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Comprehensive Asset Protection Strategies: Safeguarding Wealth for the Elderly and Beyond

November 7, 2024 | By
property ownership dispute attorney

Asset protection is a crucial aspect of financial planning, especially for individuals with substantial holdings, those in high-liability professions, and elderly individuals aiming to preserve their legacy. Effective asset protection involves structuring asset ownership to shield it from potential creditors, ensure financial security, and maintain wealth across generations. This comprehensive guide synthesizes key insights from experts, including a recent webinar led by Jacob Stein, Esq., managing partner at Aliant, LLP, to provide practical strategies for safeguarding assets through legal means.

Understanding Asset Protection

Asset protection is about creating legal structures that make it costly, uncertain, and time-consuming for creditors to access your assets. Contrary to common misconceptions, legitimate asset protection does not involve hiding assets or evading taxes but rather organizing ownership to minimize vulnerability to financial claims while adhering

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Posted In: Blog, Estate Planning

Understanding the Case Management Conference

October 18, 2024 | By

Entering into litigation can be overwhelming, especially if it’s your first time navigating the legal system. One of the initial steps in a lawsuit is the Case Management Conference (CMC). If you’ve recently been informed about an upcoming CMC in your litigation matter, this guide is here to help you understand what it entails and how it affects your case.

What is a Case Management Conference (CMC)?

A Case Management Conference is a hearing scheduled by the court shortly after a lawsuit has been filed. Its primary purpose is to help the court manage the case efficiently by discussing:

  • The status of pleadings and whether any amendments are needed.
  • Jurisdiction and venue challenges.
  • Discovery schedules and motions.
  • Settlement options or alternative dispute resolution methods.
  • Any other matters that may facilitate
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Posted In: Blog, Real Estate Litigation

Using Chapter 13 Bankruptcy to Save Your Home After a Foreclosure Sale: A Game-Changing Law for California Homeowners

October 1, 2024 | By

The foreclosure process in California has long been viewed as final once the auction hammer drops, leaving homeowners with few options to recover their property after a foreclosure sale. However, changes in California foreclosure law in 2021 have introduced new opportunities for homeowners, especially when combined with a Chapter 13 bankruptcy filing.

Under California Civil Code (CC) 2924m, there is now a window of opportunity following a foreclosure auction where the sale is not final, giving certain parties—such as eligible tenants or nonprofit organizations—a chance to submit a higher bid or give notice of intent to bid. More importantly for bankruptcy attorneys and homeowners, this law means that a bankruptcy filing after the foreclosure auction but before the sale is finalized may allow the homeowner to keep their property.

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Posted In: Bankruptcy, Blog

Dividing to Conquer: A Guide to Partition Actions and Property Disputes in California

September 27, 2024 | By

Imagine owning a piece of property with someone—whether it’s a family home, a duplex, or even a commercial lot—but disagreements arise, and neither of you can agree on what to do with it. What happens next? In California, the legal solution is often a partition action, a powerful tool that allows co-owners to divide or sell their shared property through the court. Whether it’s a single-family home, multi-unit dwelling, or vacant land, partition actions can resolve ownership disputes by breaking the deadlock between co-owners. And here’s the kicker: under California law, any co-owner has the absolute right to file for partition, even without the consent of the others. In essence, it’s the legal remedy that steps in when negotiation fails, offering a way out for those stuck in …

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Posted In: Blog, Real Estate Litigation

Common Liens and Judgments in Real Estate

August 29, 2024 | By

Property liens are an essential aspect of real estate that can significantly impact the ability to sell or refinance a property. A lien is a legal claim or encumbrance placed on a property, typically as a result of a debt owed by the property owner. Understanding the different types of liens and their implications is crucial for property owners, buyers, and real estate professionals. This article provides an overview of the most common property liens and judgments, explaining their nature, how they arise, and the potential consequences for the property owner.

What is a Property Lien?

