Archives for June 2023

Name Change After Divorce in California

According to a 2022 CNN article, about 80% of women in the U.S. change their surname when they get married and a small percentage of men change their name with marriage. 

If you are getting divorced in California, you may also be considering changing your name. Some people want a name change to mark a new identity and others may want to return to a name that was better known professionally or socially. This article will summarize the various processes for name change in California, with information sourced from the California courts self-help resources.

Changing your name back to a former legal name during a California divorce. 

  • There are two different forms to use, depending on whether you are changing your name when you finish your divorce or after your divorce.
  • The forms are FL-395 or FL-180. 

 If you want to change your name to something completely new. 

  • If you want to create a new name, then the process and forms are different than the ones used for divorce. 
  • You would use a petition for change of name. NC-100

 Steps to complete after your name is changed. 

  • Complete an Application for a Social Security Card with the Social Security Administration.
  • Contact the California Division of Motor Vehicles.
  • Contact the California Department of Health to obtain a new birth certificate with your amended name. 

Contact an Experienced Divorce Attorney

Changing your name can be a positive step for some people in starting a new life after the divorce. At the Law Office of David Knecht, we have extensive experience with all matters related to divorce and can assist you in changing your name and following through on the steps to complete after the name change is accomplished. For help with divorce and all other family law matters, please contact us at 707-451-4502. 

Filed Under: Divorce Attorney

How to Survive Living Together During the Divorce

Many couples remain living in the same home during the divorce process, and it is very challenging. This article will summarize best practices suggested by a website devoted to providing support and solutions for thriving beyond divorce, with the source here: https://sasforwomen.com/women-share-how-to-survive-living-together-during-divorce/.

Talk with your children. 

  • It is important for both you and your spouse to explain what is happening and to reassure children that although things are changing, you both love them and are committed to making sure that they are supported and cared for. 

 Take the roommate approach and establish boundaries.

  • Discuss how your home will be divided so that each person has privacy. 
  • Get your own room.
  • Respect boundaries and demand respect for yours. 

 Create a parenting schedule. 

  • Even though you are all under one roof, you are now coparents and need to determine what the parenting schedule is and stick to it. 

Embrace a new normal. 

  • Living together gives you and the children the opportunity to adjust slowly to a new normal. You can model for your children resilience to change and adaptability that may help them adjust positively to their new normal. 

 Practice self-care. 

  • Your physical, emotional, social and professional well-being are paramount for you to navigate the divorce process and be a leader to help your children successfully navigate their new normal also. Do not be afraid to focus on yourself and do what you need to do, whether that be therapy, exercise, relaxation, etc. to take care of your own well-being.

Contact an Experienced Divorce Attorney

The divorce process can be challenging, but finding great legal counsel you can trust can help reduce the stress.  At the Law Office of David Knecht, we have extensive experience with divorce all other family law matters. Contact us at 707-451-4502. 

Filed Under: Divorce Attorney

How the Rich Save Big on Estate Taxes

A recent article published on Yahoo Finance discusses some of the techniques wealthy families use to save on estate taxes. 

For most Americans, the tactics of the ultra-wealthy are not needed, but many find it fascinating to examine some of the techniques used by top0notch accountants and lawyers to save help rich clients save big on estate taxes. 

 

Using trusts to give away homes and country houses.

 

  • Qualified personal residence trusts (QPRTs) freeze the value of the real estate property for tax. 
  • Homeowner puts the property in trust. 
  • When the trust ends, it is transferred out of the taxable estate and the estate only has to pay gift tax on the value of the property when the trust was formed. 

Passing wealth to future generations with trusts that last up to 1000 years. 

  • The laws on these so called dynasty trusts vary by state, but the idea is that the heirs don’t own the assets, but they have the right to use them and receive income from them. 
  • This plan can allow the passing of wealth through trusts with a long lasting term.

 

Charitable remainder trusts. 

 

  • The person puts their assets in trust and collects annual payments for as long as they live, and only 10% of what remains in the charitable remainder trust has to go to a designated charity. 
  • The trust can be funded with a variety of assets from yachts to businesses, making them useful for entrepreneurs looking to help the world and benefit for themselves. 

Buying off-shore life insurance policies. 

 

  • Private-placement life insurance is used ot pass on assets without incurring estate tax. 
  • The trust owns the life insurance policy that is created off-shore.  
  • This one is primarily for the ultra wealthy, as the premiums are often 5 million up front.  

Transferring assets when the market is down. 

  • Grantor-retained annuity trusts can facilitate big savings when the market is down. 
  • They pay a fixed annuity, so a certain amount during a term such as two years, and appreciation of the asset’s value is not subject to estate tax. 

Contact an Experienced Estate Planning Attorney

Most of us are not ultra rich, so the techniques they use may not be applicable to you, but there are many tools available to facilitate successful estate planning even for the average American. At the Law Office of David Knecht, we have extensive experience with estate planning and create a customized plan with you to make sure that your loved ones are taken care of and your wishes are memorialized. Contact us at 707-451-4502.

Filed Under: Estate Planning