Running a small business often means wearing every hat, from owner to manager, marketer, bookkeeper, and problem-solver… the list never ends. But with so much focus on daily operations, many business owners put long-term planning on the back burner, especially when it comes to retirement.

The truth is, small business owners should plan for retirement, and the earlier, the better. Your business may be thriving today, but a solid retirement plan ensures financial security for your future self and peace of mind for your family.

Why Retirement Planning Matters for Small Business Owners

Unlike traditional employees who may rely on employer-sponsored 401(k)s or pension plans, small business owners shoulder the responsibility of building their own nest egg. That makes intentional planning even more important.

Financial Security for the Long Term

Your business might be your biggest asset, but counting on it alone to fund your retirement can be risky. Markets shift, industries change, and transitions don’t always go as planned. A retirement plan helps diversify your financial future and provides stability no matter what happens with your business.

Protecting Your Family

Retirement planning often overlaps with estate planning. Without a clear plan, your loved ones may face difficult decisions about your business, finances, and long-term care. Preparing now helps ensure your family is protected and your wishes are honored.

Retirement Planning Options for Small Business Owners

When it comes to retirement planning, you have more options than you might realize, and many of the options outlined below are specifically designed for self-employed individuals and small business owners.

SEP IRAs

A Simplified Employee Pension (SEP) IRA is easy to set up and offers higher contribution limits than traditional IRAs. It’s a popular choice for owners who want flexibility and the ability to save more in profitable years.

Solo 401(k)s

If you’re a business owner with no employees (other than a spouse), a Solo 401(k) can be a powerful tool. It allows for both employer and employee contributions, making it possible to save significantly more each year.

SIMPLE IRAs

For businesses with a few employees, a SIMPLE IRA offers a streamlined way to help your team save for retirement while still being manageable for the employer.

Don’t Forget Succession Planning

Retirement planning isn’t just about money, it’s also about ensuring your business can continue smoothly when you’re ready to step back. Whether you’re planning to sell, pass the business to a family member, or wind it down, having a written succession plan helps avoid confusion, conflict, and financial loss.

Start Planning Today

If retirement planning has been on your “someday” list, consider this your sign to take action. Small business owners work hard to build something meaningful, and your retirement and legacy deserve that same level of care.

At Lonich Patton Ehrlich Policastri, we provide a number of financial-related services for small business owners, including business succession planning and estate planning. 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.

Raising a child with special needs brings both joys and challenges. Among them is making sure your child is financially and legally protected for the long term. Thoughtful estate planning can give you peace of mind knowing your loved one will be cared for, both now and in the future.

In this article, we’ll explore how families in San Jose (and throughout California) can create a plan that ensures security and stability for their child with special needs.

Why Estate Planning Matters for Families with Special Needs Children

Every parent wants to protect their child, but for families with special needs, traditional estate planning isn’t enough. A well-meaning inheritance can actually cause problems if it’s not structured correctly. 

For example, if your child receives government benefits such as Supplemental Security Income (SSI) or Medi-Cal, a direct inheritance could make them ineligible for that support. Estate planning helps you provide financial resources without jeopardizing benefits that may be crucial to their care.

Key Tools to Include in Your Special Needs Estate Plan

Special Needs Trust (SNT)

A Special Needs Trust is one of the most effective tools for protecting your child’s future. It allows you (or other loved ones) to leave money for your child’s benefit, while keeping them eligible for essential public benefits. 

The funds in the trust can be used for things like education, transportation, therapies, or recreation, improving your child’s quality of life without disqualifying them from government programs.

Guardianship or Conservatorship for Children with Special Needs

As your child reaches adulthood, you may need to establish legal authority to continue making important decisions for them. Depending on your child’s needs, this might mean setting up a guardianship or conservatorship. Planning ahead ensures continuity of care and decision-making when your child turns 18.

Letter of Intent

While not a legal document, a Letter of Intent is an invaluable part of your plan. It shares personal details about your child’s daily routines, preferences, and care instructions, helping future caregivers understand your child’s needs, personality, and what makes them happy.

Choosing the Right Trustee 

Selecting a trustee to manage your child’s Special Needs Trust is a big decision. You’ll want someone who’s financially responsible, trustworthy, and compassionate. Some families choose a professional or corporate trustee to ensure expertise and impartiality.

