’s difficult when there’s already animosity and resentment involved to come up with something that is fair and beneficial to both parents. Working with a child custody lawyer and a divorce mediator can help you and your ex-spouse create a plan that grants you both time with your child while being in the best interest of everyone involved.
Creating A Temporary Custody Agreement
Divorces can take quite a while to be finalized. For this reason, it’s best to come up with a plan to carry you through the duration of the divorce. A temporary plan can be a very useful way to test out a custody schedule before finalizing it. You and your ex-spouse can work together to tentatively nail down days and times that your child will spend with each of you, joint parental guidelines you will both abide by when raising your child, and any financial support one parent may need to pay the other.
A temporary custody schedule is a way to work out the kinks and see what is and isn’t working. Keeping detailed notes of any issues that arise and the dates, times, and frequency can help the judge approve a better plan once the divorce is final. The purpose of a temporary plan is to get through the divorce while you and your ex successfully co-parent.
Work With A Collaborative Divorce or Mediation Attorney to Create a Child Custody Schedule
Mediation and collaborative divorce are popular options when couples are trying to avoid litigation and all the animosity that comes with a bad divorce. You will go over all the details of the divorce with a neutral third party, such as dividing up property & assets, alimony payments, and most importantly, child custody & visitation.
With the help of an attorney or mediator, you and your ex can work together to find common ground and to compromise. You want to do what is healthiest for your child, and a skilled mediator can help you make the best decisions based on your shared joint legal custody and physical custody. Some of the things you’ll consider when mapping out a custody schedule are:
If you have questions about child custody or creating a child custody schedule, LPEP Law goes over the details here. We’re based out of San Jose but serve surrounding areas, including Santa Cruz. We also offer free 30-minute consultations where we can talk to you about setting up a custody schedule that works for you and your ex. We can also help you with divorce mediation/ collaborative divorce. You can reach out to us here to set up your free consultation.
What Is A Living Trust?
/in Estate Planning /by Michael LonichDeciding what happens to your assets upon your death is an essential part of estate planning. You’ve worked hard to grow your property, and securing its transference will help preserve your legacy and pass it on to your loved ones. A living trust is created and maintained while you are alive. So, what is a living trust and why might you want to set one up?
Types of Living Trusts
There are two types of living trusts: revocable and irrevocable. Revocable living trusts are the most common as they can be modified at any point in your lifetime by either yourself or a co-trustee (such as a spouse). Property placed in irrevocable living trusts is, as the name implies, unable to be modified or removed after it is put in the trust. In this post, we will only address revocable living trusts.
How It Works
Before you decide to create a living trust, it is vital to understand what will happen to your assets once they are part of the trust. When you place an asset within your trust, it becomes the property of the trust. Deeds and other documents will no longer be under your name, but rather be under the name of the trust. When you set up a trust, you name yourself the trustee, and have the authority to move your assets into and out of the trust should you ever want to sell or modify the assets in any way. You also name a successor trustee, who will take over the trustee role after your death or incapacity and be able to take control of your assets without having to go through the court.
Differences Between Trusts and Wills
Living trusts, like wills, are designed to ensure your assets are divided and distributed as you intend. Though the end goal of trusts and wills is essentially the same, there are several differences to consider in order to decide which option is best for you.
Unlike wills, living trusts do not have to go through the probate process in order for your assets to be passed down to your heirs. Probate can be a long and often costly process that requires involvement with the court to calculate the value of your estate and involves making sure all of your debts and taxes are paid before your assets can be distributed. The length of time probate takes varies depending on the size of your estate and the state you live in. In California, the average probate process takes between 9 months to a year and a half, but each case is unique so the length of probate varies. Probate costs are proportional to the size of your estate, meaning that the larger it is, the more expensive the probate process.
The other main differentiating factor between wills and trusts is your privacy. A will is a public document that can be viewed by anyone after your death, whereas a trust remains private at all times unless you or the trustee you choose as successor gives out your information.
Where to Start
Creating a living trust that protects your assets and interests is a responsibility that should be left to the expertise of an estate planning attorney who will work with you to make sure everything is prepared correctly. You may do an online search and discover that you can make your own living trust and save the cost of legal fees, but if you truly want your assets and loved ones to be taken care of, an estate planning attorney will provide you with confidence and knowledge that your trust is set up according to your wishes.
If you’re ready to begin crafting your living trust and live in the Santa Clara, CA area, or if you still are unsure what a living trust is, our experienced estate planning attorneys are here to help you. You can learn more about our living trust services here. We offer a complimentary 30-minute consultation to learn about you, provide information to make the decision that’s right for you, and answer any questions you may have. Simply fill out our contact form or call us directly at (408) 553-0801 to get started.
