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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 If I Don’t Do Estate Planning?
/in Estate Planning /by Michael LonichNo one likes to think about their mortality, but it is essential to plan for the future. It is tempting to put off creating your estate plan, but what happens if you wait too long?
Creating an estate plan is one of the most important things you can do for yourself and your loved ones. This document will dictate how your property is distributed after you die, and it can also provide instructions for health care decisions if you cannot make them yourself. If you don’t have an estate plan in place, it could lead to a lot of stress and confusion for your loved ones during a difficult time.
Elements of Estate Plans
An estate plan is a thorough a set of documents that may include a trust, Powers of Attorney, and advance directives. Each of these tools serves a different purpose, and they can all be customized to fit your unique needs.
A Power of Attorney (POA) can give someone the authority to make financial decisions on your behalf if you become incapacitated and an advance directive can outline your wishes for end-of-life care. Having a POA and an advance directive saves your loved ones from having to make critical decisions under stress.
Trusts are an effective way to plan ahead by letting another party (either a person or institution) manage assets for you. Establishing a trust can be more costly, but it is a way to ensure that your heirs will receive their inheritance without going through probate court. Probate is the legal process of transferring your assets to your heirs, and it can be both time-consuming and expensive.
You might be asking yourself, “Isn’t having a will enough?” While a will is an integral part of any estate plan, it is not the only component. A will only goes into effect after you die, and it can only address your assets that are subject to probate. In contrast, an estate plan can take effect while you are still alive, and it can cover all of your assets, including those that are not subject to probate.
How Do I Create an Estate Plan?
Creating a comprehensive estate plan requires more than just drafting a few documents. It involves taking a close look at your assets, liabilities, and family situation and then making strategic decisions about how to best protect your interests. Our experienced estate planning attorneys at Lonich Patton Ehrlich Policasti can help you identify and assess your unique needs and create a plan that fits those needs. We have years of experience making estate plans for people throughout San Jose and the greater Bay Area.
For a free consultation, fill out our contact form or call us at (408) 553-0801. No matter what your circumstances, we can help you create a plan that gives you peace of mind knowing that your loved ones will be taken care of after you’re gone.
5 Facts About Postnuptial Agreements
/in Family Law /by Riley PenningtonAlmost everyone has heard of prenuptial agreements signed before marriage to protect the couple’s individual assets in the event of the marriage ending in divorce. What you may not have heard of are postnuptial agreements.
What is a postnuptial agreement, and should you consider getting one?
Fact #1: Just like a prenup, a postnup outlines the responsibilities in the marriage, plus the division of assets and the assumption of debt if the marriage fails. However, a postnup is signed afterward instead of signing the agreement before the wedding.
Fact #2: Many couples sign postnups because of changing income or if one spouse inherits property. Some states consider inheritance to be community property. A postnup ensures the beneficiary receives sole possession of the bequest.
Fact #3: When couples get married, it’s hard to know where life’s road will take them. At the beginning of their life together, both may be working and earning equal income. But, at some point, children may come into the picture, and one parent decides to stay at home to raise them. A postnuptial agreement can ensure that the stay-at-home parent is provided for if the marriage fails.
Fact #4: A postnuptial can protect gifts. Some young couples looking to purchase a home may find they can’t afford the down payment. Many times, a parent will help to cover the cost. The house will likely become part of the settlement agreement if the couple divorces. A contract can protect the parent’s investment by stipulating the repayment of the gift if the couple divorces.
Fact #5: It can protect your children’s inheritance. Whether you have children from a previous marriage or your current marriage, a postnuptial agreement can outline the distribution of your assets in the event of death. You can ensure that your children will be provided for no matter what happens with your marriage.
Problems You May Encounter
Many problems can arise when one partner asks for a postnuptial agreement. Sometimes, the agreement can be seen as an indication that there are already problems in the marriage. This can lead to tension and resentment between the spouses.
Also, if the terms of the agreement are unfair, one spouse may be left with insufficient resources, and it may not hold up in court if it is deemed unfair or one-sided.
Opening the discussion may feel like a daunting task. Here are some tips for beginning the conversation:
You Don’t Have to Go It Alone
If you and your spouse are considering a postnuptial agreement, you will want to contact our experienced family law attorneys at Lonich Patton Ehrlich Policastri. We can help you understand the legal implications of it and assist you in negotiating an agreement that works for both of you. Call us at 408-553-0801 or fill out our contact form to schedule a free consultation.
Why Is Estate Planning Important?
/in Estate Planning /by Michael LonichOftentimes, estate planning can be misconstrued with needing to have a substantial amount of wealth – but that is not the case. Estate planning is a great way to make sure that your wishes are carried out regardless of your financial status. Protecting your assets and loved ones is essential in understanding the importance of estate planning and preserving your legacy.
Here are a few reasons why everyone, including you, should consider the importance of estate planning:
– It’s Not Just a Will
An estate plan is more than a will. While it is an avenue for people to understand how your assets should be handled, it is also much more than that. An estate plan can assist in helping your family understand what treatments you do, or don’t, want if you are unable to advocate for yourself. It is also a clear way to designate who should receive which of your monetary assets, including retirement accounts.
