What to do With Retirement Accounts After Death

August 31, 2023/in Estate Planning /by Michael Lonich

By the time some people reach retirement age, they have accumulated a substantial nest egg consisting of 401k’s, pensions, and IRAs. They saved with the intent of having a comfortable lifestyle during their golden years. But what happens to an individual’s hard-earned assets once they pass away? Understanding what happens with retirement accounts after death can help provide peace of mind for the account holder and their loved ones.

After someone passes away, the first step is locating all of their retirement accounts and contacting the financial institutions. If the deceased named a beneficiary for their accounts, the assets will go directly to them without needing to go through probate. However, the funds will become part of the deceased’s estate if there is no beneficiary. In that event, they will need to go through probate.

Probate is the legal process that involves authenticating the deceased person’s will, if one exists, and settling their estate, which includes paying debts and distributing assets to heirs or beneficiaries.

The duration of the probate process can vary widely depending on the complexity of the estate, taking anywhere from several months to a couple of years.

The relationship between the deceased and the beneficiary can also impact what happens to the retirement accounts. A spouse is able to transfer the funds of a 401k or IRA into their own IRA. Or, they can choose to take it over. In that event, there are three options:

It can stay in the account until the employee has turned 72
The spouse can take distributions based on their own life expectancy
They can follow the 10-year rule, which states the account must be emptied by the tenth year following the deceased’s death.

Non-spouse beneficiaries of an inherited IRA have different rules based on whether they are a designated beneficiary or an eligible designated beneficiary.

A designated beneficiary is a person whom the deceased named to inherit the balance of an IRA or other type of retirement account. They can be any person chosen by the account owner

On the other hand, an eligible designated beneficiary is a specific classification, such as:

surviving spouse
a disabled or chronically ill individual
an individual who is not more than ten years younger than the IRA owner
a minor child of the IRA owner

One key difference is that a designated beneficiary is required to follow the 10-year rule. Furthermore, any distribution from the account is considered taxable income.

However, eligible designated beneficiaries have different rules that allow them to stretch out distributions over their lifetime or the deceased’s, providing potential tax benefits.

Navigating the rules for inherited retirement accounts can be complex. Each person’s situation is unique, so getting professional advice is essential. Our attorneys at Lonich Patton Ehrlich Policastri have the expertise you need and can help ensure that your retirement accounts are part of your estate plan. Contact us for a free consultation by calling 408-553-0801 so you can protect your family’s financial future.

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

Estate Planning Tips for Pet Owners

August 18, 2023/in Estate Planning /by Michael Lonich

Most pet owners consider their pets to be part of the family. This loving bond makes it even more important to consider what will happen to your pets if you are unable to care for them because of illness, disability, or death. Many people assume that family members or friends will step in and take ownership of the pets, but without specific plans in place pets often end up in shelters instead.

Although you may have read newspaper stories about people leaving millions of dollars to their cats, the truth is, in the eyes of the law, pets are property. Rather than naming your pets as beneficiaries of your estate, you will need to designate a caregiver in your will and include guidance for your pets’ care in your estate plan.

Things to think about when estate planning with pets

There are several factors to consider when planning for your pets’ needs after you are gone. The following are some tips to help you plan.

Develop a short-term plan: If you are unexpectedly injured or called away from home, who has access to your house and knows about your pets? Write out instructions about feeding, hiding places, daily routines, etc. to smooth a transition for both the temporary caregiver and your pets. Make sure that one or two trusted individuals (or a pet sitting company) have keys or know how to get in your house.
Decide on a long-term caregiver: Make sure to ask the person before you designate them as the caregiver for your animal in your will. If you can’t find anyone, look into animal sanctuaries or perpetual-care programs. Perpetual-care programs help find suitable homes for pets after an owner’s death.
Life expectancy of your pet: When thinking about who will care for your pet in the long-term and how much money you should set aside for that care, don’t forget that different breeds and animals may live longer than others. For instance, caring for a horse, parrot, or tortoise will likely involve a commitment of decades rather than a year or two.
Annual costs: Deciding how much money to set aside can be tricky, since the costs of owning pets rise as they get older, but there are many online calculators to help you get a general idea. Be sure to include estimates for food, veterinary bills, dental care, toys, pet insurance, etc.

Consider establishing a pet trust

Many states, including California, recognize pet trusts as a viable option for pet owners to pass caretaking responsibilities to someone else. Because a pet trust is a legal arrangement, you can provide detailed instructions for how you want your pets to be cared for and know that your wishes will be carried out. Working with an estate planning attorney is a good way to ensure your pet trust will stand up in court.

