#016: Estate Planning for Business Owners with Rebecca Hobbs
It may be scary to think about what will happen to your business and assets when you’re no longer around. Whether illness, sudden tragedy, or incapacitation causes you to be unable to make decisions and operate your business; you need to be prepared. Rebecca Hobbs is a Principal of law firm O’Donnell, Weiss & Mattei, P.C. here in Pennsylvania. As a Certified Elder Law Attorney, Rebecca shares her insights on the need for Estate planning and the building blocks of documents and decisions to get you started.
Important Documents:
- Last Will and Testament
- General Power of Attorney
- Advance Health Care Directive
These three documents are the building blocks of an estate plan, and begin with personal decisions that involve labeling family or important with necessary roles, determining your end of life preferences, and wishes involving personal assets. For business owners, there are nuances with business documents in the formation and operating of your business. It’s important to make sure these are included and communicate well with the other documents involved in your estate. Additionally, each situation, personal assets, trusts, and more will affect an estate plan and will differ individually, so it’s important to consult with a local attorney.
If you do not prepare these documents, consider estate planning, or various life insurances, things can get complicated for your loved ones at your end of life. Have these conversations about your wishes and expectations, as well as organize these documents and other important documents to make a difficult time easier for your close friends and family.
If you’re located in Pennsylvania and would like to reach out to Rebecca Hobbs, you can find her via the O’Donnell, Weiss & Mattei Law Firm as well as via email or LinkedIn.
What’s Inside:
- How can you begin estate planning for your business?
- What happens when a business owner passes or is incapacitated?
- What are the building blocks for estate planning?
- Why should you consult an attorney for estate planning?
- Should you check and update your Last Will and Testament regularly?
- Why is estate planning important for business owners?
Mentioned In This Episode:
Rebecca A. Hobbs, Esquire, CELA
Certified as an Elder Law Attorney by the
National Elder Law Foundation as authorized
by the Pennsylvania Supreme Court
O’DONNELL, WEISS & MATTEI, P.C.
347 Bridge Street, Suite 200 Also with offices at:
Phoenixville, PA 19460
Phone: (610) 917-9347 41 East High Street
Fax: (610) 917-9348 Pottstown, PA 19464-5426
Email: rhobbs@owmlaw.com
Website: www.owmlaw.com
Rebecca Hobbs on LinkedIn
Phone: (610) 323-2800 Fax: (610) 323-2845
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