Estate Planning Mistakes that can Cost You Dearly

Proper estate planning can protect your assets and make things easier for your loved ones. There are several vital elements of estate planning that can accomplish these goals, but all too often people avoid planning until it’s too late. An estate planning lawyer can help you avoid these mistakes so your legacy is preserved according to your wishes.

Failing to Create a Will

Believe it or not, more than half of American adults do not have a will or estate plan. This may be changing due to the coronavirus pandemic, as people are realizing that it is more important than ever to create or update your will and other estate planning documents. Dying without a will means that your entire estate will have to go through probate, which can be a lengthy, costly process. Typically, a will must be executed in the probate court, but having everything laid out makes the process much more straightforward. If there is no will, the court will appoint a personal representative to oversee the distribution of your estate, payment of debts, the filing of inheritance tax returns, and other responsibilities. Without a will, the property will be distributed according to Pennsylvania intestate succession laws.

The court may even have to name a guardian for minor children, which can have a serious emotional impact on them at an already difficult time. Having a wills and trusts lawyer help you create a valid will helps cut down on family conflict and ensures your assets are distributed as specified. If you’re concerned about the cost of hiring an attorney to help you with your estate plan, keep in mind that the price your family may pay after you are gone could be much higher.

Forgetting to Update Beneficiaries

Updating beneficiaries on your life insurance policies, bank accounts, investment accounts, and retirement accounts such as IRAs and 401(k)s can also save your family time and headaches. These items typically do not have to pass through probate, but if a beneficiary has passed away or you failed to name one, things can get messy. For bank and brokerage accounts you can sign Paid on Death (POD) forms and Transfer on Death (TOD) forms, which allows them to avoid probate and be automatically transferred to the person, trust, or charity you specify on the form.

Not Protecting Assets with a Living Trust

Also known as a revocable trust, a living trust is usually exempt from probate. A revocable trust is created while you are still alive, and you can change or cancel the provisions at any time. Most assets can be put in a revocable trust, including valuable possessions, real estate, bank accounts, and investments. Upon your death, assets in a revocable trust are transferred to your designated beneficiaries. Having a qualified estate planning attorney help you create a revocable trust is essential to ensure it is done properly.

Whether you need to update or create an estate plan, our team at Carosella & Associates can help you find creative solutions to ensure your assets are preserved, your family’s interests are protected and your legacy lives on. Learn more about our estate planning services here.

This blog was originally posted https://carosella.com/estate-planning-mistakes-that-can-cost-you-dearly/

Why Estate Planning is Important for Everyone in the Time of COVID-19

From stay-at-home orders to social distancing, the COVID-19 pandemic has had a serious impact on everyone’s lives. These uncertain times have moved many people to think about their mortality and the legacy they want to leave behind. If you need to create or update your estate plan, an attorney who handles wills, trusts, and other vital documents can help you prepare for the future and put your mind at ease.

Why Do I Need An Estate Plan?

Even if you do not have a particularly large estate, planning for what may come is vital. An estate plan involves so much more than just a will. Without powers of attorney or an advance directive (living will), if you should become incapacitated, health care and financial decisions may be left up to someone you do not trust or even know. These documents help to ensure your health, well-being and finances are protected if you cannot speak for yourself. In addition, having a will and other estate planning measures in place at the time of your death can help your family save time, money, and avoid additional emotional upheaval during an already challenging period.

Update or Create Your Estate Plan

Whether you already have an estate plan and need to update it, or you need to create a new one, it is especially important not to put it off during these unpredictable times. There are several documents that are crucial elements of any estate plan, including:

Last Will and Testament – A will enables you to specify how you would like your assets to be distributed after your death. You may also name guardians for minor children and appoint an executor who will handle the distribution of your assets. Without a will, the distribution of your assets will be handled by the probate court, which can be an expensive, time-consuming process fraught with conflict. If you know how you want your estate to be distributed to your beneficiaries, making a will can ensure it happens according to your wishes.

Durable Power of Attorney for Health Care – This document enables you to designate someone you trust to make health care decisions for you should you become incapacitated. Having a lawyer help you create this document can ensure that proper requirements and language are used so your agent has the legal authority to carry out your wishes.

Living Will (Advance Directive) – Life-sustaining medical decisions can be excruciating for loved ones to make, especially if they are unaware of what you would have wanted. A living will allows you to state your wishes and name a surrogate decision-maker regarding the refusal or approval of certain life-sustaining treatments if you incapable of making those decisions for yourself.