A property lien is a legal claim against a piece of real estate, also known as real property, due to an unpaid debt. When a lien is placed on a property, it creates

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Posted In: Blog, Civil Procedure, Real Estate Litigation

Understanding Evergreen Retainers and Hourly Billing: A Guide for New Clients

August 25, 2024 | By
Hourly Billing: A Client's Guide

When engaging in legal services, especially if you’re new to the process, it’s essential to understand how billing works to ensure a smooth and transparent experience. At Vokshori Law Group, we utilize an evergreen retainer system paired with hourly billing to provide consistent, uninterrupted legal representation. This guide will help you understand these concepts and how they benefit you as a client.

1. Initial Retainer Deposit

At the beginning of our legal representation, we require an initial retainer deposit. This deposit acts as a trust fund, from which legal fees and costs associated with your case will be drawn. Think of it as a prepaid account that ensures funds are available to cover the work we do on your behalf.

2. Hourly Billing & Detailed Rates

Our attorneys bill …

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Posted In: Blog, Client Resources

Recording a Lis Pendens in California

August 22, 2024 | By
Lis Pendens in California

Introduction

In California, the filing of a civil lawsuit involving real estate often necessitates the recording of a lis pendens, also known as a Notice of Pendency of Action. This legal document serves as a critical tool in real estate litigation, notifying all interested parties and the public that the property in question is subject to ongoing legal proceedings. Recording a lis pendens can have significant implications for the property, so it’s essential to understand the proper protocol for its use.

What is a Lis Pendens?

A lis pendens is a written notice that a lawsuit has been filed concerning real property or an interest in real property. The term “lis pendens” is Latin for “suit pending.” When recorded with the county recorder’s office, the lis pendens becomes

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Posted In: Attorney Resources, Blog, Civil Procedure

Understanding the Transfer Disclosure Statement (TDS) in California Real Estate Transactions

August 19, 2024 | By

In California real estate transactions, the Transfer Disclosure Statement (TDS) is a critical document designed to protect buyers by ensuring they receive comprehensive information about the condition of a property. Governed by the California Civil Code, Sections 1102 – 1102.14, the TDS is a mandatory disclosure that sellers must provide to prospective buyers of residential property with one to four units. Understanding the purpose, requirements, and implications of the TDS is essential for anyone involved in buying or selling property in California.

What is the Transfer Disclosure Statement (TDS)?

The TDS is a statutory form that sellers use to disclose specific information about the property’s condition. This form, required under Civil Code Section 1102.6, is not a warranty but a source of information the buyer can rely on when …

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Posted In: Blog, Failure to Disclose, Real Estate Transactions

Preventing Adverse Possession – What Every California Property Owner Needs to Know

August 16, 2024 | By

If you own property in Los Angeles or anywhere else in California, it’s crucial to be aware of adverse possession. This legal concept can potentially allow a trespasser to claim ownership of your property if specific legal requirements are met. Understanding how adverse possession works and how to prevent it is essential for safeguarding your real estate assets.

What is Adverse Possession?

Adverse possession is a legal doctrine that permits a trespasser to potentially gain legal ownership of another person’s property. Under California law, this concept is governed by a combination of statutes and case law. The primary statute governing adverse possession in California is found in the California Code of Civil Procedure Sections 318, 319, 321, and 325. These statutes outline the legal requirements that must be met for …

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Posted In: Blog, Quiet Title Actions, Real Estate Litigation

Resulting Trusts In California

August 12, 2024 | By

Trusts are created by property owners to protect certain assets, privately transfer wealth, and reduce taxes.  However, trusts can fail and not operate as intended. In these situations, a probate judge could invoke a “resulting trust” as an equitable remedy to properly transfer the property, carry out the terms of the trust agreement, and protect the positions of the beneficiaries.

When trusts fail and assets need reassignment, the Vokshori Law Group’s experienced real estate litigation attorneys step in. They handle such cases to ensure a fair resolution and the proper reassignment of assets.

The Resulting Trust Remedy

There are three common reasons for a trust to fail:

  • the property owner did not fully fund the trust,
  • the owner did not update the trust as situations changed, or
  • the beneficiaries cannot
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Posted In: Blog, Quiet Title Actions, Real Estate Litigation