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Disinheritance: The Elephant in the Room

April 9, 2013/in Estate Planning /by Michael Lonich

Are you a bad person for wanting to disinherit a son, daughter, or family member who would otherwise have a stake in your property at your death? Definitely not. Disinheritance actually happens more often than you think. You can effectively disinherit an heir by clearly stating your intent to do so in your will or trust documents to ensure that your decision to disinherit won’t be misunderstood as a mistake.

The reasons for considering disinheritance may vary. Perhaps you have a strained relationship with a family member and wish to leave them nothing. On the kinder side of things, maybe you helped put your daughter through law school, but your son never asked for a dime. By disinheriting your daughter, you can “even the score” by ensuring your son receives all of your remaining assets. No matter what your reason, disinheriting by will can give you an opportunity to control where your assets go—and do not go—after death. Additionally, in your will, you can state your reason for the disinheritance to assure there are no hard feelings if that is a concern.

Disinheritance is not an easy topic for discussion. Nevertheless, if you are interested in disinheriting a potential heir via your will, you should discuss the idea with your estate planning attorney. You may also wish to discuss the possibility of creating a living trust which will give you the opportunity to designate beneficiaries and determine how much (or how little) they will receive upon your death.

The attorneys at Lonich Patton Erlich Policastri have decades of experience handling complex estate planning matters including wills and living trusts. If you are interested in developing an estate plan or reviewing your current estate plan, contact the experienced estate planning attorneys 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 detail general legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.

Private Justice: Family Law’s Low-Hanging Fruit

April 2, 2013/in Family Law /by Mitchell Ehrlich

If you are contemplating divorce, there is one question you ought to ask: is a private judge right for me? The answer could be a positive one if you are looking to conclude your divorce quickly and would prefer to avoid the crowded (and very-public) family court. What’s the catch? Well, private temporary judges (typically retired veteran family lawyers) must be compensated for their time much like an attorney.

Nevertheless, hiring a privately compensated temporary judge could be an investment for you and your family. Although there is a cost on the front end, a private judge will undoubtedly have more time to devote to your case. This means that your divorce could be finalized in a fraction of the time with a private judge, compared with the several months or even years that you could spend tied up in the public family court . Your judge will apply the exact same California family law statutes, evidentiary codes, and rules of court as a publicly-sitting family judge. However, the scheduling flexibility that comes with a private judge means that you can work through your case on your time. As a result, you and your spouse will spend less time in litigation, potentially saving your family a great deal of money and stress in the long run.

Private judging is legal in Santa Clara County and can be requested through the Clerk’s office. A private judge may not be the best option for every family, so talk to your family lawyer for more information. Contact the certified Family Law Specialists (as certified by The State Bar of California Board of Legal Specialization) at Lonich Patton Erlich Policastri to learn more about the possibility of pursuing divorce with a private judge. Our attorneys have decades of experience handling complex family law matters and have worked directly with private judges in the past.

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.

Contemplating Divorce: What to Consider Before You Cut Ties

March 21, 2013/in Family Law /by Gina Policastri

Divorce is simple, right? Absolutely not, unfortunately. There is a great deal to consider—financially and emotionally—before filing for a divorce. In some startling ways, divorce slams one chapter of your life closed. Nevertheless, obtaining a divorce decree could be the first step into the first chapter of the new life you’ve been dreaming of.

Natasha Burton’s article, “What I Wish I Knew Before I Got Divorced”* features solid considerations for individuals who are thinking about divorce or legal separation. Though Burton’s article was written for a female audience, the predominant message of the article applies to everyone: be prepared in more ways than one. Some noteworthy observations and considerations:

Recovery from divorce could take you a long time—which is absolutely normal.
Choose your legal counsel wisely.
Create a detailed plan for tackling your future living expenses.
Take a hard look at your joint finances and educate yourself.
Be ready for “unexpected” costs like health insurance.
Being vengeful toward your spouse will probably harm your family in the end and is public record.
Being divorced is not something to be ashamed of.
The holidays will be hard—really hard.
Your children will suffer from the divorce and may act out.
Finally, divorce can be completely worth it.