Power of Attorney for Finances – Naming someone to take care of your financial affairs when you are unable to do so can protect your assets, property and your family. A power of attorney for finances gives your agent the ability to pay bills, make deposits, write checks, sell or buy assets, and file tax returns on your behalf.

The experienced team at Carosella & Associates is dedicated to serving clients’ legal needs during these unpredictable times. We can help you create a comprehensive, personalized estate plan that meets your needs and safeguards your future.

This blog was originally posted https://carosella.com/why-estate-planning-is-important-for-everyone-in-the-time-of-covid-19/

Planning To File Bankruptcy and Divorce At The Same Time?

Financial strain combined with the decision to divorce can wreak havoc on your emotions and cause serious stress. If you are considering filing for bankruptcy and divorce, it is important to do some planning and speak to an attorney before you begin either process. There are many different factors to take into consideration, including your amounts of debt and property and which type of bankruptcy you’re interested in filing. A bankruptcy lawyer can assess your situation and advise you of the most cost-effective and practical options. 

Filing Jointly Before Divorce

Even though you and your spouse plan on getting divorced, filing bankruptcy together can be much more expedient and efficient thSubmitan attempting to do it after you’ve filed for divorce. Chapter 7 Bankruptcy will discharge the qualifying debt of both parties, which enables you to avoid dealing with issues surrounding debt and property division during your divorce. Filing bankruptcy jointly also costs less than it would if you filed individually. If you hire a bankruptcy attorney to handle it, you will most likely pay less in legal fees as well.

It is important to seek the counsel of an experienced lawyer who is well-versed in the bankruptcy laws of your jurisdiction. Certain states allow married couples to double exemption amounts if they file jointly, but it is critical to have someone who knows the law determine whether a joint filing will protect all property you own with your spouse.  Make sure to tell your bankruptcy attorney that you plan on filing for divorce so they can avoid any potential conflicts of interest.

Filing Separately

In some cases, it is best to wait until your divorce is final to file bankruptcy. If your income is significantly less after divorce, it may be a good idea to hold off so you qualify for bankruptcy. However, if one spouse needs bankruptcy protection right away, they may need to file individually before or during the divorce. Using a law firm with a team that includes both bankruptcy and divorce attorneys can be extremely helpful, as they often collaborate and advise each other in these types of cases.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is designed to discharge all qualifying unsecured debt such as medical bills and credit card debt. It can be completed in a matter of months, so it is usually the best choice for divorcing couples who want to file for bankruptcy together.

Chapter 13 Bankruptcy

If you file for Chapter 13 Bankruptcy, you are required to pay back all or some of your debts through a set repayment plan over three to five years. Chapter 13 will not be closed until the repayment plan is complete, so if you want to make a clean break with your spouse as soon as you can, filing a joint Chapter 13 Bankruptcy is not an ideal solution.

Some Debts Cannot be Discharged in Bankruptcy

There are certain types of debt that are ineligible for bankruptcy, including:

• Child support
• Alimony
• Attorney fees for child custody or support cases
• Student loans
• Court fines
• Student loans
• Monies owed to government agencies

It can get even more complex if you are planning on filing a business bankruptcy. In this case, having a business attorney who is familiar with the bankruptcy process can help to insure your interests and rights are protected.

Are you thinking of filing for bankruptcy or divorce? Our seasoned attorneys at Carosella & Associates can help. Contact us to schedule a consultation.

This blog was originally posted https://carosella.com/planning-to-file-bankruptcy-and-divorce-at-the-same-time/

Have You Been Accused of a Crime? Know Your Rights.

In the United States, anyone who is charged with a crime has certain rights that are provided by the Constitution, including the right to legal representation. If you are facing criminal charges, it is critical to seek the counsel of a defense attorney who can help you understand your rights under the law. An experienced lawyer can guide you through the process and act as your advocate.

Constitutional Rights of Criminal Defendants

There are certain processes and procedures that must be followed when a person is arrested and charged with a crime. Defendants’ rights are outlined in the United States Constitution. If law enforcement, prosecutors, or other officers of the court fail to adhere to these procedures, criminal charges may be dropped or convictions may be overturned in some cases. There are several constitutional amendments that address criminal defendants’ rights.

The Fourth Amendment

The Fourth Amendment protects against unreasonable search and seizure. Law enforcement must have probable cause to search you, your home, your car, or to seize any property you own. However, if a crime is suspected and there is enough probable cause, a judge can issue a search warrant that allows police to look for evidence. It is important to note that if the evidence is obtained illegally, it may not be used against a criminal defendant in court.

