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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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Sibling Rivalry and Inheritance: Navigating Fair Distribution in Estate Plans
/in Estate Planning /by Michael LonichMoney can be a touchy issue, especially among close family members. According to an Ameriprise study, when siblings argue about finances, it’s usually about how an inheritance gets divided up and whether parents are being fair to each child when it comes to financial support. Fair distribution of assets in estate planning can be complicated, but that doesn’t mean it’s impossible. The following are a few tips and strategies to help you navigate this process with your family.
Maintain Open Lines of Communication
While many people are uncomfortable talking about money, avoiding the discussion will only make things more difficult in the long run. Encourage family discussions about inheritance preferences (especially about sentimental objects like family heirlooms, jewelry, etc.) while everyone is still alive.
It’s best to set specific times for these discussions. Don’t try to have a serious conversation about estate plans at a holiday gathering. Even though everyone is together, the focus of holidays and special events should be about fun and togetherness.
Open lines of communication will hopefully promote transparency and help address potential grievances before they become a problem.
Decide Between Equal or Equitable Distribution
In many cases, equal distribution among siblings makes sense. However, it’s important to consider the individual circumstances of each child. If one sibling has been more involved in caregiving, for instance, it might be more fair to increase their share of the inheritance. Or, if one child is struggling financially, has special needs, or will require more financial help in the future, you might choose equitable distribution of your assets, rather than equal distribution. Clearly communicating this distinction to your children is important and might help protect against conflicts and hurt feelings.
Involve a Neutral Third Party
Many families find it helpful to hire a mediator or estate planning expert to facilitate difficult and sensitive discussions and establish a plan that is in everyone’s best interests. Siblings might be more willing to be honest with a neutral third party and feel more comfortable with this type of formal discussion and setting.
Consider Using Trusts as Tools
Setting up trusts or college funds is another way that you can thoughtfully provide for your children while also controlling the distribution of funds, protecting the assets from potential disputes, and minimizing conflict.
Other Considerations to Avoid Conflict
Other things to think about when estate planning that might smooth out the process and head off sibling rivalry before it begins:
Our Estate Planning Group Has Been Helping Families Like Yours Since 1994
When it comes to protecting your family’s future, the estate planning attorneys at Lonich Patton Ehrlich Policastri can help you have the difficult but important conversations you need to have and go over all your estate plan options so you can make informed decisions. Call us today to set up a free consultation.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Military Family Matters: What Legal Considerations Are Important?
/in Family Law /by Virginia LivelyMilitary families face unique challenges that require thoughtful legal planning. From deployment to relocation and the complexities of military benefits, it’s essential to understand the legal considerations that can protect and support service members and their loved ones.
Understanding Military-Specific Legal Protections
Service member’s families benefit from several legal protections designed to safeguard their rights during service. Two critical areas to consider are employment and housing.
The Servicemembers Civil Relief Act (SCRA) for Military Families
The SCRA provides active-duty military members with protections against financial and legal burdens, such as:
Understanding these rights is crucial for preventing undue financial or legal stress during deployments or other service commitments.
Uniformed Services Employment and Reemployment Rights Act (USERRA)
USERRA ensures job protection for service members when they return from active duty. Employers are legally required to reinstate returning service members to their jobs and provide reasonable accommodations.
Addressing Family Law Issues in Military Life
Family law issues can become complicated for service member families due to frequent relocations, deployments, and state law variations.
Custody and Parenting Plans for Military Families
Deployments and relocations often impact child custody arrangements. Military families should draft custody agreements that account for:
Working with an attorney experienced in service member family law can help create a plan that prioritizes the child’s best interests.
Divorce and Spousal Support for Military Families
Divorce in a service member’s family involves unique considerations, such as the division of military pensions and determining eligibility for continued healthcare benefits. Understanding these nuances ensures fair outcomes for both parties.
Estate Planning for Military Families
Estate planning is essential for service member families to secure their financial future and provide peace of mind.
Powers of Attorney and Wills for Military Families
Service member members should designate a trusted individual to make legal and financial decisions through a power of attorney. Additionally, drafting a will ensures assets are distributed according to their wishes.
Survivor Benefit Plan (SBP)
The SBP provides financial security for surviving family members. Service members should review and update their SBP elections regularly, especially after major life changes like marriage, divorce, or the birth of a child.
Navigating Military Benefits
Understanding and maximizing military benefits can significantly impact a family’s financial stability.