How to Get A Divorce When Your Spouse Doesn’t Want One
/in Family Law /by Gretchen BogerRelationships are tricky and don’t always end the way we want them to. If you’ve been stuck in an unhappy marriage for a while, you may be wondering how to get a divorce. It isn’t a snap decision one should make; it takes time and planning.
Experienced divorce attorneys recommend meeting with an attorney for a divorce planning session. Divorce planning can help you prepare documents and can even help you come up with a plan to tell your spouse you want a divorce. What happens if your spouse doesn’t want a divorce? Divorce planning can help prepare for these obstacles as well.
How To Tell Your Spouse You Want A Divorce
Sometimes, the most difficult part of getting a divorce is having the conversation with your spouse. You’ve built a relationship over time and may even have children together. Emotions are deeply invested. You need to be delicate with how you deliver this news to your spouse.
Planning out what you want to say ahead of time can help you avoid bouts of anger or sadness while having the conversation. Make time with your spouse to have the conversation. Even if you think they may have an idea this is coming, you may catch them off guard. Carving out a specific time to have this discussion can help. You also need to have this conversation in private to avoid humiliation, hurt, and to give you both space to feel your emotions. If you want more tips on how to have this talk with your partner, check this out. What if your spouse doesn’t want a divorce?
How To Get A Divorce When Your Spouse Doesn’t Want One
Many people panic when their spouse refuses to agree to a divorce. Most states will not force you to stay in a marriage you wish to be done with. You just need to follow the necessary guidelines for your state on how to get a divorce.
When you want a divorce but your spouse doesn’t, you can have papers legally served to them. They have a certain period of time to respond to the papers, after which you can reach out to the court for next steps if they don’t reply. Oftentimes, if you’ve followed procedure properly, a court will grant you your divorce.
If, however, your spouse responds within an appropriate amount of time, you will both have to work together to resolve property division, child support, alimony, and other issues. If you can’t reach an agreement, you will have to seek Court involvement to assist in resolving these matters. Also keep in mind if you are considering divorce that California has a 6 month waiting period between when you file for divorce and its finalization, no matter how quickly you reach an agreement.
Getting Help
In certain instances, you may qualify for a summary dissolution. This is a faster, easier procedure. To find out if you qualify, go here. If you’re unsure, meet with an experienced divorce attorney to answer your questions. In many cases, when one party doesn’t want a divorce, the proceedings can become contentious. An experienced attorney will know how to get you divorced as quickly as possible, guide you on what is rightfully yours, and ensure there is as little financial impact as possible. If you live in San Jose or the surrounding areas, Lonich Patton Ehrlich Policastri offers free 30-minute consultations. Get help with all your divorce needs, such as divorce planning or divorce litigation. Contact us here.
Mistakes to Avoid During High Net Worth Divorce
/in Family Law /by Gina PolicastriDivorce proceedings are never simple, and high net worth divorces tend to be even more complex and contentious. When couples have several or higher-value assets, they have more disputes to settle and divorce proceedings often become lengthy and spiteful. It is common for people going through a divorce to make rash decisions; however, it is important to remain level-headed during the litigation process and educate yourself on the mistakes to avoid during a high net worth divorce.
Understanding High Net Worth Divorce in California
California recognizes community property in divorce proceedings. This means that property acquired during a marriage is considered community property and should be divided equitably during a divorce proceeding. While this may seem like a straightforward process, there are many intricacies in the law, which is why hiring a divorce attorney who is experienced with high net worth divorce cases is highly recommended.
While your divorce attorney will tackle most of the complicated tasks, there are several mistakes that you want to avoid in order to protect your assets.
1. Don’t Spend Lavishly Before or During the Divorce
There is a misconception that it is wise to indulge prior to a divorce proceeding. This habit often backfires as debts are also accumulated during divorce proceedings and judges can consider selfish spending when making litigation decisions. Contrary to popular belief, increasing your spending prior to the divorce will not increase your alimony payments. You could also end up having to reimburse your spouse for frivolous spending leading up to dissolution proceedings.
2. Don’t Try to Conceal Your Assets
Since California practices community law, many spouses are tempted to conceal their assets during divorce proceedings. This is not only illegal, but it is also insensible as they will most likely be discovered during the discovery and settlement process.
