Prepare your Business for the next Stage. Create a Succession Plan Now.

Many business owners do not realize that business succession planning is a vital element that should be included in the estate planning process. Not only does it protect your family’s interests if you pass away, it can help your business continue to grow and thrive after you retire or if you become incapacitated.

Drafting a business succession plan before your departure can keep your business on track and make the transition much easier for partners, managers, employees and customers who depend on your business for financial stability.

How to Create a Business Succession Plan

Every situation is different, and experienced estate planning lawyers can advise you on the various factors to consider when creating a business succession plan; and make sure that any partners, co-owners or investors are on board to avoid problems down the road.

Tackling your personal retirement planning and estate planning goes hand in hand with creating a business succession plan. Taking care of retirement planning can help you decide when to retire and determine how much you will need. Estate planning not only outlines your wishes and intent, but can help to preserve your wealth for future generations.

Create a written emergency plan that names a person or persons your spouse or children should consult in the event of your incapacitation or passing. Include specifics about the steps partners, key employees or advisors are supposed to take in these circumstances.

Review and update your shareholder and/or partnership agreements. This becomes particularly important as the shareholder pool changes or if a business is passed down to family members.

Create formal governance processes. Establishing a board of directors or advisors, developing an employment policy, and reviewing strategies for growth and compensation will help the transition process run more smoothly.

Provide training for the next generation. This gives your employees and any family members who work with you an opportunity to learn about how to run the business and the leadership and dedication it takes for continued success.

Tax Considerations and Probate

It is also important to recognize that the value of your business may grow or diminish between the time you plan your estate and when you retire or pass away. Keeping your succession plan up-to-date can ensure that the valuation of the business is accurate.

Another thing to take into consideration is the probate process your family will have to go through after your death. Skilled wills and trusts lawyers can help you create certain types of trusts that can allow some of your assets and business interests to pass outside of your taxable estate.

If you want to incorporate tax minimization into your estate plan, Grantor Retained Income Trusts (GRITs), Grantor Retained Annuity Trusts (GRATs), and Grantor Retained Unitrusts (GRUTs) can be very effective estate planning tools. These types of trusts can be complex, so working with estate planning or business attorneys who are experienced in drafting irrevocable trusts is a must.

Consulting with a knowledgeable Chester County estate planning attorney can help you effectively pass on your business and give you and your family peace of mind, knowing that your legacy will continue long after you’re gone.

This blogs was originally posted at http://carosella.com/prepare-your-business-next-stage-create-succession-plan/

What happens after a Felony Conviction?

Published on: January 28, 2018

From doing to time in prison time to paying costly fines, a felony conviction can have damaging consequences. Having an experienced criminal defense attorney in your corner is essential to protect your rights and help you work toward the best possible outcome in your case.

The most common types of crimes that may result in felony charges include:

• Theft
• Arson
• Assault
• Rape
• Murder

Felony Conviction Penalties

Felony convictions typically come with heavy penalties such as incarceration in state or federal prison and hefty fines. The court may also require you to pay restitution to a victim, the victim’s family or state. Individuals who have been convicted of felony murder may even face the death penalty.

Probation and Parole

Not all felony convictions lead to time in prison–penalties for some felony crimes can include probation or parole. To qualify for probation or parole, factors such as past criminal history and time served in jail awaiting trial are taken into consideration.

Probation is the suspension of jail time. However, it is vital to understand that probation does not mean you are permitted to do whatever you like. The court places certain conditions on you when you are on probation, which may include maintaining employment, drug testing and counseling. It is also important to keep in mind that any violation of the terms of your probation may result in severe penalties, including returning to prison.

Parole is the conditional release of a convicted party before his or her full prison sentence has been served. A parolee must also follow strict conditions, and any violation of the terms of your parole can send you back to prison. If you have been convicted of a crime in Pennsylvania, a skilled Chester County felony lawyer may be able to help you negotiate probation or parole as an alternative to serving time in prison.

Felony Conviction Appeals

Appealing a criminal conviction can be difficult but it is possible to get a conviction overturned. In order to get a felony conviction reversed, you must prove that an error was made in the criminal justice process during your initial trial. Because the appeals process is very complex, it should be handled by knowledgeable criminal lawyers who have extensive experience in felony conviction appeals.

Expungement

Criminal convictions stay on your record for life and can limit employment opportunities, prevent you from securing housing and cause myriad other inconveniences that negatively affect your life. Expungement of your criminal record can make it easier to overcome these obstacles.