Planning Early Means Greater Peace of Mind

Estate planning can feel overwhelming, but starting early allows you to make thoughtful, informed decisions. It also means your plan can evolve as your child’s needs change over time. 

Whether you’re just beginning to think about the future or ready to formalize your plan, working with an experienced estate planning attorney can make all the difference.

Secure Your Child’s Future Today

At Lonich Patton Ehrlich Policastri, we understand that every family’s situation is unique, especially when caring for a loved one with special needs. Our San Jose estate planning attorneys can help you design a comprehensive plan that protects your child, preserves benefits, and brings lasting peace of mind. 

Contact us today to schedule your free consultation and take the first step toward securing your family’s future.

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

Creating a last will and testament may not be at the top of your to-do list, but it’s one of the most important steps you can take to protect your family and your assets. A will ensures that your wishes are carried out after you pass away, helping to avoid confusion, disputes, and unnecessary stress for your loved ones. 

But writing a will isn’t as simple as jotting down who gets what on a piece of paper. There are important rules to follow, and mistakes can have serious consequences. Below are some key dos and don’ts to keep in mind.

The Dos

• Make your wishes clear: Your will should outline exactly how you want your assets, such as your home, savings, and personal belongings, distributed. Being clear prevents misunderstandings later.
• Name an executor you trust: This person will be responsible for carrying out the instructions in your will. Choose someone dependable and organized, and let them know in advance.
• Consider guardianship if you have children: If you have minor children, you can use your will to name a guardian who would care for them. This decision is too important to leave up to the courts.
• Update your will after major life events: Marriage, divorce, the birth of a child, or buying property are all good reasons to review and update your will. Life changes, and your will should reflect that.
• Work with an attorney or estate planner: While online forms may seem tempting, California has strict requirements for a valid will. An attorney can make sure your document meets all legal standards and truly reflects your wishes.

The Don’ts

• Don’t put it off: Many people delay writing a will because it feels uncomfortable, but the truth is, waiting only increases the risk of leaving your family without guidance if something unexpected happens. 
• Don’t assume everything will “just work out.”: Without a valid will, California law is responsible for determining who inherits your property and assets. That may not match what you want.
• Don’t forget about debts and taxes: As well as assets, your will should also address how your debts, taxes, or other obligations will be handled to avoid surprises for your family.
• Don’t rely on handwritten notes: While handwritten (holographic) wills can be valid in California under certain conditions, they’re often challenged in court. A properly prepared will is much stronger.
• Don’t go it alone: Even a small mistake, such as missing signatures or unclear wording, can render a will invalid. Professional guidance can save your loved ones from lengthy legal battles.

Create a Last Will and Testament With Support From LPEP

A last will and testament gives you peace of mind knowing your family is cared for and your assets are distributed the way you intend. It’s essential that your will is accurate, comprehensive, and legally valid.

At Lonich Patton Ehrlich Policastri, we help clients create clear, legally sound wills tailored to their unique needs. Our estate planning team makes the process simple and ensures your wishes are protected.

Contact us today to schedule a free consultation and take the first step in securing your family’s future.

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

When people think about estate planning, they often picture married couples creating wills, trusts, and powers of attorney together. But what about couples who aren’t married? In California, unmarried couples don’t have the same automatic rights and protections as married spouses. 

That means estate planning is not just recommended, it’s essential. Without proper planning, state law may dictate who receives your assets, who makes decisions for you if you’re incapacitated, and who is recognized as your partner.

Below, we’ll explore the key estate planning tools available for unmarried couples and how they can help protect your relationship and future.

Why Estate Planning Matters for Unmarried Couples

California’s intestacy laws (the rules that determine who inherits when someone dies without a will) favor legally recognized family members such as spouses, children, and parents. Unmarried partners are not included. This means that if you pass away without a plan, your partner may receive nothing, regardless of how long you’ve been together.

Plus, without proper documentation, your partner may have no legal right to make medical or financial decisions on your behalf in the event of incapacity. Estate planning ensures that your wishes (and your partner) are protected.

Key Estate Planning Tools for Unmarried Couples

Wills and Trusts for Unmarried Couples

A will allows you to name beneficiaries for your assets and appoint an executor. For unmarried couples, this ensures your partner inherits as you intended. However, wills must go through probate in California, which can be lengthy and public.