As with other trusts, you will name an individual or group as the trustee who will oversee and distribute funds to the beneficiary who is directly responsible for caring for your pet. Many pet owners fund the pet trust with life insurance benefits.

Call for a free consultation about your estate planning needs

The Estate Planning Group at Lonich Polich Ehrlich Policastri (LPEP Law) specializes in all aspects of estate planning, including the administration of trusts. Call us today at 408-553-0801 or complete this form to schedule a free, 30-minute consultation to discuss your goals and needs. Not only can our attorneys help you protect the future of your family members, even your four-legged ones, but we can also help you get the most out of your estate now. Don’t wait to start planning. Start today to protect your tomorrow.

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

What to consider when designating a Beneficiary

July 13, 2023/in Estate Planning /by Michael Lonich

When it comes to financial planning, ensuring the smooth transfer of assets and wealth to your loved ones after your passing is crucial. One way to accomplish this is by designating a beneficiary for your various accounts and assets. Although it may seem simple, this task holds significant importance and requires careful thought and consideration.

In this article, we’ll explore the things to keep in mind when designating a beneficiary. We’ll discuss the significance of thoughtful planning, the legal and financial implications, and how to navigate potential complexities that may arise as you designate your beneficiary.

What is a Beneficiary?

A beneficiary is an individual or entity designated to receive the assets or benefits of a particular account, policy, trust, or estate upon the death of the account holder, policyholder, or grantor. The designation of a beneficiary ensures that the assets are transferred according to the wishes of the account holder or grantor.

Beneficiaries can be named for various types of accounts and assets, including retirement accounts, life insurance policies, investment accounts, bank accounts, real estate properties, and trusts. The process of designating a beneficiary involves specifying who will inherit or receive the proceeds or assets associated with these accounts or policies.

Why is it Important to Choose a Beneficiary?

The designation of a beneficiary ensures that your assets and benefits are distributed according to your wishes. Choosing your beneficiary is a very important decision to make, for several reasons:

You retain control over who will receive your assets upon your passing
It may bypass the probate process for your assets, which can be slow and costly
It minimizes potential conflicts among family members or other potential claimants
It lets you provide financial security and support for your loved ones
If desired, you can contribute to a charitable legacy to leave a positive impact on society

Selecting a beneficiary is crucial in ensuring that your assets and benefits are distributed according to your wishes.

What to Consider when Designating a Beneficiary

Choosing a beneficiary isn’t a decision that can be made lightly. Here are a few things to keep in mind as you work towards designating your beneficiary:

Carefully consider your financial goals and the needs of your loved ones
Have open and honest conversations about your intentions for beneficiary designations
Review your will, trust, and other relevant documents to ensure consistency
Familiarize yourself with the legal implications of beneficiary designations
Consult with legal professionals to ensure compliance and minimize potential challenges
In addition to primary beneficiaries, designate contingent (secondary) beneficiaries
Regularly review and update your beneficiary designations to reflect any life changes
Become familiar with the tax implications associated with beneficiary designations

As you can see, there’s a lot to think about when it comes to choosing your beneficiary. That’s why it’s always best to discuss your personal scenario with legal experts who can guide you in the right direction.

Seek Professional Consultations Before Designating Your Beneficiary

The estate law attorneys at Lonich Patton Ehrlich Policastri have decades of experience in designating beneficiaries for accounts, assets, policies, and trusts. A consultation with an experienced lawyer can give you the peace of mind that your affairs are in order, on your terms.

Call LPEP today on 408-553-0801 or complete this form for a free, 30-minute consultation.

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

How Do I Appoint a Guardian For My Child If I Die?

July 6, 2023/in Estate Planning /by Michael Lonich

As a parent, ensuring the well-being, safety, and future of your child is one of your biggest concerns. Although it can be an uncomfortable subject to think about, it’s very important to plan for unforeseen circumstances and make sure that your children are taken care of in the event of your untimely demise.

Appointing a guardian for your child is a vital aspect of comprehensive estate planning, offering peace of mind and a sense of security. The process of appointing a guardian involves careful consideration and legal procedures. In this article, we’ll take a look at how to appoint a guardian for your child to give yourself the peace of mind that their future is in safe hands.

What is a legal guardian?

A legal guardian is someone who is entrusted with the responsibility of caring for and making decisions on behalf of a minor in the absence of their parents or when the parents are unable to fulfill their parental duties.