Expungement is a process in which eligible criminal convictions or arrests are removed from your record in the eyes of the law. If you are considering expungement, consulting with a criminal defense attorney who is well-versed in the law and rules surrounding expungement in your state is essential.

Our experienced criminal defense lawyers in Chester County, Delaware County and Montgomery County, PA can explain your legal options, discuss possible strategies and advise you on the best course of action to take after a felony conviction.

This blogs was originally posted at http://carosella.com/happens-felony-conviction/

What to Look for in a Criminal Defense Lawyer

Being charged with a crime can have grave long-term repercussions for you and your family. Finding an experienced criminal defense attorney who will best fit your needs and fight for your rights can make all the difference when it comes to winning or losing a criminal case. To ensure you obtain the best legal representation possible, there are a few important things to consider before hiring an attorney.

Look For Experience

Criminal law is complex, and having criminal lawyers who are skilled at handling cases similar to yours is an invaluable advantage. Many lawyers specialize in particular types of offenses such as DUI, drug offenses, and white-collar crimes such as embezzlement. There are a few questions you can ask to get a feel for a criminal defense attorney’s level of experience, including:

• Which law school did you attend?
• How many years of experience do have in criminal court?
• Have you represented individuals who have been charged with the same or a similar crime?
• How much of your practice involves representing people charged with this type of crime?
• How many cases have you litigated in the court where my case will be assigned?

If a lawyer declines to discuss his or her specific experience or gives vague answers, look for someone else.

Go Local

Hiring an attorney with experience in the court where your case is pending can also give you a leg up when it comes to your defense. Although state law is the same in each Pennsylvania court, procedures do vary from county to county. Attorneys who are used to working in a particular area often know the district attorneys, clerks, local law enforcement and judges and how they operate in court. For example, if you have been charged with a felony in West Chester, a Chester County felony lawyer will most likely knows the ins and outs of negotiating with prosecutors and the court procedure there.

Get Personal

Your criminal defense lawyer speaks for you. No matter how stellar an attorney’s reputation may be, if you don’t feel comfortable with the person it is probably best to find another lawyer to represent you.

Ask yourself these questions when considering whether to hire a particular criminal defense lawyer:

• Is the attorney someone I trust and can speak with openly?
• Does he or she explain things in a way that I can understand?”
• Does the lawyer see me as a partner involved in the decision-making process?
• Does he or she express personal concern for my overall situation and possess a sincere desire to help?
• Does the lawyer seem to be a person who engenders trust in prosecutors, judges and jurors?

Facing criminal charges can be stressful and the end result can have a significant impact on your future.  Whether you have been charged with a felony or are seeking expungement of a prior conviction, our experienced criminal lawyers in Chester County, Delaware County and Montgomery County, PA  will provide you with the personal attention you need and fight for your rights in court.

This blogs was originally posted at http://carosella.com/look-criminal-defense-lawyer/

Do you Need a Probate lawyer? Probate made Easy

In Pennsylvania, you are not required to hire a lawyer for probate, but the process can be complex and time-consuming. To ensure all your legal bases are covered and required petitions and forms are filed in a timely manner, seeking the counsel of experienced probate and estate lawyers can be extremely helpful. There are a few things to consider when deciding whether to hire an attorney, such as the lack of a will, size of an estate and guardianship of minor children.

How Do I Start The Probate Process?

To initiate the probate process, a petition must be filed with the Pennsylvania Register of Wills in the county where the decedent resided. For example, if your loved one lived in Media, hiring Delaware County lawyers who are familiar with the local courts may help make the process run more smoothly. Jointly owned assets, certain types of trusts and assets such as life insurance or IRA’s with beneficiary designations may not have to go through probate. A knowledgeable attorney can advise you on which assets must be included in probate.

Common Issues Involved In Probate

Even if a will is deemed valid, a beneficiary may attempt to contest it during the probate process. If a valid will is not in place at the time of a decedent’s passing, the probate process can be complicated. The estate must pass through Intestacy laws, and property is given to those who are entitled to it under the Pennsylvania Intestacy statute (typically the surviving spouse and children of the decedent); not according to the decedent’s wishes.

If there is no executor, an administrator will be appointed by the probate court to handle the estate. It is vital to keep in mind that the court also has the authority to designate a guardian for minor children if there is no will. Creating a will with a practiced attorney for wills and trusts can ensure that your legacy lives on and your children are taken care of according to your wishes.