The Fifth Amendment

The Fifth Amendment protects criminal defendants against self-incrimination. When police arrest someone, they must read that person their Miranda rights, which advise them of their right to remain silent, their right to an attorney, and other rights. In addition, a criminal defendant cannot be compelled to testify in court as a “witness against himself.”

The double jeopardy clause of the Fifth Amendment prohibits the court from putting a defendant on trial more than once for the same crime. However, defendants can be tried in both state and federal court for the same offense. Defendants can also be sued in civil court in addition to facing criminal charges.

The Sixth Amendment

The Sixth Amendment gives criminal defendants the right to legal representation. If they cannot afford a lawyer, a public defender will be appointed to handle their case. Defendants have the right to a speedy trial, which means that there are limits on how long a defendant must wait from filing of the charges to trial.

When someone is accused of a crime, they have the right to be tried by a jury of their peers in a public forum. Typically, a unanimous verdict is required for a conviction. Criminal defendants also have the right to confront an accuser and witnesses, who are subject to cross-examination that is usually conducted by the defendant’s lawyer during court proceedings.

The Eighth Amendment

The Eighth Amendment affords criminal defendants the right to reasonable bail, which means that the bail amount must be commensurate with the offense. This Amendment also protects the defendant against cruel and unusual punishment if they are convicted.

Why You Need an Attorney If You Are Charged with a Crime

A criminal conviction can take away your freedom, ruin your reputation, and have a serious impact on your ability to find work and housing, not to mention the toll that it can take on loved ones. Attempting to defend yourself against criminal charges is typically a losing battle. A skilled criminal lawyer will protect your rights and work to negotiate a reasonable plea bargain or build a solid defense to present to the court.

Are you or a loved one facing criminal charges? Carosella & Associates can help. Contact us today to schedule a consultation.

This blog was originally posted  https://carosella.com/have-you-been-accused-of-a-crime-know-your-rights/

How is Property Fairly Valued in Eminent Domain Cases?

Although most people are familiar with the general concept of eminent domain, understanding how just compensation is determined is critical if you are faced with the prospect of your property being taken. Seeking the counsel of experienced real estate lawyers can help you understand and protect your rights and ensure that you receive the full and fair compensation to which you are entitled.

What Is Eminent Domain?

Eminent domain gives the government the power to take private property for public use. The Fifth Amendment of the United States Constitution and Article 1, Section 10 of the Pennsylvania Constitution both require the government to provide just compensation to property owners when exercising eminent domain. In some cases, public utilities such as gas and oil companies are also able to take private property, which has become a point of contention in recent years with companies building interstate and intrastate pipelines.

How Is Property Valued In Eminent Domain Cases?

There are several factors that may be involved in determining the value of property in eminent domain cases, including:

• Zoning – whether the property is residential, commercial, agricultural, or industrial
• Size of the property and whether the taking is total or partial
• What type of entity is seeking to obtain the property and its purpose for use
• Whether a business is involved and how the taking will affect its operation
• Other factors unique to each situation

There are also a few different ways that the market value of a property may be determined. The market approach uses recent sales of comparable properties, which usually works well for residential property. However, for commercial or income-producing properties, net operating income and projected future income are taken into account as well as an appraisal. If a property includes a structure that is designed for specialty use, the cost approach may be used. First, the value of the land is determined and then the cost of replacing or duplicating any existing specialty structures is calculated.

Although determining fair market value may seem straightforward, it is open to interpretation and negotiation, especially when a business is involved or an entity is requesting only a portion of the property. If you own a business or commercial property, it is important to seek the counsel of business lawyers who are well-versed in these matters to ensure your property and business are accurately valued and you receive the just compensation you deserve.

What to Do If You Receive Notice of Eminent Domain Proceedings

If you receive a letter or other notice that your property may be taken for public use, it is important to respond as soon as possible. Whether you want to fight to keep your property or you are concerned about its valuation, a West Chester real estate attorney can advise of your rights and options and advocate on your behalf. Even if it seems like a simple case involving an easement on rural property, it is always a good idea to hire a lawyer who can help you achieve the best possible outcome.

Do you need assistance with legal issues involving eminent domain? Our real estate lawyers in PA can help.