A legal guardian assumes all the rights and responsibilities typically held by a parent, including making decisions about the child’s healthcare, education, religious upbringing, and general welfare. They act as a surrogate caregiver, stepping into the parental role to ensure that the child’s best interests are prioritized and protected.

How to choose a legal guardian for your child

Choosing a legal guardian for your child is a weighty decision that requires thoughtful consideration. Here are some key steps to help guide you through the process:

Assess your values and parenting priorities: Understanding your own priorities will help you identify a guardian who aligns with your vision for your child’s upbringing.
Consider your child’s best interests: Consider their relationship with potential guardians and evaluate how well the guardian would be able to care for your child.
Evaluate the potential guardian’s qualities: Look for individuals with a genuine love for your child. Can they provide a stable and nurturing environment?
Seek legal advice: An attorney specializing in estate planning and family law can help you draft a testamentary guardian designation or include the appointment in your will.
Remember that circumstances change over time: Regularly review your choice of guardian and make updates as needed.

Choosing a legal guardian for your child is a deeply personal decision. Take the time to carefully evaluate potential candidates, seek advice when needed, and communicate your intentions clearly with both the chosen guardian and other relevant family members.

How to appoint a guardian in case of death

The first step in appointing a guardian is to draft a testamentary guardian designation. Work with an attorney to prepare a legally binding document that clearly states your choice of guardian. This document, often referred to as a testamentary guardian designation, will outline your wishes regarding the care and custody of your child in the event of your death.

From the initial consultation to drafting legal documents and providing ongoing assistance, the law attorneys at Lonich Polich Ehrlich Policastri we aim to make the process as smooth and stress-free as possible. We will work closely with you to ensure that your child’s future is secured and that their well-being is prioritized.

Contact LPEP today at 408-553-0801 for a free, 30-minute consultation.

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

What is a Power of Attorney for Property Management?

June 15, 2023/in Estate Planning /by Michael Lonich

As we age, it becomes increasingly important to plan for the future and ensure that our finances and property are managed according to our wishes. One tool that can help with this is a power of attorney for property management.

Today, we’ll explore what a power of attorney is and why you may need one for property management. Whether you’re planning for your own future or helping a loved one with their estate planning, understanding the role of a power of attorney can be a valuable asset.

What is a Power of Attorney?

A power of attorney (POA) is a legal document that grants authority to another person, known as an agent or attorney-in-fact, to act on your behalf. A power of attorney can be used for a variety of purposes, including managing your finances, making medical decisions, or handling legal matters.

A power of attorney for property management is a specific type of POA that gives someone the authority to manage your property and financial affairs. In a POA for property management, you can specify the scope of the agent’s authority. For example, you may give your agent the power to pay your bills, manage your bank accounts, sell your property, or make investment decisions.

You can also include limitations on your agent’s authority or specify when the POA will take effect.

Why Do You Need a Power of Attorney for Property Management?

Property management can often be a complex process, and knowing when you need a POA isn’t always straightforward. Let’s look at some examples of when a POA for property management is most valuable.

Firstly, if you become incapacitated or disabled due to illness or injury, a POA for property management can ensure that your finances are still taken care of. Without a POA, your loved ones may need to go through a costly and time-consuming court process to have a guardian or conservator appointed to manage your affairs.

Also, if you plan to travel for an extended period, a POA can give someone you trust the authority to manage your property while you’re away. A POA for property management can also be a convenient way to manage your finances. For example, if you have difficulty managing your finances or prefer to delegate those tasks to someone else, a POA can be a helpful tool.

If you own a business, you can use a power of attorney for property management to give someone the authority to make financial decisions on behalf of the business. This can be especially important if you become incapacitated or need to travel and cannot manage the business yourself.

How Can LPEP Help You?

Is a POA for property management right for you? Because of the legal intricacies involved in a POA, it is important to talk to a legal professional as the first step. At Lonich Polich Ehrlich Policastri, our attorneys can draft a power of attorney for property management which fits your individual needs both now and in the future.

To get started, call our office on 408-553-0801 or contact us here to set up a free, 30-minute consultation.

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

What is a Lifetime Transfer Strategy?

May 5, 2023/in Estate Planning /by Michael Lonich

Are you seeking ways to manage and protect your family’s wealth and assets? A lifetime transfer strategy is an invaluable tool that allows for the planned process of transferring your assets throughout your life instead of upon your death.

