- Products & Services
- Knowledge Base
WEST CHESTER, PA, December 09, 2021 /24-7PressRelease/ -- Senior Partner Vincent Carosella, Jr. of Carosella & Associates explained why it is important for business owners to have an estate plan in place, in an interview with Justin Chan of the Western Chester County Chamber of Commerce. Attorney Carosella shared some of the serious problems that can arise when a business owner becomes incapacitated or dies without a will.
"If you have a business, it's important that you have a will that specifies who's going to be your executor and that you have a durable power of attorney," said Mr. Carosella. "If you have an accident or something else that leaves you incapacitated, whether you choose a spouse, friend, or professional to be your power of attorney, your business can continue to run while you're out."
Mr. Carosella also clarified a common misconception about what happens when a business owner passes away without a will in Pennsylvania. Many people believe that if they die without a will, their spouse automatically gets everything, including their share of a business. In reality, under Pennsylvania law, a spouse is entitled to $30,000 plus 50% of their husband's or wife's estate if there is no will at the time of their death unless there are no children and no surviving parents.
This means that the rest of the deceased person's assets, including their business, are split up among children or other beneficiaries. Failing to have a will in place can lead to disharmony in a family and run a business into the ground.
Mr. Carosella and other wills and trusts lawyers and business attorneys at the law firm of Carosella & Associates are well-versed in helping clients with all types of businesses create estate plans that are tailored to their specific needs.
About Carosella & Associates
For more than 25 years, the skilled team of attorneys, paralegals, firm administrators, administrative assistants, and legal secretaries at Carosella & Associates has provided top-quality legal representation for matters in myriad aspects of the law. The full-service law firm has decades of experience in many different areas, including estate planning, business succession planning, commercial and residential real estate, zoning, contracts, bankruptcy, immigration, divorce, and criminal law. Several of the attorneys at Carosella & Associates are licensed to practice law in both Pennsylvania and New Jersey. For more information visit carosella.com.
# # #