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U.S. small businesses' rent delinquencies jumped in October as persistent inflation pressures ate away at their earnings. Specifically, 37% of SMBs couldn't pay their full rent last month, up from 30% in September, according to a recent  survey from Alignable, an online referral network of seven million small business members. If you’re a small business struggling to make rent payments, what can you do? Check Your Lease Look through your lease and see if there’s anything in there allowing you to suspend rent obligations. Perhaps you can terminate your lease early – which may be something to consider if you see the end of your business coming soon. Consider exercising an option for early termination of the lease if it’s available. Call Your Landlord It may seem counter-intuitive but don’t wait to call your landlord. Let them know you’ve hit some difficulties. Your landlord does not want you to default on the lease. They have everything to lose and nothing to gain when you leave. They may be willing to allow you to suspend or reduce your rent payments for a period of time. If you work something out, make sure you get it in writing and both you and your landlord should sign it. It’s also worth calling your lawyer for help deciphering your lease, strategizing about how to negotiate with your landlord. If your landlord contacts you about short or missing payments, do not ignore their calls. We’ve represented lots of landlords and they all complain when tenants do not communicate with them. They are often willing to help struggling tenants for a while – provided there’s frequent and open communication. Protect Your Personal Assets If it looks like a default might be unavoidable, you should read the lease to determine whether you have any personal liability for the lease obligations. Did you sign a personal guaranty? If you are married did your spouse sign a guarantee as well? You may have the ability to retitle or move our personal assets around to protect them in the event your landlord sues you for unpaid rent. Your attorney can help you understand if this is a viable option for you and help you execute a game plan. Look for Funding Sources Consider a business loan to get you through your revenue struggles until the economy recovers. Perhaps there are small business grants or low-interest loans available. Check with your state department of economic development as well as small business offices in your county or city to see what advice or links they can offer. If you’re negotiating with your landlord, it will only improve your chances of success if you can tell your landlord that you’re pursuing additional funding. Call The Business Team at Fiffik Law Group It’s never too soon to call our small business attorneys. You’ll have more and better options if you work with them early rather than after you receive a default notice, or worse – a lawsuit, from your landlord.

When acquiring commercial real estate, its vitally important to engage in detailed due diligence investigation to limit the possibility of post-closing surprises. Failing to dig into the hidden details of a property can doom the financial merits of an otherwise profitable deal, turning the transaction into a costly mistake. One very important step in the due diligence process is obtaining estoppel certificates from tenants in the property. An estoppel certificate is a signed statement by an existing tenant certifying for the purchaser’s benefit, that certain facts are correct. A tenant’s delivery of this statement estops the tenant from later claiming a different state of facts. Why would a prospective purchaser care about leases on the property? The reason is that you will be bound by the lease terms after the closing, and you cannot simply undo or change the leases to your liking. A Tenant Owns and Interest in the Property A lease conveys to the tenant the right to the exclusive possession and use of the real estate for a definite period of time. A lease partakes of the elements of both a conveyance and a contract. It is a conveyance by the landlord to the tenant of the right to occupy the land for the specified time in the lease. It contains a contract by the tenant to pay rent to the landlord, in addition, to numerous other promises and undertakings by both landlord and tenant. The legal interest of the tenant in the land is called a leasehold estate and consists of the right to the exclusive use and occupancy of the estate. Because the tenant has an interest in the property, a prospective purchaser takes title to the property subject to the rights of the tenant as set forth in the lease. Cautionary Tale of One Real Estate Investor Consider the unhappy surprise this investor had post-closing. He purchased a four unit building and did not review the tenant leases in advance nor did he request tenant estoppels. He did realize that the rental rates were relatively low and post-closing was looking to raise rates from existing tenants. Not only did he not realize that he was unable to simply modify the leases at will, but he also discovered that the prior owner gave one tenant a lifetime right to occupy the property at a fixed rate that could not be increased. Ever. Had the purchaser taken the very simple step of obtaining estoppel certificates prior to the closing, this problem lease could have been discovered and the financial terms of the deal modified accordingly. What is the Purpose of the Estoppel Certificate? The prospective purchaser of a commercial property has a keen interest in obtaining estoppel certificates from as many tenants as possible. The purposes of an estoppel certificate include: to give a prospective purchaser or lender information about the lease and the leased premises; that there are no defaults in the lease or delinquency in performance by the tenants; that the tenants have not raised claims against the landlord that the prospective purchaser might have to deal with post-closing; that there are no special agreements or concessions given by the landlord to the tenants that do not appear in the lease. These might include agreements to pay for tenant improvements to the leased premises or rent abatements; and to give assurance to the purchaser and their lender that the tenant at a later date will not make claims that are inconsistent with the statements contained in the estoppel. Depending on the size of the target property, a 100 percent response rate from tenants may not be feasible, but a purchaser should insist on estoppel certificates from all tenants whose tenancies are a key component of a property’s cash flow. As part of its due diligence, a purchaser will rely upon tenant estoppel certificates in determining the offering price for the shopping center, and whether the price ultimately paid is reasonable, given the property’s income-generating capacity. If you’re purchasing commercial property, whether it’s a two-unit rental or a multi-story apartment building or office building, the experienced real estate attorneys at Fiffik Law Group can help you make the acquisition a success. We are experienced in all phases of commercial contract negotiation, due diligence and closing the deal.