Depending on the complexity of an estate, probate may involve extensive administrative paperwork and litigation. It is essential to understand exactly which fees and taxes must be paid, and when. The probate process is very time-sensitive, and a skilled attorney will make sure all deadlines are met to keep the process running smoothly.

There are additional circumstances that may affect probate, including:

• Complicated tax situations, such as unpaid taxes
• Ambiguities in a will
• Disputed claims by beneficiaries
• Someone contesting an executor’s appointment
• Issues with disputed debts or unfinished contracts
• Property bequeathed to minors who do not have an appointed guardian or trustee
• The estate’s assets do not cover all debts
• Out-of-state property included in the estate
• A very large estate with diversified assets

Estate planning lawyers can take some of these burdens off of an executor’s or administrator’s shoulders. The process of sorting out an estate can be very emotional, and creating wills and trusts ahead of time can help your family avoid unnecessary conflict and stress. To learn more about estate planning and probate, contact our experienced Delaware and Chester County lawyers to schedule a consultation today. 

This blogs was originally posted at http://carosella.com/need-probate-lawyer-made-easy/

What is a Living Trust and Why you need One

Many people believe that estate planning only involves creating a Will to ensure your wishes are carried out upon your passing. Although a Will is an essential part of the process, there are many other things to consider when you are thinking about the legacy you want to leave behind. There are different types of trusts that can protect your assets and make sure your loved ones are taken care of after you’re gone. A Living Trust is among the most common.

What is a Living Trust?

A Living Trust is a legal document that places your assets in trust for your benefit during your lifetime, and spells out how you’d like these assets to be distributed upon your death. It can include bank accounts, investments, real estate, vehicles and valuable personal property. The most common type is a Revocable Living Trust, which may be changed or canceled at any time before your death.

How does a Living Trust work?

You name yourself as the trustee and remain in complete control of your assets, and may move them in and out of the trust as you wish. You also appoint a ‘successor trustee’ who will act as your representative upon your passing and transfer assets to your beneficiaries according to your wishes.

Your successor trustee is permitted to act on your behalf if you become incapacitated. He or she can handle financial issues such as managing property, businesses and paying bills. Such details are outlined in a living trust and can be carried out without involvement by the courts. Experienced living trusts lawyers can create a document that covers all legal bases and help your loved ones avoid costly and inconvenient court proceedings.

Why do I need a living trust?

In most states, a Will must go through probate, which can be a long and arduous legal process. The probate processinvolves establishing the value of your estate, settling any debts, paying taxes and transferring assets to your beneficiaries. Probate adds extra expenses to your estate and delays the distribution of your assets. It can take nine months to two years for probate to be completed. Our Chester County lawyers and Delaware County lawyers are well-versed in drafting wills and trusts, but if your estate must go through the probate process, our seasoned attorneys can provide your family with the legal support they need.

Another advantage of a Living Trust is privacy. A Will is a public document, which means that anyone can scrutinize or contest it, including creditors. Probate also allows the public to see the details of your estate. A living trust is private, more difficult to challenge, and can help to protect your assets from creditors. A living trust is particularly valuable if you have a large amount of assets, and can keep family matters from becoming complicated after you’re gone.

Knowing that the process of settling your estate will be easier for your beneficiaries can give you peace of mind that your wishes will be carried out appropriately. Our skilled legal team provides estate planning services tailored to fit your individual needs. To learn more about the services we offer, contact Carosella & Associates today!

This blogs was originally posted at http://carosella.com/what-is-living-trust-why-you-need-one/

Questions to Ask a Probate Attorney

Dealing with the death of a loved one can be an overwhelming experience, especially if you are responsible for handling his or her estate. You may have questions about what is involved, whether the estate will go through probate and a multitude of other issues.

What is Probate?

Most estates in Pennsylvania must go through probate, the legal process that determines the value of the estate, transfers assets to beneficiaries, and ensures that the decedent’s debts and taxes are paid.

Educating yourself about how the probate process works can help to ease burden of conflict within your family and the financial issues you may be facing after a loved one has passed away. Experienced probate attorneys can help you sort out the details of the estate and make the probate process easier and less stressful for you and your family.

Questions to Ask a Probate Lawyer

Before hiring a probate attorney, it is vital to ask these important questions:

1. Is probate an area of practice for you?

Many estate planning and wills and trusts lawyers are experienced in handling probate cases. When seeking an attorney, it’s advisable to ask the following questions to get a feel for how experienced he or she is.

