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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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After Paying Out £42 Million in Alimony, Phil Collins Says He is in No Rush to Remarry
/in Family Law /by David PattonFamous musician and song-writer, Phil Collins, gave an interview to the UK Mirror about his past and present romances. With three ex-wives, Collins has paid out over £42 million in alimony. In the U.S., this would translate to approximately $66.5 million in settlement payments. Collins is currently dating news anchor Dana Tyler, whom he met in 2006 while she was interviewing him about a Tarzan stage show that was set to play on Broadway. While Collins had a lot of nice things to say about Tyler, he made it clear that he believes he is better off not remarrying. For more information please see the full article.
If you have been bitten by alimony payments, before choosing to remarry, it would be a good idea to make sure you have a solid prenuptial agreement in place. A prenuptial agreement is a contract between the two prospective spouses. It can address a wide variety of issues including property rights and obligations during marriage and upon divorce. A prenup might be right for you if prior to your marriage you own real estate, own more than $50,000 of assets aside from real estate, have ownership rights in a business, or earn a salary of more than $100,000 per year.
If a prenup sounds like a good idea, it is wise to consult a qualified family law attorney for advice. However, before seeing an attorney, it is recommended that you and your fiancée discuss the essential terms of the agreement. This way, your lawyer will have a better understanding of your needs and concerns.
For more information about prenuptial agreements, please contact the family law attorneys at Lonich Patton Erlich Policastri. 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.
Sources:
Nolo
Unmarried Couples Living Together May Need a Cohabitation Agreement to Implement an Effective Estate Plan
/in Estate Planning /by Michael LonichCohabiting unmarried couples, who are not registered domestic partners, may be left financially vulnerable if they do not have an enforceable estate plan in place. A “cohabitation agreement” can help unmarried couples effectively plan for the distribution of their property upon death. A cohabitation agreement is a formal contract entered into by both of the cohabiting parties. Specifically, a cohabitation agreement addresses issues relating to rights and ownership of assets, support and maintenance, and division of property upon the dissolution of the relationship or death of one of the parties. These agreements are usually enforceable unless they are explicitly founded on meretricious sexual services.
The division of the couple’s assets at death is governed by California contract law and not community property law. This means that property acquired during the relationship of non-married couples is not considered “community property.” Therefore, upon the death of one party, the surviving partner is not necessarily guaranteed a portion of the assets the couple acquired during their relationship. Moreover, because California community property law does not apply in this situation, the names on the title of property often determine how assets are divided upon the death of one of the partners. A cohabitation agreement serves to ensure that both parties’ wishes are honored upon their passing.
For more information on cohabitation agreements or how to protect your partner after you pass, please talk to Silicon Valley estate planning attorneys at Lonich Patton Erlich Policastri. 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.
California Blended Families Face Unique Challenges When Developing Comprehensive Estate Plans
/in Estate Planning /by Michael LonichCreating a successful estate plan for blended families can be extremely complicated for a number of reasons.
First, it is often challenging for spouses to identify and agree on who should be the named beneficiaries. For example, a spouse who has children from a prior marriage may want those children to share in his or her estate at death. Yet, if there is a tense relationship between the stepparent and the children from the prior marriage, the stepparent may resent or discourage naming those children as beneficiaries.
One of the most important tasks for spouses of a blended family is to reach an agreement on their priorities. For most spouses with modest estates, the primary goal of the estate plan is to provide for the care of the widowed spouse and minor children from the current marriage. The decedent’s older children are often considered secondarily. However, if the spouses have a larger estate, their goals may focus on a more equal division of assets between surviving family members.
In order to meet the estate planning needs of a blended family, a “bypass trust” may be used. A bypass trust is an irrevocable trust that is funded with the deceased spouse’s separate property and his/her share of the community property. The surviving spouse would be the lifetime beneficiary of this trust with the deceased spouse’s children often designated as the remainder beneficiaries. Essentially, the proceeds of the bypass trust would be available to meet the lifetime needs of the surviving spouse while ensuring that the deceased spouse’s remaining property is ultimately distributed as the deceased spouse wanted. However, a bypass trust is not appropriate for every blended family as the surviving spouse may deplete the trust assets during his/her lifetime and leave nothing for the stepchildren.
For more information on what types of estate planning instruments can best meet the needs of your blended family, please contact Bay Area wills and trusts attorneys at Lonich Patton Erlich Policastri. 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.
How You Can Get the Child Support Money You Need
/in Family Law /by Mitchell EhrlichIf you are a Bay Area resident who is shouldering the financial responsibility of your child alone, you may be interested in learning more about the details of California’s child support system.
Child support is a certain sum of money that the court orders one parent to pay the other parent. When a California court is calculating the amount of child support one parent should pay the other, it looks at several key factors. These factors include how much the parents earn (or can earn), the other parent’s income, the number of children the couple has together, how much time the parents spend with their children, health insurance expenses, daycare costs, and other things.
The child support money is intended to be used to financially support the couple’s child(ren). Child support is typically paid to care for minor children (children under 18) who are living at home and unable to support themselves. However, parents can agree to support children longer than the age of majority. In addition, a court may order continued child support for a child over 18 who is disabled and unable to care for themselves.
For more information about child support, please contact Lonich Patton Erlich Policastri. 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.
Passing Your Vacation Home to the Next Generation
/in Estate Planning /by Michael LonichA family vacation home is more than just a piece of real property. It is a place where cherished memories are made by the dozens. It is also an asset that some individuals hope to pass down from generation to generation. If you feel this way about your vacation home, you can develop an estate plan that accomplishes your goal of keeping your valuable property in the family.
A California estate planning attorney can help you transition ownership of your valued home to the next generation while reducing tax implications. You may be interested in tailoring an estate plan that slowly transfers ownership of the home to the next generation of family members during your lifetime. This option utilizes federal tax law so that you can reduce your estate tax by taking advantage of lifetime gift tax deductions.
For more information about estate plans tailored to your specific needs, please contact our San Jose estate planning attorneys at Lonich Patton Erlich Policastri. 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.