What is involved in this comprehensive approach, and how is it crucial for preserving generational wealth?

What Can Be Transferred?

Lifetime transfers are a method of transferring and distributing assets to your designated beneficiaries during your lifetime rather than leaving them as part of an estate after death.

Assets that can be transferred during one’s lifetime typically include tangible items such as real estate, cars, jewelry, and furniture and intangible items such as stocks, bonds and company shares. Additionally, lifetime transfers can also involve the transferring of intellectual property, such as patents, trademarks, and copyrights.

What Are The Advantages and Disadvantages?

The primary advantage of a lifetime transfer is that it allows you to distribute your assets as desired during your lifetime, allowing you to control who will receive them and when. This helps to ensure that your estate planning goals are achieved in the most efficient way possible. Transferring assets during your lifetime often allows for more flexibility than a traditional estate plan.

On the other hand, there can be some drawbacks associated with a lifetime transfer strategy. One of the main drawbacks is that it may involve complex legal documents, which can be challenging to navigate without proper guidance. Additionally, applicable taxes or fees may vary depending on the value or type of assets being transferred.

It should also be noted that transferring assets during one’s lifetime often means relinquishing control over them and, therefore, can limit your ability to change your estate plan if you choose to do so at a later date.

Is There a Limit on the Amount You Can Transfer?

Generally speaking, there are no limits on the amount of assets you can transfer during your lifetime. But, any transfers over a specific monetary value may be subject to taxes.

As of 2023, you can transfer up to $12.92 million during your lifetime without incurring a gift tax. However, you can gift any individual $17,000 annually without incurring taxes or affecting the lifetime exception.

Can You Do a Lifetime Transfer Into a Trust?

When doing a lifetime transfer into a trust, it’s essential to understand the different types of trusts available and how they work. Revocable trusts allow the grantor (the person who creates the trust) to make changes or revoke the trust at any time. Irrevocable trusts cannot be changed once they have been created.

Is a Lifetime Transfer Strategy Right For You?

A good lifetime transfer strategy maximizes the benefits of transferring assets during life while minimizing future tax liabilities and ensuring adequate provision for dependants and other beneficiaries over time.

Because of the legal requirements and various regulations, it is essential to seek professional advice before proceeding with a transfer. Our attorneys at Lonich Patton Ehrlich Policastri have the expertise you need to create an estate plan that meets your specific needs. Call us today at 408-553-0801 or fill out our online form here to schedule a free 30-minute consultation. By making strategic decisions now rather than later, you can ensure peace of mind knowing that all matters relating to inheritance will be handled smoothly both during and after one’s lifetime.

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

How Mediation Works and When to Get It

April 6, 2023/in Estate Planning /by Mitchell Ehrlich

Mediation is when a neutral third party, known as a mediator, helps two or more disputing parties find a compromise. A mediator can be a beneficial aid in communicating civilly to reach a goal that best satisfies everyone involved.

Mediators don’t take sides in disputes but provide support and solutions for a fair settlement. During negotiation, mediators aren’t present to issue commands or make final decisions. Their job is to moderate the discussion, find common ground and encourage resolution.

Most commonly seen in divorce and child custody issues, mediation can also be utilized in family and business conflicts. When deciding if mediation is the most productive way to solve your dispute, consider how you’d like to communicate with the other party and if you’d be able to advocate for yourself in an open discussion.

When is Mediation Necessary?

If you’re looking for a flexible process, mediation is an informal approach to conflict resolution. When parties are facing difficulties confronting each other, a mediator will help initiate the flow of conversation and guide them through the negotiation.

When you choose to have a mediator, you are also choosing to compromise. Using a mediator means you trust the other party is committed to finding an agreeable arrangement. If the parties are reasonable and willing to agree, they will find mediation to be a worthwhile process.

The Pros and Cons

While mediation is a productive tool for negotiation, every dispute is unique. If one party is likely to take advantage of an informal situation, then mediation will not be effective.

As a voluntary process, mediation must be a consensual conversation in which everyone involved is a willing participant. Agreements through a mediator can also include non-legal matters that wouldn’t be addressed in court and are often more private than public court disputes. Other advantages of mediation include:

Saving time and money by avoiding litigation
Leading to a healthy relationship after the resolution
Allowing direct communication between parties
Maintaining control of the decision making
Resolving the dispute on your own terms

Although mediation can be effective for amicable parties, not every dispute can be resolved on friendly terms. The mediator is impartial, which means you will be responsible for advocating your agenda. If there is an existing hostile relationship between the parties, consider the disadvantages before moving forward with a mediator, such as:

Resulting in more issues if one party is unreasonable
Not being able to advocate specifically for your needs
Still leading to litigation if mediation is unsuccessful
Not receiving legal advice during the dispute

Furthermore, mediation does not guarantee a solution that everyone will agree on.

