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C OVELLI L AW O FFICES , P . C .
ESTATE PLANNING FOR SMALL BUSINESS OWNERS
Small business owners are often the lifeblood
of the communities they serve . Families of the owners and employees , clients and customers , the local sports teams they sponsor — all of them depend on the continued success and operations of local , small businesses . While typical small business owners are focused on the business operations , they often overlook the importance of comprehensive Estate and Succession Planning , which includes both their personal and business assets .
A professional review of your corporate documents is necessary to ensure that your Estate Planning documents do not contain any provisions that may conflict . Joe Covelli , President of Covelli Law Offices , P . C . and a member of the Estate Planning Council of Pittsburgh , said , “ For many small businesses , it may be a long time since you formed your business entity , and you may not remember what provisions were included in your corporate documents . The success of the business you spent a lifetime building may be in jeopardy if you die or become incapacitated .”
Business owners who have put into place a personal Estate Plan often think that their personal Power of Attorney will extend to their business affairs , however this may not be the case . A business owner may want to appoint a different Agent to handle the business . However , even if the Agent for Business Affairs is the same as for your personal affairs , the personal finance Power of Attorney may
not have the correct language to allow your Agent to act in the capacity necessary to continue ongoing business operations .
Many business owners may also own the real property where their physical storefronts are located , and the property may not necessarily be titled in the name of the business . If the property is held in the individual names of the owners , and not by a corporate entity , the property will pass through the Estate of the Owner . The disposition of the Asset through the Estate to the heirs may not align with the interests of the business , and the resulting disputes may endanger ongoing business operations .
Advanced Planning is especially important for small business owners , who have spent years building successful businesses , and legacies — we can help you preserve those assets , keep family businesses in the family , and facilitate successful transition in the event of incapacity or death .
Covelli Law Offices was once again a Tribune- Review Gold Award Winner for “ Best Attorney ” as voted on by readers . We are here to help you understand the legal issues relating to your estate planning .
For more information on Covelli Law Offices , go to Covellilaw . com , or call 412.653.5000 . Covelli Law is located at 357 Regis Avenue ( across from the Pleasant Hills-West Mifflin Post Office ).
Trib Total Media Readers ’ Choice Award
“ Best Attorney ”
Joe Covelli has over 39 years of legal experience and is a “ 5 Star Professional Award ” recipient . He is a member of the National Academy of Elder Law Attorneys , and he heads a team of attorneys with expertise in several areas of the law . For more information , call 412.653.5000 , or visit www . covellilaw . com .
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