WEST CHESTER, PA, April 24, 2022 /24-7PressRelease/ — In an interview with Justin Chan of the Western Chester County Chamber of Commerce, senior partner Vincent Carosella, Jr. of West Chester law firm Carosella & Associates offered vital tips on estate planning for business owners. Proper retirement and estate planning are especially important for business owners, as they have unique legal issues that should be addressed in a will and power of attorney.
“If you have a business, it’s critical to have a will that specifies who will be your executor and to have a general durable power of attorney in place. If you have an accident or become incapacitated, your power of attorney can sign business documents so it can continue to run while you’re out,” says Attorney Carosella. “Many people also erroneously assume that they don’t need a will because they believe their spouse will automatically get everything upon their death. This is not true. If you die without a will in Pennsylvania, your spouse , depending on circumstances, may only receive a percentage of your estate, so it’s important to specify in your will that your spouse should receive all of your business interests upon your death.”
Another vital matter to consider is access to digital assets. Many businesses keep files, records, and banking information in web- and cloud-based programs. Under Pennsylvania law, digital assets should be specified in a will or general durable power of attorney. Should a business owner pass away or become incapacitated, their executor or POA may not be able to access digital assets unless they are included in a will or power of attorney.
A business owner may also have a key person in their company who would want to buy the business if they retire or pass away. The owner can specify in their will who they want to take over, ensure the business is offered to them first and outline the terms of the sale. For example, they could authorize the estate to take a promissory note for five years if the person does not have the money to purchase the business up front.
The business attorneys and wills and trusts lawyers at Carosella & Associates work collaboratively to help business owners create retirement and estate plans that meet their specific needs. The full-service law firm is dedicated to helping all their clients find common sense solutions and providing large firm fire power with responsive, small firm service.
About Carosella & Associates
For more than 25 years, the skilled team of attorneys, paralegals, firm administrators, administrative assistants, and legal secretaries at Carosella & Associates has provided top-quality legal representation for matters in myriad aspects of the law. The full-service law firm has decades of experience in many different areas, including estate planning, business succession planning, commercial and residential real estate, zoning, contracts, bankruptcy, immigration, divorce, and criminal law. Several of the attorneys at Carosella & Associates are licensed to practice law in both Pennsylvania and New Jersey. For more information visit carosella.com.
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