It would be so easy to think of estate planning as a responsibility for someone older or wealthier or some other category outside of yours. The truth is, though, planning for the future is important for everyone, regardless of age or economic status. Pennsylvania families who want to take care of each other well will want to take the time to designate who gets what when the time comes.
You may be planning to form a business partnership and are considering asking your friend to be your partner. There are sound reasons to approach a friend to be a part of your business, including familarity with that person and personal trust. However, while such a partnership can work out, joining up with a friend in a Pennsylvania business relationship can still present possible pitfalls.
Splitting up a marriage comes with the overwhelming and contentious task of also splitting all your assets. Everything from financial accounts to collectible items must be on the table. Professional valuators help with determining the worth of all your property to help determine a fair division.
When you plan your estate and have everything in order, you probably think that once you die, there are no worries. Unfortunately, that is not true. While you may have no worries, your loved ones could be hit with an inheritance tax. It is important to understand what this is and how it works, so you can plan your estate accordingly to avoid these taxes if possible.
Whether you have an established business or are starting a new one in Pennsylvania, you should always have your eye towards the future. Things come up often that could drastically change your business. It is better to be prepared than be caught off guard. One situation you want to be ready for is any change in your partnership or owner status. You can prepare for this with a buy-sell agreement.