U.S. Veterans, their family members and employees of Camp LeJeune, North Carolina, may have been exposed to contaminated water between August 1953 and December 1987. Water at Camp LeJeune was contaminated with several hazardous chemicals linked to serious health conditions including cancer, birth defects and other potentially life-threatening injuries. The water contained volatile organic compounds (VOCs) including dry cleaning solvents, degreasers, chemicals used on heavy machinery and almost 70 other toxic substances. The (VOCs) were generated by treatment plants that supplied water to the base and many family housing units. Pending passage of the Camp LeJeune Justice Act of 2022, individuals (including in utero) exposed to and harmed by the contaminated water will have a path to file a claim against the U.S. Government and potentially secure monetary compensation. If someone served, lived and/or worked at Camp LeJeune for at least thirty (30) days between August 1953 and December 1987 and experienced one of the following injuries, they may have a claim: Aplastic Anemia Birth Defects Cancer including Bladder, Breast, Esophageal, Kidney, Leukemia, Liver, Lung, Multiple Myeloma, NHL, Other Female Infertility/Miscarriages Myelodysplastic Syndromes Neurobehavioral Effects Parkinson’s Disease Renal Toxicity Other Veterans and their families deserve to be properly compensated for their injuries related to their time at Camp LeJeune. The experienced attorneys at Fiffik Law Group are here to help. Fill out and submit our Camp LeJeune Questionnaire to see if you are entitled to compensation.

The deadline for the Property Tax/Rent Rebate program has been extended from June 30 to Dec. 31, 2022. The program allows older and disabled Pennsylvanians to apply for rebates on property taxes or rent paid in 2021. The rebate program, which is funded by the Pennsylvania Lottery and revenue from slots gaming, benefits-eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age 18 and older. The income limit is $35,000 a year for homeowners and $15,000 annually for renters, and half of Social Security income is excluded. The maximum standard rebate is $650, but supplemental rebates for certain qualifying homeowners can boost rebates to $975. The Department of Revenue automatically calculates supplemental rebates for qualifying homeowners. Claimants of the Property Tax/Rent Rebate Program are encouraged to file their rebate applications online by visiting https://mypath.pa.gov/_/. The Department of Revenue launched this online option to make it easier for the Pennsylvanians who annually benefit from the program to submit their applications. Under Pennsylvania law, the annual deadline for the Property Tax/Rent Rebate Program is set as June 30. However, the law requires the Department of Revenue to evaluate the program prior to the statutory June 30 deadline to determine if funds are available to extend the deadline. To date, funding has been available to allow all who qualify to benefit from the program, meaning the deadline can be extended to Dec. 31 for the current year. Applications postmarked by Dec. 31 will be accepted for processing. Rebates will be distributed beginning July 1, as required by law. Here is additional information to keep in mind: If you provide your phone number on your Property Tax/Rent Rebate application form or in the myPATH electronic application, you will receive an automated call from the Department of Revenue when your claim posts to the department's processing system. You will also receive another automated call when your claim is approved. The easiest way to check the status of your rebate is to use the Where's My Rebate? To check on the status of your claim, you will need your: Social Security number Claim year Date of birth Find more information on the program here.