– It Saves Time and Money
Since the primary function of an estate plan is to provide instructions for beneficiaries, it can be hard to do so without one. If your estate plan does not exist, your assets can then be liable to distribution by the state. This can often involve the lengthy process of the state identifying your assets and then determining who they should belong to. Additionally, there are a lot of financial and tax rules that apply to assets once they no longer belong to you. Estate plans can help you navigate and understand taxes ahead of time so that the burden doesn’t fall on your loved ones. The only person who knows who your assets should go to is you. Making an estate plan saves those around you the mystery of what your wishes would be.
– It Protects Your Family
An estate plan allows you to have control, which means it can also help protect your family. Since estate plans provide a clear directive, it helps keep a lot of confusion away from your heirs. Reflecting on your assets and the people in your life that they should go to is a great way to keep things up to date. Without a directive, it can be difficult for those around you to understand what should go to who. Additionally, estate plans are a directive toward guardianship of children under the age of eighteen.
Get an Experienced Estate Planning Attorney on Your Side
While it can be difficult to think of the inevitable, by having an estate plan, you can feel confident that your wishes will be carried out. Estate plans put you in control, giving you the peace of mind that a decision has been made. LPEP law has helped hundreds of people like you to put things into perspective and understand the importance of estate planning. Our estate planning attorneys make the process as seamless as possible, guiding you every step of the way. When you’re ready, call us at 408-553-0801 to get started.
How Do Judges Determine Child Custody?
/in Family Law /by David PattonWhen two people get divorced, one of the most challenging and important decisions that must be made is who will have custody of the children. Judges must consider various factors in making this determination to ensure they are making a judgment that is in the child’s best interests.
Judges often evaluate factors including each parent’s home environment and work schedule and whether either parent has been abusive or neglectful. Ultimately, the goal is to ensure that the child has a stable and supportive home life.
What factors do judges evaluate when determining child custody after divorce?
When determining child custody, judges must take into account many factors, including the child’s age, best interests, and their relationship with each parent. They may also look at the parents’ ability to cooperate and the scenario that will provide the most stability and continuity.
Depending on the child’s age, a judge may ask for their input on the arrangement and what they feel most comfortable with. This can be done by speaking with the child directly if they are old enough or by utilizing a custody evaluator as a liaison.
In addition to the considerations above, a judge will also evaluate each parent’s mental and physical well-being and their capacity to care for the child. This could involve looking at work schedules, available family support, and financial situations to determine which parent can provide the most stable living situation.
If there is evidence of neglect or abuse from either parent, the judge will take steps to protect the child by limiting or preventing contact with that parent.
Primary vs. Shared Physical Custody
There are two common forms of child custody arrangements – primary or shared physical custody. A primary custody arrangement means one parent has sole supervision over the child, while the other might receive visitation rights. However, the child resides only with the parent with primary custody. Primary custody also grants the primary parent the ability to make decisions regarding health and education without the other parent.
Shared physical custody is also known as joint custody. In these arrangements, the child resides with both parents on a schedule. Typically, shared physical custody is measured by counting the amount of overnight time each parent has during a set period, though time may not always be divided equally. For example, a child may live with one parent during the week and the other parent on weekends or might alternate weeks and weekends with each parent. Joint custody also provides both parents with equal rights to make decisions regarding the child’s health or education.
In California, there is a presumption of shared physical custody, meaning that a shared arrangement is often recommended unless there are strong reasons for one parent to be awarded primary physical custody.
Assistance with a child custody case
Determining the custody of children in a divorce can be a daunting task. Still, with careful consideration, judges aim to make arrangements that are in the child’s best interest. If you need guidance in navigating a child custody situation, allow the experienced family lawyers at Lonich Patton Ehrlich Policastri to assist.
Our team of lawyers has been helping families in the greater Bay Area navigate complex legal situations for decades. Call 408-553-0801 or click here to schedule a free consultation today.
Do I Need a Trust to Avoid Probate?
/in Estate Planning /by Michael LonichVery few people want to see an estate end up in probate. It is an expensive and lengthy process that requires a judge to validate and authenticate your will and name an executor. Creditors must then be notified and paid off before distributing your assets to the beneficiaries.
There are a few ways to prevent probate litigation, such as joint ownership and gifting some of your possessions to your loved ones while you are still alive. Another way to avoid probate is by establishing trusts.
What are trusts, and how can you set one up?
Types of Trusts
A trust is a legal arrangement in which one person (a trustee) manages property of another person (the beneficiary). Revocable, irrevocable, and testamentary trusts may be terms you have heard.
Revocable and irrevocable are living trusts that go into effect and are funded while the grantor is still alive. A testamentary trust is created through a will and does not take effect until after the grantor’s death.
Trusts can effectively manage your property and ensure it is distributed according to your wishes. But, each of them has its benefits and drawbacks.
Revocable Trusts
Irrevocable Trusts
How to Navigate Estate Planning Concerns Such as Trusts and Probate
Due to the nuances of setting up a trust, you may want to consider working with an attorney. Our lawyers at Lonich Patton Ehrlich Policastri are experienced at crafting a variety of trusts. Call us at 408-553-0801 to schedule your free consultation.