When creating an estate plan, many people wonder whether they need a trust or if a will is enough. The answer depends on your assets, family circumstances and long-term goals. In Philadelphia and throughout Pennsylvania, a trust can provide valuable benefits, but it...
Estate Planning
How to protect your business in WA during retirement transitions?
Retiring from your business can feel like stepping into a new chapter. But it also brings the risk of disrupting what you’ve built. Without a clear plan, ownership changes may spark disputes, reduce the value of your business or create gaps in leadership. Taking...
5 succession conflicts for siblings in the family business
You grew up around the family business. You know the operations, the clients and the day-to-day decisions. You may also have siblings involved in the business. While working together can be rewarding, it can also create tension. Succession planning in Pennsylvania can...
Will probate stop day-to-day business operations?
Confusion often follows when probate intersects with business operations. Many business owners assume their company will continue seamlessly after their death. Others fear operations must cease entirely during probate. The reality falls somewhere in between. Business...
Key estate administration pitfalls to avoid in Pennsylvania
As an estate executor, you may feel stressed when handling an estate after a loved one has passed away. Deadlines and taxes arrive quickly, and creditor notices accumulate fast. Each task affects timelines and costs, so mistakes may extend the probate process or incur...
What happens to a business after the owner passes away without a will?
When a business owner passes away without a will, the company's future becomes uncertain. Without clear instructions, the law decides who inherits the business. This can lead to confusion and disputes among heirs, employees and partners. To avoid potential issues in...
How a contingency plan can save a family business from ruin
For many entrepreneurs, a family business they’ve built is the inheritance they hope to leave their offspring. However, these dedicated individuals may not anticipate that they might face unique challenges regarding continuity when the time comes. Among the most...
Why retiring adults may want to draft powers of attorney
People preparing for retirement often decide to create estate plans. Not only do they start thinking about their legacy and the need for a will, but they may also want to plan for the potential of their health worsening as they age. Older adults frequently add...
How can trusts help to protect a business?
Business owners often put their company’s interests first. Yet, while they may be hyper-focused on making decisions now, they also need to think about what happens if they pass away. Trusts are one option business owners have to ensure that their business can continue...
3 important inclusions in an owner or executive’s succession plan
Those in leadership positions at successful businesses generally want to see their company thrive. Even after they exit the organization, they may hope that the company continues to grow. Succession planning can help ensure that a business can continue operating even...