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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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Gina N. Policastri Receives 2016 Avvo Clients’ Choice Award
/in Firm News /by Lonich Patton Ehrlich PolicastriGina Policastri, partner at Lonich Patton Erlich Policastri, was recently awarded the 2016 AVVO Clients’ Choice Award. To obtain this award, an attorney must receive five or more 4 or 5 star client reviews on AVVO within a year. Gina did this in the first 21 days of 2016! Gina’s award reflects her reputation for high quality and compassionate legal representation. As one recent client reviewer stated, “Gina is a highly competent, intelligent and witty attorney. She understands family law, knows your rights, is highly proactive and will fight for you and your children. Don’t hesitate to meet with Gina, you will be impressed with her professionalism and compassion for your situation and needs.”
Gina Policastri is a Certified Family Law Specialist. She handles all areas of family law including high conflict custody cases, complex business valuation and asset division issues and complicated child and spousal support matters.
Important Estate Tax Figure for 2016
/in Estate Planning /by Michael LonichFor 2016, the federal estate tax exemption has increased to $5.45 million per individual, up from $5.43 million in 2015.
The estate tax is a tax on the value of your estate which exceeds the estate tax exemption. Your estate consists of the fair market value of everything you own or have interest in at the time of your death. The total of all of these items is your “Gross estate.” Once your Gross estate is accounted for, certain deductions are allowed and thus your “taxable estate” is determined.
After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed. The tax is then reduced by the available unified credit.
Many relatively simple estates do not require the filing of an estate tax return, however you should consult with an estate attorney. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5.45 for 2016.
Estate planning is a highly complex area of law. If you are interested in creating a trust for your family business or have any questions regarding your current estate plan, please contact the experienced estate planning attorneys at Lonich Patton Erlich Policastri for further information. The attorneys at Lonich Patton Erlich Policastri have decades of experience handling complex estate planning matters, including family business trusts, and we are happy to offer you a free consultation. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may detail general legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.
Sources:
IRS 2016 tax: https://www.irs.gov/pub/irs-drop/rp-15-53.pdf
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Whats-New-Estate-and-Gift-Tax
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax
What happens to the children after a split when you are not married?
/in Family Law /by Virginia LivelyThe Kardashians always seem to be in the news. While the Kardashians are widely known for their expensive lifestyle and new fashion trends, Kourtney Kardashian was all over the news after her split with Scott Disick. Kourtney and Scott were together for about 9 years and have 3 children (Mason, 6, Penelope, 3, and Reign, 1]). However, while there seems to be no issue with Kourtney keeping the kids, what happens to the children after a split when you are not married?
The concept of a “common law marriage” no longer exists in California. Thus, simply living together does not give rise to a “marriage” or other legal marriage-like union under California law. This means that a non-marital cohabiting relationship does not give rise to “spousal-type” rights, obligations or remedies (except under certain circumstances in an invalid marriage, a “putative spouse” or under a Marvin claim, where non-marital partners have the right to enforce expressed or implied agreements for support or property sharing in the event of a separation).
However, there are certain family statutory rights and obligations that arise regardless of there being a formal marriage. Child support, for example, is a statuary duty to support minor children (and certain adult children) imposed on the parents regardless of them having ever been married. California Family Code § 3900 provides that both the father and mother of a minor child have an equal responsibility to support their child. This duty continues until the unmarried child completes the 12th grade or attains the age of 18, whichever occurs first. However, the law does not limit the rights of parents to agree to provide additional support. A child support obligation between non-marital cohabiting parents is enforceable either through a parentage action or other action under the Family Code. Similarly, non-marital cohabiting partners have custody and visitation rights similarly to those formally married.
If you have any questions about child support or child custody, the Certified Family Law Specialists at Lonich Patton Erlich Policastri have decades of experience handling complex family law matters. Please contact the Certified Family Law Specialists at Lonich Patton Erlich Policastri for further information. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.
Five Holiday Tips During Divorce
/in Family Law /by Riley PenningtonHolidays are the time in the year in which we all look forward to spending time with our family, friends, and loved ones. Consequently, dealing with divorce during this time of the year can be challenging. However, these five holiday tips may help to ease this difficult time.
