A buy-sell agreement is a legal document that helps business owners plan for unexpected events that could disrupt their company’s operations. It ensures that, in the event of an owner’s sudden departure due to death, disability, or other unforeseen circumstances, the...
Month: March 2021
Family vs. partnership: Which way to go when you retire?
As you prepare to retire from your family business, you face a big choice: hand it over to your family or to a business partner. This is not just about business; it is personal, too, and it will shape both your family ties and your company's future. Assessing...
What to consider when choosing a successor for your business
Choosing a business successor is a crucial step for any company owner. It revolves around finding the right person to carry your business forward, whether you are planning for retirement or just want to ensure your company’s future. This decision can shape the path...
5 things to consider when choosing an executor
An executor manages and distributes a deceased person's estate according to their will. In Pennsylvania, an executor must be at least 18 years old and of sound mind. Often, individuals choose family members, close friends, or professionals like attorneys or...
Can the type of business structure affect estate administration?
Yes, the type of business structure plays a crucial role in what happens to a business after the death of the owner. Typically, businesses with formal setups have clearer rules about changes in ownership. However, if there is no clear plan in place, families may face...
What rights do trust beneficiaries have in Pennsylvania?
Learning that you're named as a beneficiary of a trust can stir up many questions. What happens next? What can you expect? What are your rights? In Pennsylvania, the law provides clear protections for beneficiaries. Learning about these rights puts you in a better...
How do you handle creditor harassment after loss?
The emotional toll of losing a loved one can be overwhelming, and the last thing you need is the added stress of dealing with creditor harassment. Unfortunately, this is a reality many families face during the estate administration process. Creditors can be relentless...
How small estate rules help simplify probate in Pennsylvania
Losing a loved one brings emotional challenges. Dealing with legal matters on top of your grief can feel overwhelming, especially if you have to deal with something as complicated as probate. If your loved one left behind a modest estate in Pennsylvania, you might...
5 common issues that may arise with executors
As a beneficiary of a loved one's estate, it's essential to understand the role of the executor and the potential issues that may arise. Executors are responsible for managing the estate, paying debts, and distributing assets according to the will. However, they may...
How can you effectively handle creditor claims in your estate plan?
In estate planning, one aspect you may overlook is the impact of creditor claims. Understanding how to manage these claims could be crucial in preserving your legacy for your loved ones. Below are tips for handling creditor claims and their potential effects on your...