One of the most important steps when starting a business in Pennsylvania is to decide what type of legal structure is best for the business. Pennsylvania recognizes multiple business entities, from sole proprietorships to corporations. When choosing a legal entity for a business, it’s important to consider your business's size, structure, management...
Things to Consider for Post-Divorce Estate Planning
If you've just gone through a divorce, estate planning may be the last thing on your mind. You may have spent significant time handling your divorce case and may not want to jump into another legal matter. However, divorce is a significant life change. The outcome of your divorce will...
Do You Need an Estate Checking Account?
After becoming the personal representative of a family member’s or friend’s estate, one of the first steps of estate administration is establishing a separate checking account for the estate. Having an estate checking account lets personal representatives separate pre- and post-death finances.
Understanding Estate Checking Account
Are There Assets That Cannot Be Placed in a Trust?
When setting up a trust, you will decide what assets you want to place in the trust. However, you might wonder whether the law or other considerations prohibit you from placing specific types of assets in trust.
Understanding TrustsIn a trust, a party...
Explaining Gift Tax: Exemptions and Rates
If you’ve considered making a sizeable gift to a child, extended family member, or friend, you might not realize that you may have to pay federal taxes on that gift. However, federal gift tax laws include many exemptions and exclusions that allow most taxpayers to avoid paying gift taxes during their lifetimes....
What Is a Medical Power of Attorney?
Unfortunately, injury, illness, or advancing age may rob you of the ability to make healthcare decisions. Should the worst occur, you can avoid any confusion or chaos in your medical treatment by executing a medical power of attorney.
Understanding Medical Power of AttorneyA...
Why The Holidays Could Be A Good Time To Discuss Estate Planning
The holidays provide a rare chance for many families to be together in one place. This can be an ideal time to discuss estate planning, as it often involves decisions that affect the entire family. The holidays can also signify a gathering in a supportive environment, which also presents a unique...
How to Protect Your Digital Assets
In today’s digital age, more and more photos, letters, and financial accounts, which were once stored in drawers, file cabinets, and safes, are now often saved in the cloud or on hard drives. As a result, the importance of including digital assets in estate planning becomes apparent. Similar to our tangible...
How Start-Ups Can Protect their Intellectual Property
In the competitive world of start-up businesses, intellectual property (IP) plays an important role in securing a company's innovations, branding, and creative works. As start-ups strive to carve out their niche in the market, effective management and protection of IP assets become crucial for maintaining a competitive edge and promoting long-term growth...
Alternative Dispute Resolution (ADR) in Business: Mediation and Arbitration
Mediation and arbitration are two distinct methods of alternative dispute resolution that offer effective solutions in business and beyond traditional courtroom litigation. Both methods are valued for their efficiency, confidentiality, and ability to preserve relationships between the parties involved. Commercial contracts often include clauses specifying which method to use in the event...