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Community Property – California Estate Planning Laws — The Kate’s Vine

There was a recent story about a California man who was a high-level Silicon Valley executive. He met his sixth wife when he went to a bar where she worked as a waitress. They married. The honeymoon was short-lived. They battled for a while. The man passed away and left his $100 million to each […]

What Is the Community Property Law in California?

Written by Jane Meggitt; Updated June 20, 2018

Most couples entering wedlock in California know that it is a community property state, but may not know exactly how that affects them should they ever divorce. Basically, once a couple marries, or enters a domestic partnership, they are no longer two separate units but one legal entity. Community property is all property and all debts acquired during a marriage or partnership. There is an exception for inherited property and gifts.

 

Community Property

Property is virtually anything that can be sold or bought. Couples may think of community property in terms of real estate, bank accounts, retirement and pension plans, stocks and bonds and the like, but it also applies to cars, furniture and even clothing. When a couple divorce in California, the court decides how the marital property and marital debts are divided. It doesn’t matter if only one spouse incurred debt, as both of them are responsible for it. The mortgage on the family home is one such debt.

Separate Property

Property that a spouse acquired before a marriage is not part of community property. If one spouse had their own home prior to marriage, for example, and continued to own it and rent it out, not only is the dwelling not considered community property but neither is the rental income. Inheritances are always exempt from community property, and so is property purchased with inherited funds, as long as that is provable. Once a couple legally separates, their earned income becomes separate property, so that separation date is crucial.

Commingled Property

Some property becomes commingled during the course of the marriage, and legal help is generally needed to sort this out. For example, if a spouse had their own home before they married, but sold it and used the proceeds toward the martial home, that is separate property. If there’s a mortgage on the house, the resulting equity in the home is community property, and that means commingled equity. Pension plans are another tricky area, since one spouse may have contributed to the plan prior to marriage, making that separate property, but continued to contribute to the plan after marriage, making those contributions community property. Pension plan rules are quite detailed and an attorney may be necessary to ensure the property division meets all legal requirements.

Spousal Death

Community property discussions tend to focus on divorce, but the laws also come into play when one spouse dies. Assuming that the spouse left a will, he or she can only transfer half of the marital community property to other parties. The surviving spouse still owns the remaining half. If the spouse dies without a will, or intestate, that’s where problems can really arise. California laws of intestate succession, or who is entitled to the property of someone dying without a will, grants the late spouse’s property entirely to the surviving spouse only if there are no surviving children, grandchildren or other members of the immediate family such as parents. If there is one surviving child or other immediate family members, half of the late spouse’s property goes to the surviving spouse and half to the child. If there are multiple children or grandchildren, the spouse receives just one-third of the late spouse’s separate property, and the rest is divided among the children and grandchildren.

Opting Out

While community property is the law in California, there are ways for married couples to avoid it. For couples who have not yet wed, the answer is a prenuptial agreement, also known as a premarital agreement. Both parties must have their own attorneys to ensure fairness regarding the agreement. Those who are already married may enter into an antenuptial agreement, also known as a martial agreement. These agreements spell out what belongs to each member of the couple. Keep in mind that under California law, any type of pressure or duress in signing these agreements may invalidate them, so this is not a document put together the day before the wedding.

via Community Property – California Estate Planning Laws — The Kate’s Vine

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‘The Suffering Is Staggering.’ Victims Could Get $4.1 Million After Needless Cancer Treatments via TIME

(DETROIT) — An expert is recommending approval of $4.1 million in claims, including $2rodwin million in funeral costs, filed by victims of a Detroit-area doctor who committed fraud by putting hundreds of patients through needless cancer treatments.

Randi Roth gave an update Tuesday to a judge who is overseeing the case of Dr. Farid Fata. She said 81 percent of 741 claims are fully or partly eligible for restitution.

Fata is serving a 45-year prison sentence for fraud, money laundering and conspiracy. He admitted putting patients through grueling chemotherapy — even when they didn’t have cancer.

Fata’s victims can seek reimbursement for funeral costs, remedial health care and mental health treatment. Out-of-pocket costs paid to the doctor and his clinics are also eligible for repayment.

Pain and suffering and lost wages, however, aren’t covered.

“The suffering is staggering,” said Roth, an attorney in St. Paul, Minnesota, who specializes in deciding claims in large-scale litigation. “All of us want to help as much as possible but the law is strict.”

Final approval in the months ahead rests with U.S. District Judge Paul Borman. The restitution process includes a way for patients or their family to appeal if Roth determined a claim wasn’t eligible.

“This is a huge situation with tragic consequences. I’m going to be on top of it,” Borman said.

The judge said patients and families are first in line for restitution, followed by insurance companies and the federal government’s Medicare program.

Outside court, Teddy Howard, 57, of suburban Detroit said he’s frustrated. He said his claim has been rejected because his doctors won’t certify that some of his subsequent health care was related to the harm caused by repeated doses of chemotherapy ordered by Fata.

Howard said he had a liver transplant and has also lost eight teeth.

“I didn’t think I’d be crawling around, begging. This is crazy,” he said.

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(DETROIT) — An expert is recommending approval of $4.1 million in claims, including $2 million in funeral costs, filed by victims of a Detroit-area doctor who committed fraud by putting hundreds of patients through needless cancer treatments. Randi Roth gave an update Tuesday to a judge who is overseeing the case of Dr. Farid Fata.…

via ‘The Suffering Is Staggering.’ Victims Could Get $4.1 Million After Needless Cancer Treatments — TIME

Bend the curve with Average Contract Value (ACV) — with me

SaaS entrepreneurs know how hard it is to scale their companies from zero to their first few $M in revenue. I’ve posted before about misconceptions about scaling SaaS businesses – namely that adding more sales pods will lead to exponential growth. While pod additions are part of it, the single most powerful lever in driving exponential […]

via Bend the curve with Average Contract Value (ACV) — vcwithme