At Lonich Patton Ehrlich Policastri, we can help you determine whether a mediator is appropriate for your case. We have decades of experience in San Jose and the greater Bay Area dealing with mediation in a number of cases. Contact us for a free 30-minute consultation at 408-553-0801, and one of our attorneys will guide you through the negotiation process.

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

When do you need advanced estate planning?

April 4, 2023/in Estate Planning /by Michael Lonich

You probably already understand the need for an estate plan that includes your will, powers of attorney, and healthcare directives. However, that may not be enough. You may need to consider advanced estate planning strategies.

Several factors can come into play when determining whether or not you need advanced estate planning. By understanding them, you can be better prepared to make decisions about your financial future.

An Advanced Estate Plan Goes Beyond the Basics

The goal of an advanced estate plan is not only to distribute assets but also to minimize taxes and protect assets from potential creditors or lawsuits. It can be especially beneficial for someone with complex financial situations or a high net worth because it provides additional tools and strategies to help preserve and protect their wealth.

Advanced estate planning may involve setting up trusts or creating a business succession plan to ensure the smooth transfer of ownership and management of a family business. Trusts can also be used to minimize taxes by allowing for tax-free gifting or using charitable giving strategies to reduce taxable income.

An advanced estate plan can also address complex family dynamics and ensure that assets are distributed according to the individual’s wishes. This may involve setting up trusts with specific instructions for their allocation or creating a prenuptial agreement that protects them in case of divorce.

Proper planning can keep your estate from going into probate, which can be costly and time-consuming. In a traditional probate process, someone must file paperwork with the court and provide legal notice to creditors. This process typically takes six to eight months – or longer – before any assets can be distributed. Anticipating potential scenarios is part of an advanced estate plan that ensures your beneficiaries receive their inheritance exactly how you intended.

Finally, an advanced estate plan can address long-term care costs by incorporating Medicaid planning strategies. This may involve setting up living and irrevocable trusts to protect assets while still qualifying for Medicaid benefits. Or, it could be creating a special needs trust to provide for a loved one with disabilities without jeopardizing their eligibility for government benefits. It ensures that the individual’s needs are met without putting undue financial strain on the family.

Creating an Advanced Estate Plan

If you are looking to go beyond the basics with additional tools such as trusts, charitable giving strategies, and tax planning, then you will want to consider an advanced estate plan. Our attorneys at Lonich Patton Ehrlich Policastri are experienced estate planners and can help you create a plan that fulfills your needs. And afterward, we will work with you to ensure it is kept up-to-date in the face of ever-changing complex tax laws.

Now is the time to start planning for the future financial security of your loved ones. The peace of mind you get from knowing that your affairs are taken care of is invaluable. If you live in San Jose or the greater Bay Area, contact us for a free 30-minute consultation. Fill out the online form or call us at 408-553-0801.

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

When to Write Your Will

March 23, 2023/in Estate Planning /by Michael Lonich

Most people know that a will is a legal document that outlines how your assets are to be divided and distributed when you pass away. A will is the most widely utilized and well-known aspect of estate planning and is vital to have. Without a will, the state gets to decide who gets your assets in the event of your death. Even though most people are familiar with how important this legal document is, nearly two-thirds of all Americans don’t have a will in place. Making a will can be uncomfortable because it means addressing your mortality, but having your will in place is a crucial part of estate planning.

Who should have a will?

In a nutshell, everyone. You don’t need to wait until you have a significant amount of assets, or until you retire. Wills can (and should) be updated regularly to reflect your current place in life. Events that would result in changing your will can include getting married, getting divorced, having children, or gaining more assets. For people who have minor children, it is especially important to make a will so you can determine who will receive custody of the children in the untimely event that both guardians pass away. This requires having some difficult conversations but will provide everyone with peace of mind knowing that there are steps in place that will ensure the welfare of the children. In California, unless you make a will that states otherwise, your spouse will receive all of your community property as well as a portion of your separate property, and your children will receive the other portion of your separate property. If you don’t have a spouse or any children, then your property will be distributed amongst your relatives. If no relatives can be located, then your property will go to the State.