Conversations around gender and gender neutrality are becoming more and more mainstream. In the legal world, there has been an increase in the number of clients requesting gender-neutral documents. Gender neutrality is important when writing about people because it is more accurate — not to mention respectful — and is consistent with our desire to practice a policy that respects diversity, equity and inclusion. With these trends in mind, we recently made an effort to replace much of the gender-specific terminology in our estate planning documents with gender-neutral terminology. The patriarchal past is apparent in the language of estate planning documents no more directly than with the continued use of the words “executrix” and “testatrix” in Wills. The feminized form of “executor” and “testator” are problematic because the use of feminized assumes the male as the norm. Using feminized terms also conveys that the role is less important, such as use of the term “laundress,” or that the role is typically a male role, such as use of the “aviatrix.” The gendered terms “executrix” and “testatrix” still continue to be commonly used today despite a widespread trend to minimize their use. Along with the gender-inclusive incentives to change our terminology, these terms are verbal roadblocks to our clients’ understanding of their estate planning documents. Attorneys often use jargon in legal documents because they understand what those terms mean even if their client does not. That mindset puts the client in position of reduced importance - it implies that it is more important for the lawyers to understand the documents than their clients. That is backwards thinking, but it has prevailed in the legal community for centuries. It is time for a change. It is very important to us that our clients understand their Wills, Powers of Attorney and Trusts. Equally important is that our documents reflect and respect our clients’ individuality and identity. Continuing to use antiquated jargon that is based on long-since expired stereotypes does not meet our clients where they are. Our hope is that the changes we’ve made to our documents will reflect the value we place on our clients. Contact Fiffik Law Group's experienced estate planning attorneys today to get started on or make changes to you Will. We will make sure you understand and are represented by the terminology in your documents.

What is a Trust? A trust is a type of legal entity that holds property for the benefit of people that you care about and is governed by a set of rules and managed by a trustee. Sometimes known as ‘will substitutes,’ revocable and irrevocable trusts are tools that you can use to help ensure your wishes are carried out, protect disabled beneficiaries, help children spend/budget properly, protect assets from creditors, and promote family harmony. Trusts can be created and funded during your lifetime. Some trusts, called “testamentary trusts”, are part of your Will and only come “alive” after you die under certain circumstances. Trusts Are Only for Wealthy People, Right? Wrong. They are not just for people with lots of assets; trusts can be used by anyone. In fact, most people who have young children and who have a Will probably have a testamentary trust in their Will. What’s Included in a Trust Document? Generally, a trust document includes the name of the person who created it [known as the grantor or settlor], the names of the beneficiaries, the name of the trustee, rules for holding and investing the trust assets and directions on how to distribute the assets held in the trust to the beneficiaries. What are Revocable Trusts? Revocable trusts are created during your lifetime and can be revoked (i.e. cancelled) or amended at any time until the grantor either passes away or becomes incapacitated. These are sometimes called “living trusts”. The grantor is typically the trustee and has complete control of any assets held in the trust. During the life of the trust, income earned, taxed and distributed to the grantor. Upon the grantor’s death, it becomes irrevocable, and its assets are managed and distributed as the trust document directs. The trust can continue holding, managing and distributing assets for many years after the grantor’s death. What are Irrevocable Trusts? Irrevocable trusts are permanent. The grantor can’t make changes or updates to the trust. Once transferred, grantors effectively give up ownership rights to the assets. The trustee is in control of the assets and must administer the trust according to the trust document. Irrevocable trusts are often used to gain advantages for tax purposes. What are the Key Considerations for Each Type of Trust? Advantages of a revocable trust include its flexibility (i.e., revocable, changeable, etc.), and the fact that its assets remain under the control of the grantor/trustee. Revocable trusts are private, meaning their details won’t become publicly known after the death of the settlor. Disadvantages include the initial cost of having an attorney draft the trust, as well as the time and cost of reregistering your property in the name of the trust. Revocable trusts should be reviewed and amended as circumstances change. Advantages to creating irrevocable trusts include protecting assets from creditors and spendthrift beneficiaries. They can be used to help preserve eligibility for government programs for special needs beneficiaries. They also can be an effective estate planning tool to minimize estate tax liability, especially in large estates. A disadvantage is implied in the name itself, in that it is irrevocable. Additionally, once transferred, you will effectively lose control over the assets placed in the trust. Learn More When considering a trust, the experienced estate planning attorneys at Fiffik Law Group and help you understand whether a trust is right for your estate plan.