TRICARE and Healthcare Benefits
TRICARE provides healthcare coverage to service member families. Familiarizing yourself with coverage options, eligibility, and enrollment periods is crucial to maintaining uninterrupted healthcare access.
GI Bill and Education Benefits
The Post-9/11 GI Bill allows service members to transfer unused education benefits to spouses or children. Planning how to utilize these benefits can support the family’s educational goals.
Proactive Legal Planning Is Key: Contact LPEP to Discuss Military Family Matters
Military life is demanding, but proactive legal planning can alleviate stress and protect the well-being of service members and their families. By understanding their rights and benefits, addressing family law issues, and investing in estate planning, service member families can navigate their unique challenges with confidence.
Consulting with a legal professional familiar with service member issues can provide tailored guidance to meet your family’s needs. At LPEP, our expert attorneys specialize in family law and estate planning. With vast experience in military legal matters, we’ll ensure you and your family are protected and supported in every way possible.
Contact us today to schedule your free consultation.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
Newlyweds’ Financial Fitness: Estate Planning Tips
/in Estate Planning /by Michael LonichStarting a new chapter as newlyweds is exciting, but it also comes with new responsibilities, especially when it comes to financial planning. One crucial yet often overlooked aspect is estate planning.
Creating an estate plan not only protects your assets but also ensures that your spouse is taken care of should the unexpected happen. Here are some essential estate planning tips for newlyweds to help safeguard your financial future.
1. Create or Update Your Will
A will is an essential estate planning document that outlines how your assets will be allocated after you pass away. As newlyweds, you may want to leave your assets to your spouse or other family members, but without a will, state laws will determine how your estate is divided, which may not align with your wishes.
Steps to Take
2. Designate Beneficiaries
Your will doesn’t govern all of your assets. Some accounts, such as life insurance policies and retirement accounts (401(k), IRA), pass directly to the beneficiaries named on those accounts. As newlyweds, it’s essential to update these designations to ensure your spouse is the primary beneficiary.
Key Accounts to Update
By keeping these beneficiary designations current, you avoid potential delays or disputes in asset distribution.
3. Establish Joint Ownership of Assets
Many newlyweds combine their finances, and joint ownership of assets can simplify estate planning. Consider holding major assets like homes, vehicles, and bank accounts in joint tenancy with rights of survivorship. This ensures that if one spouse passes away, the other automatically inherits the asset without it going through probate.
Benefits of Joint Ownership
Assets held jointly can transfer directly to the surviving spouse without the lengthy probate process. It also makes managing and accessing your shared assets much easier during your marriage.
4. Set Up a Power of Attorney
A financial power of attorney allows your spouse (or another trusted person) to manage your financial affairs if you become incapacitated. Without this in place, your spouse may face legal hurdles to access your finances or pay bills on your behalf.
Medical Power of Attorney
Similarly, a medical power of attorney gives your spouse the authority to make healthcare decisions if you’re unable to do so. It ensures that your spouse can make critical decisions about your care during emergencies.
5. Consider a Living Trust
A living trust allows you to transfer assets to a trustee to manage for your benefit during your lifetime and for your beneficiaries after your death. It offers more control over asset distribution and can avoid the probate process altogether. Newlyweds with significant assets or complex financial situations might find that a living trust adds a layer of protection and flexibility.
Just Married? Start Estate Planning With LPEP!
Estate planning might not be the most romantic task on your newlywed to-do list, but it’s one of the most important. At LPEP, our experienced estate planning attorneys specialize in the preparation of estate planning documents, such as wills, revocable living trusts, and more.
Financial fitness for newlyweds isn’t just about managing day-to-day expenses; it’s about securing your future together. Contact LPEP to set up your free consultation.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
How to Navigate International Adoption Legalities
/in Family Law /by Mitchell EhrlichVery few things match the joy of welcoming a new child to your family. Raising children allows us to rediscover the world through their eyes, share our values, and provide them with a home and loving, supportive parents. Some families choose to adopt through an international agency. They may have several reasons for their decision, such as a close connection with the adoptee’s country, a desire to raise a child from a different culture, or a desire to give a child from a disadvantaged area a chance for a better life.
However, international adoptions involve significant paperwork and legal requirements in both the United States and the foreign country. Understanding and preparing for the legalities of an international adoption can help ensure a smoother process.
The Hague Adoption Convention
Established in 1993, the Hague Adoption Convention is an international treaty among 104 countries, including the United States. Its goal is to ensure that intercountry adoptions prioritize the best interests of the child and prevent the abduction and trafficking of children.