What should be included in a will?

In addition to the custody of children and the division of financial assets, a will can outline who will receive any and every item in your possession. This can include pets, vehicles, furniture, and pictures. Your will can also dictate if your belongings will be left directly to your heirs or be left to them via a trust. By placing their inheritance into a trust, you can lay out specific rules and provisions for how they use or spend it. You will also determine who will be the executor of your will. This person will act as the administrator of your will and should be someone you trust.

Call LPEP Law today.

At Lonich Patton Ehrlich Policastri, we understand the importance of having a skilled attorney draft your will. We want to give you peace of mind knowing that all of your wishes are documented in a document that will hold up in court, giving you and your loved ones peace of mind. Call us today at 408-553-0801 or fill out our online form here to schedule a free 30-minute consultation.

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

Estate Planning Tips to Keep Money in the Family

March 16, 2023/in Estate Planning /by Michael Lonich

Estate planning for a family is essential to ensure your funds and assets are handled correctly when you pass away or become incapacitated. And, like many people who have spent years building their wealth, it probably upsets you that the government will take a substantial cut of that wealth before distributing it to your heirs.

But it doesn’t have to be that way. A carefully crafted plan will help protect your property, so it passes directly to your beneficiaries.

The Probate Process

There is no inheritance tax in California, and it is only in effect at the federal level on estates valued at more than $12.92 million will have an estate tax.

But what if your estate goes into probate? That is typically a lengthy process that often requires court supervision and involves multiple complicated steps like locating assets and undertaking ownership transfers.

Therefore, California has attorney probate fees based on the estate’s value:

4% on the first $100,000

3% for the next $100,000

2% on the next $800,000

So, a $1 million estate may have a $23,000 attorney probate fee; a number of other fee’s and expenses are chargeable in probate.

The best way to avoid these fee’s is by keeping your estate out of probate, and there are a few ways you can accomplish that goal.

Trusts

Trusts are a common way for people to avoid probate. They are powerful tools in estate planning that can be immensely beneficial. Creating a trust can help ensure your estate passes to your heirs according to your wishes without going through the probate court process.

There are different types of trusts available that may suit particular situations. An irrevocable trust, for instance, is one where the terms cannot be changed once established, whereas a revocable trust allows for alterations of its terms. Other common trusts include charitable trusts and special needs trusts. Each of these serves a specific purpose based on your goals.

Joint Ownership

Joint Tenancy, or Joint Tenancy with Rights of Survivorship, is another arrangement that allows a property to pass directly to co-owners without going through probate court. But it’s important to remember that if your estate plan changes for any reason due to marriage, death, or other circumstances, it is necessary to make modifications accordingly.

Designate Beneficiaries

You can also use payable on death (POD) designations so that your beneficiaries can receive their inheritance promptly without going through the probate process. By setting up a POD designation for your bank accounts, investment portfolios, real estate, motor vehicles, and any other type of asset ownership you may possess, you can expedite the transfer of those assets to your chosen beneficiary or beneficiaries.

Creating Your Estate Plan

There are numerous ways to protect your estate from probate fees, from strategically structuring your assets ahead of time to drafting a will or trust. Our attorneys at Lonich Patton Ehrlich Policastri can provide estate planning advice to ensure money in your family is dispersed according to your wishes.

Contact us for a free 30-minute consultation by filling out our online form here or calling 408-553-0801. Together, we will create a secure future for you and your loved ones.

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

Things to think about when estate planning with pets

Consider establishing a pet trust

Call for a free consultation about your estate planning needs

What is a Beneficiary?

Why is it Important to Choose a Beneficiary?

What to Consider when Designating a Beneficiary

Seek Professional Consultations Before Designating Your Beneficiary

What is a legal guardian?

How to choose a legal guardian for your child

How to appoint a guardian in case of death

What is a Power of Attorney?

Why Do You Need a Power of Attorney for Property Management?

How Can LPEP Help You?

What Can Be Transferred?

What Are The Advantages and Disadvantages?

Is There a Limit on the Amount You Can Transfer?

Can You Do a Lifetime Transfer Into a Trust?

Is a Lifetime Transfer Strategy Right For You?

When is Mediation Necessary?

The Pros and Cons

An Advanced Estate Plan Goes Beyond the Basics

Creating an Advanced Estate Plan

Who should have a will?

What should be included in a will?

Call LPEP Law today.

The Probate Process

Trusts

Joint Ownership

Designate Beneficiaries

Creating Your Estate Plan

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