This blog was originally posted at https://carosella.com/how-is-property-fairly-valued-in-eminent-domain-cases/

What You Need to Know About Living Wills and Powers of Attorney

There are several vital documents that can give you and your family peace of mind and help make end-of-life-decisions easier. Estate planning lawyers usually recommend that clients make a living will and separate durable powers of attorney for health care and finances. Having these documents in place in the event of your incapacitation can ensure that your wishes are carried out as specified and can help your loved ones make difficult decisions with minimal conflict.

Living Will

Also known as an advance directive in Pennsylvania, a living will outlines the type of medical care you want (or do not want) in the event that you are incapacitated or unable to communicate your wishes. Although a living will can be general, making it very specific can cut down on family disagreements and ensure that end-of-life decisions are carried out according to your wishes. To ensure all important issues are covered, it is critical to have an attorney for wills and trusts assist you with drafting both your living will and powers of attorney.

Durable Power of Attorney for Health Care

In a power of attorney for health care, you designate someone to make medical decisions for you. A durable power of attorney for health care only springs into action in the event that you are unable to make health care decisions for yourself and ends in the event of your death. Your agent cannot override any of the provisions specified in your living will, but they can make certain decisions if the circumstances are something you did not anticipate in your living will. Whether it is a spouse, relative, partner or close friend, it is important to choose a trusted person who knows you well and will assert your desires for health care should any issues arise.

Durable Power of Attorney for Finances

A power of attorney for finances enables an agent to make financial decisions on your behalf if you are unable to. To avoid problems, it is important to select a trusted, reliable agent who works well with the person named in your power of attorney for health care. You can give your agent broad power to handle your finances or specify which types of financial tasks or issues you want them to take care of. You may want to give them the authority to pay bills and expenses, buy or sell real estate, pay property and income taxes, collect Social Security or other benefits, manage retirement and bank accounts, and invest in stocks, bonds or mutual funds.

If you own a business, you can also designate your agent’s role in running it in the event that you cannot. However, business succession planning lawyers recommend that you already have a solid exit plan in place to avoid confusion or conflict upon your incapacitation or death.

Do you need help with estate planning, creating a living will, or other legal matters? Our law firm in West Chester can help.

This blog was originally posted at https://carosella.com/what-you-need-to-know-about-living-wills-and-powers-of-attorney/

What Are Miranda Rights?

If you are taken into custody after being arrested, the police are required to read your Miranda rights to you before questioning you. It is important to understand what Miranda rights mean and how they can affect your case. The things you say and do after an arrest can have a serious impact on the outcome of your case, so it is always a good idea to seek the counsel of experienced criminal lawyers before speaking to any law enforcement officers, investigators, or prosecutors.

The Specifics of Miranda Rights

Police are only required to read your Miranda rights if they plan to interrogate you while under custody. Once you have been read your Miranda rights, you are not required to speak or answer any questions without talking to a lawyer first. Police officers must read Miranda rights as follows:

You have the right to remain silent. Anything you say can and will be used against you in a court of law. You have the right to an attorney. If you cannot afford an attorney, one will be appointed for you. Do you understand the rights I have just read to you? With these rights in mind, do you wish to speak to me?

Why is it Important to Contact an Attorney before Speaking to Police?

Being arrested can be scary and overwhelming. You may be confused and say things that can hurt your case simply by the phrasing and verbiage you use. It is true that your words will be used against you by prosecutors to prove guilt. If you are arrested, do not speak to anyone, whether you are read your Miranda rights or not. If a police officer reads you your rights, politely tell them you understand them and that you do not wish to speak until your attorney is present.

Obtaining proper legal representation from a criminal defense attorney is vital to ensuring your rights are protected. A lawyer can advise you on which questions to answer during an interrogation. Criminal law firms are also familiar with local prosecutors, law enforcement, law clerks, and others involved in the process. Having an attorney who is well-versed in criminal law may lead to charges being dismissed or reduced. Attempting to defend yourself in court or speaking to law enforcement without an attorney present can have disastrous results.

What Happens if Police Fail to Read Miranda Rights?

If you are placed under arrest and the police do not read your Miranda rights, anything you say when being questioned cannot usually be used as evidence against you. In addition, any evidence that is discovered as a result of your statements will most likely be thrown out in court. However, the failure of the police to read your Miranda rights does not mean that your entire case will be dismissed or that you will not be convicted. Plenty of cases have been won by prosecutors based on evidence that has nothing to do with a suspect’s statements.

Contact an Attorney

If you have been accused of a crime or believe that your Miranda rights have been violated, our defense attorneys in West Chester can help.

This blog was originally posted at https://carosella.com/what-are-miranda-rights/