1. Choose Who You Spend Time With. The holidays are usually filed with holiday parties and gatherings, however, these events may be stressful for a newly single person. While it is important to practice socializing in your new single lifestyle, you should not force yourself to go to these events. Only go if you expect it will be a pleasant experience for you. If not, then this is also an opportunity to start creating new holiday traditions in which you can find enjoyable.
2. Take A Break From The Divorce. During the holidays, things tend to slow down and not much is likely to get done. For this reason, this time of the year is a perfect time to take a break from the stress of divorce and focus on yourself. Take some time to refresh yourself and do something special to welcome your better life to come, such as reconnecting with old friends.
3. Make Plans to Fill the Voids. Even if you are doing something by yourself, it is still a plan. You can watch a new movie or even read that great book you have been wanting to get to.
4. Get Real. Remember that there is no “perfect family” like those Norman Rockwell paintings. In today’s world, families come in all shapes and sizes, so feel comfortable with your new situation because you are not alone.
5. Be Fair with the Children. While the holidays may be a difficult time for you, it is just a difficult, if not more so, for your children. They need to know that it is okay to spend time with both their parents and that they should not feel obligated to choose one over the other.
These are just a few tips available to individuals dealing with divorce during the holidays. The Certified Family Law Specialists at Lonich Patton Erlich Policastri have decades of experience handling complex family law matters. If you are interested in learning more about scheduling where your children will spend the holidays, please contact Lonich Patton Erlich Policastri for further information. Keep in mind that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.
Souce: http://www.huffingtonpost.com/divorce-magazine/6-tips-for-divorcing-duri_b_8544912.html
Tax Traps to Avoid During Divorce
/in Family Law /by David PattonMany individuals negotiate and finalize their divorce without taking into account the tax impact of the decisions they are making. However, there are several tax traps that people could avoid while preparing to undergo divorce proceedings, which include their division of assets, their tax filing status, alimony, and child support.
One of the most hectic and stressful processes during divorce is the division of assets. However, instead of worrying about getting half of everything, there is something that individuals can do before they get divorced that would save them money. Before signing the divorce papers, the parties may transfer property tax-free using a property settlement agreement. Using a property settlement agreement, the ownership of major assets can either be signed over or the property can be sold and the proceeds can then be split amongst the parties.
Depending on an individual’s specific situation, certain filing statuses may be more beneficial than others. If an individual is legally divorced by December 31st, then he or she must file either as “single” or “head of household.” These statuses may also be used if parties have a legally binding separation agreement, or if the parties have lived apart for at least the last six months of the tax year. However, if the parties are still legally married as of December 31st and are still living together, then they must file as either “married filing jointly” or “married filing separately.” Generally individuals who file as either “head of household” and “married filing jointly” have lower taxes than those who file as “single” or “married filing separately.” So even though an individual may be going through divorce, he or she may still find it beneficial to file a joint tax return to save money.
Oftentimes, parties forget that alimony is considered taxable income for the recipient and an above-the-line tax deduction for the payer. It would be beneficial to the recipient of alimony to add his or her monthly alimony taxes into their monthly budget in order to understand how much alimony they really need.
While alimony can be considered in tax returns, child support payments cannot be included on the recipient’s tax return and they are not deductible to the payer. However, the payer of child support may remit the payments in the form of alimony in order to save money on taxes. Though the IRS allows this, any alimony that does resemble child support may not be fully deductible.
In an already costly process, these few tax tips may be able to help individuals save some money. While taxes may be the last thing on their mind, they should be prepared for these tax changes as soon as possible.
If you have any questions about taxes in the divorce process or any other issue, the Certified Family Law Specialists at Lonich Patton Erlich Policastri have decades of experience handling complex family law matters. Please contact the Certified Family Law Specialists at Lonich Patton Erlich Policastri for further information. Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may include legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.
Source: http://www.irs.com/articles/how-to-avoid-the-tax-traps-of-divorce
Source: http://www.divorcemag.com/articles/5-tax-traps-to-avoid-during-divorce