Does Medicaid pay for nursing home care? In short, yes. In all 50 states and the District of Columbia, Medicaid will pay for nursing home care for persons who require that level of care and meet the program’s financial eligibility requirements. Readers should be aware that the financial requirements and the level of care requirements vary based on the state. Not all nursing homes accept Medicaid for payment (they must be licensed to receive Medicaid funding). Making it more complex is that the financial requirements change based on the marital status of the Medicaid beneficiary/applicant. For those who are eligible and who are in a home that accepts Medicaid payments, Medicaid will pay for the complete cost of nursing home care, including room and board. Medicaid will pay for nursing home care on an ongoing, long-term basis for however long that level of care is required, even if it is required for the remainder of one’s life. Medicaid should not be confused with Medicare. Medicare will only cover part of the cost of nursing home care and only for a maximum of 100 days. Short-term nursing homes are commonly called convalescent homes and these are meant for rehabilitation, not long term care. Here are some facts about Medicaid, your assets and nursing homes: Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care. If you are married, your home is exempt and cannot be taken when applying for Medicaid. If you are single or widowed, your home is exempt up to $595,000. However, after you pass away, Medicaid will have a lien on your home and estate up to the amount of benefits paid on your behalf during your lifetime. A common myth is that by transferring ownership of your home, you can avoid “losing it” if you must go to a nursing home. If you transfer your home to your children, not only will it result in immediate ineligibility for Medicaid, but it could also: Trigger a gift tax, Your children will pay higher capital gains taxes when they sell your home, Result in the loss of any property tax exemption, and, Result in your child’s spouse (the in-laws) inheriting your home. Giving your assets away means losing control. It’s not safe even if you “trust” who you give it to. If that person divorces, goes bankrupt or is sued, all of the money you transferred is at risk. There are asset protection trusts that permit you to keep 100% control of your assets without the risk of losing them if long-term care is needed. You do not have to wait 60 months to qualify for Medicaid. Eligibility is calculated on a case-by-case basis. It is possible to have over $250,000 in cash and qualify immediately. Get professional advice from one of the experienced asset protection attorneys at Fiffik Law Group and learn the facts. It is never too late to protect your assets even if you are already in a nursing home. In fact, you can qualify for Medicaid sooner if you are already in a nursing home, than if you aren’t. A nursing home or hospital that offers to file a Medicaid application for you has no obligation (and often can’t) advise you on how to protect your assets. Only a qualified Medicaid planning attorney will be looking out for your interests. Applying for Medicaid prior to qualification could result in being disqualified for a longer period of time than you otherwise would have been (it’s not limited to 36 months). Make sure the attorney you hire is experienced in Medicaid planning. Would you go to your regular doctor for a heart problem? Consider long-term care insurance. An annual premium for a couple is usually less expensive than one month of nursing home care and with proper planning; it may also enable you to stay home if you become ill. Don’t let fear stop you from planning. The earlier you start, the more you can protect and the more options you have. Contact the experienced elder law attorneys at Fiffik Law Group today to set up an appointment.

As you research senior living options, you’ll discover not only are there different types of communities, but there are different types of financial and admission agreements as well. Understanding the differences in senior living contracts will help you make an informed decision and create a smarter plan for the future. There are three basic types of Life Care contracts — Type A, Type B, and Type C. Some communities will offer only one type, while others will give you options to choose from. Type A Contracts Communities with these agreements promise to deliver those higher levels of care with little or no increase in monthly service fees. They’re able to do this because you pay an upfront entrance fee, which essentially prepays for future care. So while you pay more initially, your monthly fees are predictable, and will remain the same even if you need care, which can give you substantial savings in the long run. Other things to know about Type A contracts: Entrance fees will vary based on your location, residence size, and number of occupants. Many communities offer partially refundable entrance fees, where 50%, 75%, or 90% of your entrance fee is refunded to you or your estate. Type B Contracts Communities with Type B contracts typically have lower entrance fees and provide health care services as needed. While health care costs may be lower than you’d pay outside the community, your monthly fees will increase with care. Not all Type B contracts are the same: You may receive a limited number of free days in the health center, with additional care billed at daily market rates. Care may be billed at a minimally discounted rate. Care may be billed at an equalized rate, which means if you’re an independent living resident and you need to move to a higher level of care, your monthly service fee will change to be equal to the average of all independent living monthly service fees being charged at that time. Type C Contracts (AKA Fee-for-Service) With Type C contracts, you only pay for the care you need. Entrance fees and monthly fees are typically lower than with other contract types, but if you do need a higher level of care, you pay full market rates. If you’re an independent living resident and need short-term care, to keep your residence, you’d still have to pay your monthly fee and the cost of housing and care you receive. Before you make a visit to a community, arm yourself with this information about senior living contracts so you can feel confident in planning your future. Do not sign a senior living contract without first consulting with one of Fiffik Law Group’s experienced elder law attorneys. Make informed decisions before you make a commitment. Click here to find assistance in your county.