2. Are you familiar with the court to which my case will be assigned?

Hiring an attorney who has experience in the court where your probate case will be heard can speed up the process and make it run more smoothly. Our attorneys in Chester and Delaware County, PA have years of experience in local probate court, can help you avoid delays and ensure all paperwork is correctly completed and filed.

3. What is your strategy for my case? Are there any potential issues such as tax implications that could arise in my case?

A skilled probate attorney will assess your situation and share a strategy that helps you achieve the best possible outcome for your case.

4. How long do you think it will take to complete?

Probate can take anywhere from nine months to two years. Although there are no guarantees on how long probate proceedings will take, your lawyer should be able give you an estimate based on the facts of your case.

5. Will you handle my case personally?

It is common for lawyers to pass some work on to associates, paralegals and other law firm staff. It’s very important to feel comfortable about who you will be working with—ask if you can meet others who may be working on your case. It’s also a good idea to find out their availability and response time if you need to discuss important developments or get a status update.

5. What is your fee structure?

Ask the attorney about how they charge and approximately how much you should expect to pay for services. Attorneys may charge a flat fee or hourly rate. It’s also important to find out if there are fees for phone calls and other legal professionals who may spend time speaking with you and working on your case. If the attorney charges a flat fee, ask how you will be charged if the matter turns out to be more complicated than anticipated. Getting an estimate of court costs can also be helpful.

If you are dealing with the death of a loved one and need help with the probate process, Carosella & Associates’ experienced attorneys in Chester, Delaware and Montgomery County, PA will help you through the process and make it as hassle-free as possible.

This blogs was originally posted at http://carosella.com/questions-ask-probate-attorney/

Bankruptcy 101: What is Bankruptcy, Types of Bankcuptcy and How to File One.

Filing bankruptcy can help you reduce or eliminate debt, halt actions that creditors have taken against you and allow you to get your finances back on track. There are several different types of bankruptcy, and a skilled attorney can guide you on the most effective path to achieving a beneficial outcome for your financial situation.

The two most popular types of bankruptcy are Chapter 7 and Chapter 13. Bankruptcy stays on your credit report for 7-10 years, but your credit can be repaired by making responsible choices and remaining vigilant about properly managing your finances going forward.

Filing bankruptcy can put a halt to:

• Wage garnishment
• Collection letters
• Harassing calls
• Foreclosures
• Auto Repossession
• Creditor lawsuits

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is intended for consumers who are having financial difficulties but do not have the resources to pay their existing debts. Chapter 7 is best for lower-income debtors who have unsecured debt such as credit cards or medical bills.

When you file for Chapter 7, a court-appointed bankruptcy trustee will determine if you have any non-exempt property that can be sold to pay your creditors. He or she will also check to see if any recent financial transactions can be undone to repay your creditors as much as possible of what you owe them. If you do not possess any non-exempt assets such as cash or other valuable items, your creditors will not receive compensation for your debts.

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a total restructuring of debt for consumers who are behind on secured debts such as home mortgages and car loans. Debtors typically have enough income to pay back at least a portion of their debts through a repayment plan. The goal of Chapter 13 is to resume regular monthly payments and pay arrears over time.

Chapter 13 allows you to catch up on missed mortgage or car payments and possibly reduce payment amounts without forfeiting these assets. Creditors must be repaid within a period of five years. Once a repayment plan is successfully completed under Chapter 13, creditors cannot require you to pay them in full.

Chapter 11 Bankruptcy is typically filed by businesses, but individuals can file under Chapter 11 if they exceed the debt or income limits under Chapters 7 and 13.

Filing for Bankruptcy

Before you file for bankruptcy, it is essential to sit down and itemize your sources of income, major financial transactions, monthly living expenses, and all debts, assets and property. Gather all loan or mortgage documents, recent tax returns and deeds and titles to any real estate or vehicles you own.

Once you have collected this information, local bankruptcy lawyers can help you determine which assets are exempt from seizure. The attorney will file a petition and several other required forms at your Pennsylvania district bankruptcy court.

There are many different factors that must be taken into account when you consider filing for bankruptcy. Carosella & Associates’ seasoned legal team includes some very experienced bankruptcy lawyers in Pennsylvania. Our experienced lawyers will assess your case and guide you through the process every step of the way. To schedule a consultation, contact us today.

This blogs was originally posted at http://carosella.com/what-is-bankruptcy-types-of-bankcuptcy-how-to-file-bankruptcy/