Things to Include in a Living Will

A living will enables you to specify which types of life-sustaining and end-of-life care you want when you cannot speak for yourself. Sometimes called an advance directive, a living will is usually combined with a health care power of attorney, which allows you to name an agent who can make decisions about your medical treatment should you become incapacitated. Both of these vital documents can give you and your family peace of mind. Having a wills and trusts lawyer help you draft them helps to ensure all important details are included.

Creating Your Living Will

Before drafting a living will, consider the circumstances in which you would want to forego life-sustaining care. Would you want treatment that extends or saves your life in any situation? Are there specific situations in which you would not want care such as CPR, a ventilator, or a feeding tube? Some of the most common end-of-life options include:

Cardiopulmonary resuscitation (CPR) – This procedure restarts your heart if it has stopped beating. It may be done manually or by using an electrical device that stimulates the heart.

Mechanical ventilation – Think about whether you would want to be placed on a mechanical ventilator if you are unable to breathe on your own. If so, for how long?

Feeding tube – If you’re unable to eat and drink, a feeding tube provides fluids and nutrients through an IV or tube in the stomach. Would you want to receive nutrition and fluid in this manner? For how long?

Dialysis – If your kidneys cease to function, dialysis manages fluid levels in your body and removes waste from your blood.  Again decide whether you would want this treatment and for how long.

Antibiotics and antiviral medications – Sometimes, people who are very ill need antibiotics or antivirals to treat the infection. Would you want to receive these medications or would you prefer to let an infection run its course? Make sure to specify this in your living will and health care power of attorney.

Palliative care – Also known as comfort care, palliative care is used to manage pain and keep a patient comfortable. In addition to specifying whether you would want pain medications, you can state whether you prefer to pass away at home and avoid invasive tests or treatments.

Organ donation – You can also specify whether you wish to donate any organs or tissues for donation after you die. If you opt to donate your organs, you will need to receive life-sustaining treatment until the donation procedure is complete. Stating that you understand that this temporary intervention is necessary can help your healthcare agent and loved ones avoid confusion.

Scientific study – If you want your body to be donated for scientific study, you can specify this in your living will. If you have a specific organization or program in mind, make sure to name it.

Your Estate Planning Attorney Ensures your Living Will is Legally Sound

Lawyers for wills and trusts are well-versed in creating living wills and ensure that all legal requirements are met to adhere to the law. Our local lawyers for wills provide comprehensive estate planning services in West Chester, PA, and can help you create a plan that protects your interests and ensures your wishes are clearly stated.

This blog was originally posted at https://carosella.com/blog/things-to-include-in-a-living-will/

Drafting a Purchase Agreement for Commercial Properties

Purchasing or selling commercial real estate can be complicated. Having an experienced real estate lawyer in PA help you draft a purchase agreement can protect everyone’s interests and help avoid costly errors. Although each circumstance is different, there are a few vital elements that should be included in commercial real estate contracts to make the agreement clear and enforceable.

Purchase Price, Financing Terms, and Closing

In addition to specifying the price of the property, commercial real estate purchase contracts typically include how it will be paid for as well. SBA loans, commercial mortgages, private investors, and short-term bridge loans are common sources of financing in commercial real estate transactions.

The purchase agreement should include specifics about the type of financing being used to purchase the property, the name of the financial institution and/or investor providing financing, and the total amount. It must also outline closing costs, who is responsible for paying them, and the projected closing date.

A Detailed Description of the Property and Contents

A description of the building and any additional property included in the purchase should be detailed in the contract. Equipment, furniture, appliances, fixtures, inventory, and any other items to be included in the sale should be listed individually. An attorney for contract review will make sure all of these small details are covered, which can help you avoid many potential pitfalls and common mistakes.

Expected Condition of the Property

To ensure all parties are on the same page when it comes to the condition of the property, the purchase agreement must spell out the condition that can be expected. Although commercial properties are often sold as is, this needs to be explicitly stated in the contract.

Inspection Terms

Most real estate purchase agreements include an inspection contingency, which gives the buyer the right to have the property inspected in a certain amount of time. Depending on the industry, the contract may need to state which specific types of inspections must be conducted. The contract should also state the date by which the inspection should be completed and how long the buyer has to terminate the agreement post-inspection. Information about what will happen to a purchaser’s deposit if they opt to terminate the contract based on inspection results should be included as well.