By: Michael Fiffik, Esquire Our Elder Law attorneys are often asked: at what age should I start my elder law planning? Unlike many other parts of our lives, there is no one answer. Elder law planning does not come in a one-size-fits-all solution. The correct answer to the question is as diverse as our clients. When you should start elder law planning depends upon your specific circumstances. What is right for one family in one situation may be entirely wrong for another family in a different. However, if we had to give a general rule, we would say, “the sooner the better.” One of our primary goals as Elder Law attorneys is shielding or protecting a family’s assets from the high cost of nursing home care. Because of this focus, we are necessarily concerned with our clients’ mental health as well as their physical health. We think seniors between the ages of 65 and 70 should start the elder law planning process. In particular, they should consider Elder Law asset protection strategies. Most seniors in that age range are still in good health. Consequently, they have the benefit of time – time to establish the elder law plan and time to let the statutory look-back period run out. We are always concerned with the 5-year look-back period because the changes to the Medicaid laws made timing of asset protection strategies a critical issue. In addition to their good health, this group of seniors typically has adult children who are mature enough to understand the importance of elder law planning and of their role in the plan. In many cases, the adult children serve as Trustee of a Medicaid Asset Protection Trust. We frequently use trusts to protect assets in the context of elder law planning. We advise some clients to transfer their assets into an Irrevocable Income Only Trust, also called a Medicaid Asset Protection Trust. In most cases, seniors have the necessary comfort level, faith and trust in their adult children to allow for the use of trusts in their elder law plan. Since the adult children will manage the trust assets, the age and maturity level of the appointed children as well as their relationship with the senior are also important factors. For younger seniors in this age group we often suggest staggered or staged elder law planning. (Some call it Medicaid trust planning.) In the first stage, we transfer the senior’s house into a trust right away. Then, as the seniors get older, liquid assets are added. We start with the home because the home is usually the seniors’ largest asset. It is also the asset our senior clients most want to end up in their children’s hands. Elder law planning with a home is a straightforward asset protection strategy and has no effect on a senior’s lifestyle. Other than the change in title of the home from individual name to trust name, the senior will not notice any change at all. There is no impact whatsoever on the senior’s daily life. It is a much different scenario when seniors are placing their life savings into a Medicaid Asset Protection Trust. As seniors get older and have less of a need for large bank deposits or investments accounts, assets can be transferred to the irrevocable trust because there is less of a need for those assets. The benefit to starting an Asset Protection Plan at age 65 is that the senior is virtually guaranteeing that their children will receive an inheritance. Then, there of those of us who tend to procrastinate when it comes to setting up Wills or Trusts or doing other types of planning we all know we should be doing. Thus, many of the cases we see are already in what we call the “crisis planning” stage. Typically, the senior who waits until age 85 to consider planning is usually doing it at this crisis stage or is doing it because they have seen a close friend or family member lose the bulk of their assets due to nursing home admission. Unfortunately, many people first start to think about asset protection only on the day before they enter a nursing home. In these cases or where there are health issues dictating that nursing home admission is imminent, then more aggressive elder law planning must be undertaken. After they have signed all their estate plan documents, our clients tell us about the peace of mind they have knowing their plan is in place. On the other hand, crisis planning is nowhere near as beneficial and you can never be sure of the results. Consider this: if at age 65 your house is transferred to an irrevocable Medicaid trust and you make it past the 5-year look-back period, the full value of your home is permanently protected from nursing home costs. And, more importantly, you have guaranteed your kids an inheritance you’ve worked a lifetime to accumulate. This type of elder law planning can be done at any age; however, the risk of needing nursing home care is always present as we advance in years. The risk of losing everything is an unnecessary risk that you don’t have to take. The experienced Elder Law attorneys at Fiffik Law Group are available to assess your family situation and suggest Asset Protection Strategies that are right for you. Contact us today to begin the conversation.