A revocable living trust is often a stronger option. Trusts bypass probate, allowing your partner to access assets more quickly and privately. They also allow you to name alternate beneficiaries and outline specific terms for asset distribution.

Powers of Attorney

If you become incapacitated, a financial power of attorney allows your partner to manage your financial affairs, such as paying bills, handling investments, and accessing accounts. Without this document, your partner may need to go to court to gain authority, which can be stressful and time-consuming.

Advance Health Care Directive

In California, an advance health care directive lets you name your partner as the person to make medical decisions if you can’t speak for yourself. It also allows you to state your wishes regarding life support, organ donation, and end-of-life care. Without this directive, medical providers may turn to family members instead of your partner.

Beneficiary Designations for Unmarried Couples

Some assets, like retirement accounts, life insurance policies, and payable-on-death bank accounts, pass directly to named beneficiaries. Be sure to update these designations to include your partner if that’s your intent.

Taking the Next Step

Estate planning for unmarried couples in California requires proactive steps to ensure your wishes are honored and your partner is protected. Wills, trusts, powers of attorney, and healthcare directives work together to give you peace of mind and safeguard your relationship.

Work With an Experienced Estate Planning Attorney in the Bay Area

If you and your partner are ready to protect your future, it’s important to work with an experienced estate planning attorney who understands California law. A trusted attorney can help you create a personalized plan that ensures your wishes are respected and your partner is secure.

Contact Lonich Patton Ehrlich Policastri today to schedule your free consultation and start building the protection you both deserve.

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.

In an interconnected world, international families are becoming more common. Loved ones may stretch across multiple continents in their search for more diversity and opportunities.

Estate planning can be daunting under normal circumstances. Factoring in family members living in another country takes estate planning to a whole new level. 

How do you ensure your wishes are carried out and your wealth is allocated fairly across borders when laws, taxes, and cultural expectations vary? Estate planning for international families is more about paperwork. It’s also about striking a balance. 

Key Challenges in International Estate Planning

Differences in legal systems, tax codes, and cultural expectations create challenges in international estate planning. Here are some of the key hurdles families may face:

Differing legal systems

Inheritance laws can vary significantly, affecting who inherits and the amount they receive. Some countries have a system of forced heirship, which means that the law dictates that a portion of the estate must be distributed to specific family members, regardless of what the will states. Other countries have more testamentary freedom and flexibility in determining how assets are distributed.

Tax Implications

Some countries have an inheritance tax, which can vary in rates and exemptions. They also vary whether they base their estate tax on the location of the assets or the domicile of the deceased. For example, countries such as the United States tax the worldwide assets of their citizens, regardless of where they live. 

When creating an estate plan, it’s essential to consider the risk of double taxation. This occurs when the assets are taxed in the deceased’s country, but the beneficiaries also face a tax bill from their country of residence. 

The United States does have tax treaties in place with several countries, including Canada, the United Kingdom, Germany, and France. Tax treaties on gifts and inheritances help mitigate the impact of double taxation.

Cultural and Family Dynamics

International estate planning also requires a balance between legal obligations and cultural expectations.

In certain cultures, primogeniture is the expectation in which the eldest son inherits most or all of the family assets. Other cultures tend towards an equal distribution of assets among all children, regardless of their gender or birth order.

Gender roles are another factor in estate planning. Some patriarchal societies don’t allow women to inherit assets, and property passes to the male relatives. This expectation can clash with legal systems that prioritize equal rights and look to ensure fairness among all beneficiaries.

These cultural differences can affect the recognition and enforceability of foreign wills.

Collaborate with LPEP Law

When crafting an international estate plan, it’s vital to work with experts who are familiar with cross-border issues. At Lonich Patton Ehrlich Policastri, our attorneys, with their extensive knowledge and experience, can guide you through the complexities of international estate planning. We can explain how to use treaties, trusts, and other legal tools to your advantage, giving you the confidence that your plan is in good hands.

Estate planning across borders can be complex, but we have strategies to create a plan tailored to your unique needs.

Contact us at (408) 553-0801 to schedule your free consultation.

Disclaimer: This article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.