Remedies in Event of a Breach

Seasoned real estate attorneys know that it is quite common for contract breaches to happen during the real estate transaction process. That is why they include remedies in the event that either party fails to abide by the contract. An indemnification clause outlines each party’s responsibilities if the contract is breached. For example, if the buyer backs out of the sale after a certain date, they may owe the seller a specified amount of money. This is meant to compensate the other party for the time and resources they invested in a deal that is no longer taking place.

These are just a few of the most important elements to include in a commercial real estate purchase agreement. Real property lawyers can address matters specific to your case and help your commercial real estate transaction run smoothly.

Do you need assistance with a commercial real estate transaction? Our business lawyers and real estate attorneys in West Chester, PA can help.

This blog was originally posted at https://carosella.com/blog/drafting-a-purchase-agreement-for-commercial-properties/

Can Bankruptcy be a Solution for Saving Your Small Business?

Unfortunately, the COVID-19 pandemic took a serious toll on small businesses and has left many struggling to pay their bills, let alone turn a profit. Filing bankruptcy can be a viable solution to save your business, but it is vital to ensure that it is the right option for your circumstances. Before making such a big decision, consulting local bankruptcy attorneys who are well-versed in commercial bankruptcy law can help you make informed decisions.

Deciding Whether to File For Bankruptcy

It is important to keep in mind that there may be other options to keep your business solvent and turn things around before filing bankruptcy. Doing a thorough assessment of your financial circumstances and thinking about your goals is critical. If you are considering bankruptcy, first ask yourself the following questions:

• Do you want to keep your business open or are you ready to close it?
• What type of business structure is your company: sole proprietorship, partnership, corporation, or limited liability company?
• If it is a partnership or corporation, are you personally liable for any business debts?

You should also look at the types and amounts of debt you owe. Compiling this information and bringing it to your consultation with bankruptcy lawyers can help them evaluate your circumstances and determine which type of bankruptcy may work best for you.

Small Business Bankruptcy Options

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a liquidation bankruptcy that is available to both individuals and businesses. Business dissolution lawyers may recommend filing Chapter 7 for small business owners who want to close up shop and get out from under debt.  Typically, a person who is the sole proprietor of a small business can file for Chapter 7 in their name.

Chapter 7 can provide significant benefits, as it eliminates certain types of business and personal debt and can give you a clean financial slate in a matter of months. In addition, if you have more business debt than personal debt, you will not be required to take the means test and can file Chapter 7 even if you have significant personal income.

Filing Chapter 7 as an LLC, partnership, or corporation allows for an orderly liquidation of the business assets but does not discharge your debts for which you are personally responsible. If you were a personal guarantor of any business debt, you may still be liable for it.

Chapter 13 Bankruptcy

Chapter 13 is a reorganization bankruptcy that may be filed by someone who operates their business as a sole proprietorship. If you want to stay in business, it can enable you to avoid asset liquidation and reorganize your debt, which is paid back over a period of 3-5 years.

As of June 2022, you may have up to $2.75 million of secured and unsecured debt to qualify for Chapter 13 bankruptcy. If your debts exceed the limit and you want to keep your business open, Chapter 11 may be the right choice for you.

Chapter 11 Bankruptcy

Typically used by corporations and partnerships, Chapter 11 is a business reorganization bankruptcy that allows you to retain possession of your business assets and to continue to operate under the oversight of creditors and the court. Much like Chapter 13, a Chapter 11 reorganization enables you to repay your debts over time. In Chapter 11, your business must file a plan that shows how creditors will be repaid.

The traditional Chapter 11 process can be complex, lengthy, and costly, so it was not a practical option for many small businesses in the past. However, recent changes in the bankruptcy code have created a faster, more economical process that makes Chapter 11 accessible to more small businesses.

The Small Business Reorganization Act (SBRA)

Passed by the U.S. Congress in 2019, the SBRA can offer a lifeline for small businesses that are struggling. It may work well for those that can meet ongoing expenses but need time to address past due obligations such as rent and loan payments.

For example, because bankruptcy puts an automatic stay on debts like past due rent, it can stave off the eviction process and allow you to continue operations in your location while you catch up through your Chapter 11 repayment plan. In both Chapter 11 and Chapter 13, you may only have to pay a portion of your debts, and once your repayment plan is finished, remaining debts are discharged.

Our West Chester bankruptcy lawyers understand that it can be overwhelming to decide what to do when your business is in trouble. We can take some of the weight off your shoulders and guide you through all your options.

This blog was originally posted at https://carosella.com/blog/can-bankruptcy-be-a-solution-for-saving-your-small-business/