The greatest part of America's wealth lies with family-owned businesses. According to the US Census Bureau, family firms comprise  90 percent of all business enterprises in North America. More than 30% of all family-owned businesses make the transition into the second generation. Without tax-efficient planning, the inheritance tax bill that comes due on the transfer from one generation to the other can be crippling for a small business. There’s a way to avoid that. Inheritance Tax on Family-Owned Business Certain family-owned businesses can be passed to the next generation and earn an exemption from inheritance tax. Pennsylvania has an inheritance tax that applies in general to transfers resulting from a person’s death. The tax rate depends on the relationship of the recipient to the decedent (i.e., 0% for a spouse; 4.5% for a lineal descendant (child or grandchild). The tax bill can be difficult to pay for a business that is not flush with cash. For example, a family plumbing business valued at 1 million dollars will have a tax bill of $45,000. That can eat up a large piece of the net operating margin for a business. Qualified Family-Owned Business Tax Exemption Businesses meeting certain criteria (known as “qualified” businesses) transferred to certain transferees can avoid inheritance tax. A “qualified family-owned business” is defined as a sole proprietorship or business entity (like an LLC or corporation) that was in business for five years prior to the decedent’s death and at the time of the decedent’s death has (i) fewer than fifty full-time equivalent employees and (ii) assets with a net book value less than $5,000,000. Further, the business qualifies only if it was wholly owned by the decedent or by the decedent and eligible family members (i.e., spouse, lineal descendants, siblings, sibling’s lineal descendants, ancestors and ancestor’s siblings). Plus the entity must have a trade or business with a principal purpose other than the management of the entity’s investments or income-producing assets. Eligible Transferees of Business The exemption applies only if the decedent’s interest in a qualified family-owned business is transferred to one or more eligible family members (i.e., spouse, lineal descendants, siblings, sibling’s lineal descendants, ancestors and ancestor’s siblings.) Thus, the class of eligible transferees is the same as the class of family members who can have an ownership in a qualified family-owned business entity at the time of the decedent’s death. The Family Must Continue Operating for Seven Years The exemption applies so long as a qualified transferees continue to own the and operate the business for at least seven years after the decedent’s death. If the exemption is lost, the business interest will be subject to tax as though the exemption never applied, with interest accruing from the original due date that otherwise would have been in effect. The owner at the time of the disqualification will have the personal obligation to pay the resulting tax and interest. During the seven-year period, each owner must certify to the Department of Revenue on an annual basis that the interest continues to be owned by an eligible transferee. Any transaction or occurrence that causes the qualified family-owned business interest to fail to qualify for the exemption must be reported to the Department of Revenue. Penalty for Last Minute Planning To prevent people from making transfers in contemplation of death merely to avoid tax, the law provides that if the decedent added property to the qualified family-owned business within one year of death, such property will not be exempt unless it was added for a legitimate business purpose. It pays to plan well in advance. Other Benefits of Advanced Planning There are benefits to planning in advance beyond the tax benefits. Family-owned businesses that struggle with the transition often have one or more of these problems: Nextgen leader not defined. Every business needs an undisputed leader. A successful succession plan for a businesses with multiple family members involved includes defining who that next leader will be. You do not want to leave a power struggle as your legacy for the family or business. Undefined roles. When the founder of the business is involved, defining the roles of family members is less of an issue. However, when that founder passes away or retires, family members who had overlapping and potentially unclear roles can be a source of conflict. Existing family dynamics and communication styles that are inappropriate in a work environment may worsen business conflicts. Planning in advance allows the founder to clearly define roles once they exit the business. Fairness to family not involved in the business. This is one of the most difficult problems to solve. Usually the business is a large portion of the owner’s wealth. How do you pass the business to one child but be fair to the others who are not involved? There are a wide variety of options for solving this problem but they all require advanced planning. Uncertainty for customers and employees. Your employees and customers all need to have confidence that they can rely on your business continuing once you are gone. Lack of continuity creates chaos, service disruptions, late bill paying, and other problems. The business that has an ill-defined or non-existent succession plan creates uncertainty that can cause employees to seek other jobs and customers other providers for products and services. Read More: Business Continuity Planning Our Experienced Estate Planning and Business Attorneys Can Help Do you need help navigating the issues of succession planning for a family business? Our attorneys are ideally suited for this need as we complete thousands of estate plans annually while also representing hundreds of small businesses all over Pennsylvania, many owned by families such as yours. Contact our office to schedule an in-person, video or phone appointment.