The convention emphasizes the child’s best interests and states that foreign adoption should only be considered if there are no suitable families in the child’s home country. It also requires adoption agencies to be accredited and follow rigorous requirements to prevent unethical practices.
Who Oversees the International Adoption Process in the United States?
The Department of State is the central authority for international adoptions. Any adoption service provider needs to be approved by a Department-accredited entity (AE). There are only two AEs: the Intercountry Adoption Accreditation and Maintenance Entity (IAAME) and the Center for Excellence in Adoption Services (CEAS).
The U.S. Citizenship and Immigration Services (USCIS) is responsible for determining whether potential adoptive parents are suitable and eligible to adopt a child and whether the child is eligible to travel to the United States.
Every Country Has Its Own Laws
The first step in the international adoption process is selecting the country you want to adopt from. Since each country has different eligibility criteria and adoption laws, you will want to thoroughly research everything involved in the adoption process.
In addition to the U.S. legal requirements for bringing a child into the States, the country of origin has its own regulations and procedures, such as age, income, marital status, and the parents’ health. For example, some countries won’t allow same-sex couples to adopt.
It’s also imperative to keep abreast of changing laws regarding international adoptions. As of August 28, 2024, China has halted all foreign adoptions.
Documentation
The Department of State and USCIS require several legal forms. Prospective parents also need to have an approved home study, proof of U.S. citizenship, proof of marital status, medical records, birth certificates, and financial statements.
The adoption process will be prolonged and more costly without the necessary legal documents.
LPEP Law Can Help
If you are considering adopting a child from a foreign country, you should work with an attorney who can ensure your documentation is complete. Our attorneys at Lonich Patton Ehrlich Policastri can assist you in navigating the legalities and bureaucratic obstacles.
We will ensure you clearly understand each step in the international adoption process. Once you are back home with your child, our attorneys will help you complete the necessary steps to legalize the adoption in the United States.
Contact us for a free consultation on the international adoption process by calling (408) 553-0801.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
The Importance of Updating Your Estate Plan After Major Life Events
/in Estate Planning /by Michael LonichThe Greek philosopher Heraclitus is credited with the quote, “The only constant in life is change.” We experience new things every day. While some are small and seemingly insignificant, others completely redefine our lives.
At some point, you may have created an estate plan. After it was complete, you likely put it in a safe place, and that is where it’s remained.
However, you need to ask yourself: Is your estate plan still relevant in the face of your current circumstances?
Have You Experienced Significant Life Changes?
Life is made up of milestones, and your estate plan should evolve to reflect those changes. Here are some events that should trigger a review:
1. Marriage or Divorce
The beginning or ending of a marriage can impact your estate plan. As a newlywed, you will want to add your spouse as a beneficiary on any life insurance policies and investment accounts. You will also need to review your will to ensure they are included or name them as power of attorney.
If you and your spouse divorce, you will want to remove them from your will and as a beneficiary. You should take their name off of any legal documents that allow them to make any decisions on your behalf if you become incapacitated.
2. The Addition of a New Family Member
Welcoming a new child into the family is a time for joy and celebration. You will want to ensure your little one is provided for if anything should happen to you. Therefore, your estate plan needs to be updated with the appointment of a guardian and the setting up of a trust to take care of their financial needs.
3. Death
If someone listed in your will as a beneficiary or executor passes away, you must update your estate plan.
4. Financial Changes
Suppose your assets significantly increase or decrease, such as receiving an inheritance, buying or selling a business, or winning the lottery. In that case, those changes need to be reflected in your estate plan.
External Events That Impact Your Estate Plan
Even if your life remains the same, there are outside factors that may require you to update your estate plan, such as:
The Consequences of an Outdated Estate Plan
If you’ve never updated your estate plan, your assets may be distributed to outdated beneficiaries, such as an ex-spouse. Loved ones that you intended to add to your policies may find themselves involved in family disputes and legal battles.
Furthermore, by failing to update your estate plan, you may have missed opportunities to take advantage of new laws or strategies that would have left more money to your heirs.
Set up Regular Reviews with LPEP Law
Unless you experience a significant life event that requires immediate changes to your estate plan, you should review it every three to five years. This ensures that your legal documents are a reflection of your current life circumstances and goals. Our attorneys at Lonich Patton Ehrlich Policastri can work with you to review the following:
We will also discuss any new regulations or tax laws that may have an impact on your estate. You will have peace of mind knowing that your loved ones will be protected and provided for according to your wishes.
Contact us for a free consultation by calling (408) 553-0801.
Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.