3. Don’t Blindly Follow The Advice of Your Family or Friends
It is common for people who have experienced divorce to believe that they are experts in divorce proceedings, however, they are often misinformed. It is important to to avoid drawing conclusions from one person’s case. When it comes to decisions regarding how you should handle your financial assets and decisions regarding your divorce, the advice that you should value the most is the person you have hired to give you advice – your divorce attorney.
4. Don’t Try to Rush Through The Settlement Process
While many people ending their marriage wish to dissolve it quickly, acting too quickly or making rash decisions is not recommended. High net worth divorce proceedings will take significantly longer than regular divorce proceedings and hastily reaching agreements can result in one person making huge sacrifices simply to expedite the process. Just as it isn’t recommended to rush into a marriage, it isn’t advisable to hurry out of one.
5. Don’t Sell Yourself Short
It is easy to become intimidated by your spouse and their team of divorce lawyers, but it is important to fight for your equitable share of assets. If you are entitled to alimony payments, take them. You never know what life will throw at you and how much that could influence your future.
6. Don’t Fight to Win Every Battle
While you don’t want to give in to an aggressive spouse, you also don’t need to win every battle. There are going to be certain assets that you will have to walk away from. It is important to have a conversation with your divorce attorney at the early stages of the divorce to determine what you value most and what is worth fighting for.
7. Don’t Forget to Update Your Estate Plan
It is important to update your estate plan after major life events, including a divorce proceeding. Lonich Patton Ehrlich Policastri’s team of qualified family law and estate planning attorneys has the resources you need to offer you the best solution for estate planning after a divorce.
8. Don’t Bypass Hiring a High Net Worth Divorce Attorney
Divorce attorneys who specialize in high net worth divorces are going to be more expensive than regular divorce attorneys because they are more qualified, reputable, and have more experience with complex divorce litigation. While it is tempting to opt for the lower fee, being selective with who you choose to fight for your assets is an important step toward investing in your future. If you are facing a divorce with high stakes, please don’t hesitate to contact our offices today for a free 30-minute consultation on how to best protect your future.
Business Succession Planning for Small Businesses
/in Business Law, Estate Planning /by Michael LonichBusiness succession planning is the process of determining how you are going to transfer your business ownership and transition out of a business management role while maximizing your personal financial security. It is a critical process that determines whether the transition of a business succeeds or fails. This entails a series of logistical and financial decisions that will prove to determine the fate of business succession.
Why Should Small Businesses Worry About Succession Planning?
There are several reasons:
Types of Business Succession Plan
Various options exist for small business owners to explore if they desire to implement a succession plan. An experienced succession planning lawyer can help you move forward with these options.
Selling Your Business to a Co-owner
If you founded your business with a partner or partners, you may be considering your co-owners as potential successors. A buy-sell agreement could be implemented in this case.
Passing Your Business onto an Heir
This is a popular option for business owners, especially those with children or family members working in their organization. It’s seen as an attractive option even though most second-generation businesses hardly survive business transition. Lifetime transfer strategies could be implemented in this case.
Selling Your Business to a Key Employee
This is selling your business to someone that works within the organization. Most times, employees in the organization don’t have the financial capacity to buy the organization they work in. Seller financing could be implemented in this case.
Selling Your Business to an Outside Party
This is looking elsewhere other than your family members, partners or employees for potential successors. Entrepreneurs or even your competitors could be the outside party.
Selling Your Shares Back to the Company Upon Death
This is an option available only to businesses with multiple owners. An “entity purchase plan” or a “stock redemption plan” is an arrangement where the business purchases life insurance on each of the co-owners. When one owner dies, the business uses the life insurance proceeds to purchase the business interest from the deceased owner’s estate. This gives each surviving owner a larger share of the business.
Why You Need a Succession Planning Attorney
The success of succession planning hinges on both financial and legal factors. It involves a lot of details revolving around:
The input of an attorney specializing in business succession planning is critical to your business’s success. An experienced attorney will be an invaluable asset as you navigate the legal factors involved in succession planning. You don’t have to worry about drafting contracts and agreements if you hire a qualified attorney to do this for you. An attorney plays a key role by drafting a buy-sell agreement, creating matrimonial agreements, creating trusts, and restricting corporate capital. The need for an attorney by small businesses when planning a business succession is a matter of extreme importance and urgency.
To learn more about succession planning, visit us here. Lonich Patton Ehrlich Policastri is a leading law firm in the area of business succession planning. They offer free consultations to anyone within the following areas: Santa Clara, San Mateo, Contra Costa, Santa Cruz, Monterey, San Jose, and San Benito.Contact them today and successfully implement succession planning for your business.