For new construction homes, it is common for the buyer to move in with a remaining punch list of items that the builder will finish after closing. Even with the best builder, there is usually something, whether it is found before closing or after they moved in. These outstanding tasks are usually promptly completed within a month of closing – but Fiffik Law Group Attorney Adie Kurtanich’s client’s tasks were blown off for over a year. After a 65-year-old man and his wife purchased and moved into a new construction home in Pittsburgh, they still needed significant work completed such as properly grading the yard, putting in the driveway, and finishing the landscaping. These items – which are very standard – were included in the New Construction Sales Agreement contract. However, over a year later, the work still had not been completed, and the builder had stopped responding to all calls and emails. “With the way the construction market is right now, and the high demand of various subcontractors, not having a home 100% complete is fairly common today,” Attorney Kurtanich said. “But imagine moving into a new home, and the builder doesn’t put in the driveway for a year. That’s just ridiculous.” Not only is this situation unlawful as it is a clear breach of contract, but it is also unsafe. If a yard is not properly graded, then the ground can erode and damage the foundation of the home. Before contacting Attorney Kurtanich, the man was prepared to sue the builder and hire someone else to do the work. The remaining work was estimated at a minimum of $15,000, but with a price ceiling of $30,000+. If he had to sue the builder on top of that, it would have cost a minimum of $5,000, but most likely much more. To avoid these exorbitant costs, Attorney Kurtanich first wrote the builder a letter to give him a final chance to complete the work before her client filed a formal lawsuit. Upon receipt of the letter, the builder immediately began to work on the outstanding items, so no lawsuit was necessary. All said and done, it only took the builder 10 days to complete the outstanding items that should have – and easily could have – been taken care of a year ago. “That tells me that they were just blowing off my client because they thought they could,” Attorney Kurtanich said. It should not have taken a letter from an attorney for the man to receive the construction services he was owed, but unfortunately, there are always going to be people who will try to take advantage of others. In cases like these, you need experienced legal representation to advocate for you and ensure your rights are protected. Fiffik Law Group's mission is to provide access to justice for all. If you are interested in becoming a LegalShield® member, learn more here. Contact us today for a free initial consultation.

Cryptocurrency (e.g., Bitcoin, Litecoin, Cardano, Ethereum, Ripple (XRP), etc.) is increasing in popularity as a form of a financial investment. As that market rises and falls, investment decisions can result in substantial tax consequences -- for you and your heirs after you pass away. Find out what we know about cryptocurrency tax planning and what you can do to protect your family from unexpected Bitcoin inheritance tax. Cryptocurrency Assets are Different Than Traditional Assets Despite its name, cryptocurrency isn’t treated the same as your bank account, insurance benefits, or investment assets. Pennsylvania and federal law consider cryptocurrency personal property rather than currency (i.e. money or “flat” money in the crypto world). This affects the way it is treated -- and taxed -- after you die. General tax principles that apply to property transactions must be applied to exchanges of cryptocurrencies. As such, crypto investors must recognize gain or loss on the exchange of cryptocurrency for cash or for other property. Accordingly, gain or loss is recognized every time that cryptocurrency is sold or used to purchase goods or services. How the gain or loss is recognized depends largely on the type of transaction conducted and the length of time the position was held. Planning for Cryptocurrency and Inheritance Tax The capital gains consequences of cryptocurrency transactions require careful consideration in estate planning as well. If your heirs receive thousands of dollars in appreciated crypto assets, they could face substantial inheritance tax consequences. It is important to anticipate those tax consequences while planning your estate. This may include making cash available to pay the inheritance tax that is owed, or using alternative estate planning methods, including various forms of revocable or irrevocable trusts, to reduce the taxable events. Even then, you should require your trustee to work with an experienced estate administration attorney to ensure the virtual assets are properly maintained and distributed when the time comes. Tax planning for cryptocurrency assets remains unpredictable, and not just because the value of Bitcoin, Litecoin, Cardano and Ripple (XRP), etc.) can change rapidly. To make the most of your assets today and leave the most value to your heirs tomorrow, be sure to work with estate planning attorneys familiar with cryptocurrency to accommodate your tax planning and asset protection needs. Contact Fiffik Law Group to Learn More About Including Cryptocurrency in Your Estate Plan. Adding cryptocurrency to your estate plan is a delicate and technical job and is best to be accomplished by an attorney well-versed in different types of cryptocurrencies and digital wallets as well as estate planning and asset protection. The experienced estate planning attorneys at Fiffik Law Group can assist you in incorporating your cryptocurrency into your existing Will or creating a new Will or Trust with the digital financial assets and physical assets you would like to pass on. Contact us today.