These considerations highlight just how far reaching the impact of a divorce can be and why it is so important to be fully prepared. Take it from Burton and be prepared from the start by choosing your legal counsel wisely. Contact the certified Family Law Specialists (as certified by The State Bar of California Board of Legal Specialization) at Lonich Patton Erlich Policastri to learn about your legal options. Our attorneys have decades of experience handling complex family law matters.

*Used with permission via email from Women’s Day author Natasha Burton.

I’m Officially Divorced, Now What?

March 14, 2013/in Family Law /by David Patton

You’re officially divorced and positive that everything in your life is settled (legally, anyway). Unfortunately, that might not be the case if your estate planning documents still reflect your old marital status. Fortunately, any provisions in your existing Will that leave assets to your ex-spouse will be revoked by law after divorce. Nevertheless, it is imperative that you actively take steps to create a new will and generally update your estate plan to ensure that the appropriate individuals in your life will control your legal rights and property when you die or become incapacitated. That is, unless you still wish to bequeath property to your ex-spouse at death. Since that is probably not the case, here are some estate planning changes to consider after divorce:

Close any joint accounts like credit cards or savings accounts that you shared with your ex.
Create a fresh Will and update any Guardianship provisions regarding what will happen to your children in the event that something happens to both you and your ex-spouse.
Update any Trusts and reevaluate who your beneficiaries should be and how much property you’d like them to receive and when.
Update all insurance policies, IRA’s, 401k’s, or any other retirement accounts that may name your ex as a beneficiary. These will not automatically change after divorce.
Destroy or revoke your previous Durable Power of Attorney if it named your ex-spouse and create a new one.
Destroy or revoke your previous Advance Health Care Directive if it authorized your ex-spouse to make future health care decisions on your behalf.

It is important to remember that at death, according to the court, whatever your legal document says goes. So, if you do not want your ex-spouse to receive certain property or benefits, you should see a licensed attorney to revoke your old estate plan and incorporate your current wishes into a new one. Hopefully, an updated estate plan can give you some peace of mind as you begin your new life after divorce.

The attorneys at Lonich Patton Erlich Policastri have years of experience handling complex estate planning matters including wills and living trusts. If you are interested in developing an estate plan or reviewing your current estate plan, contact the experienced estate planning attorneys at Lonich Patton Erlich Policastri for further information and a free half-hour consultation.

Gift Taxes: How Much Your Generosity Could Cost You

February 20, 2013/in Estate Planning /by Michael Lonich

Should you liquidate your trust to take advantage of the new federal estate tax exemption? You may not need to. Not immediately, anyway. As 2012 came to a close, there was some worry that the generous federal tax gift exemption would fall off of the fiscal cliff, leaving many estates vulnerable to the 35% federal estate tax for gifts. To the delight of many taxpayers and estate planners alike, the federal tax provision allowing an individual to give tax-free gifts totaling up to $5 million over his or her lifetime, is now permanent.* This “unified credit” may also be applied to an individual’s estate at death if it is not utilized before death.

If your estate isn’t large enough to cover a gift of $5.12 million during your lifetime, you may be delighted to know that the annual gift tax exclusion has also survived. So, any taxpayer may make a tax-free gift of $13,000 a year per recipient. For example, in 2013, a father can give $13,000 to his daughter, $13,000 to his grandson, and $13,000 to his neighbor, all tax free. Slowly making these tax-free gifts is a great way to ensure that your taxable estate is worth less than the federal estate tax threshold of $5.25 million when you pass, effectively insulating your loved ones from an estate tax of 40% down the road.

No matter what the size of your estate, it is smart to have a plan for the future. The attorneys at Lonich Patton Erlich Policastri have decades of experience handling complex estate planning matters including wills and living trusts. If you are interested in developing an estate plan or reviewing your current estate plan, contact the experienced estate planning attorneys at Lonich Patton Erlich Policastri for further information.

*See http://www.irs.gov/pub/irs-pdf/p950.pdf for a detailed explanation of the gift exemptions.

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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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