Gusty Sunseri & Associates, P.C.Pittsburgh PA Divorce Attorney | Pennsylvania Criminal Defense Lawyer2024-03-18T17:19:50Zhttps://www.sunserilawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1501610/2020/01/cropped-ogimage-2018-12-11-02-21-04-32x32.jpgOn Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489532024-03-18T17:19:50Z2024-03-18T17:19:50ZThe prospect of launching a new business can be thrilling, yet daunting, as you bring your ideas to life. Understanding what you need to do before you open your doors to the public can make the difference between a flourishing enterprise and an avoidable failure. For example, understanding your target market by conducting comprehensive research can inform the development of a robust business plan. This plan may detail your business idea, target market, competitive analysis, marketing strategy, financial projections and operational plans, which can bring focus and a detail-oriented mindset to your approach. After you’ve conducted thorough and effective research, you can additionally benefit from considering the following.
Financing your business
Determining how you will finance your business is another important concern. Options range from personal savings, loans from microlending to bank loans, crowdfunding to venture capital. Each financing method has unique advantages and considerations, such as interest rates, equity dilution and repayment terms. Careful planning and realistic financial projections can help you choose the most suitable financing option.
Marketing and customer acquisition
Developing an effective marketing strategy is essential for attracting and retaining customers. This involves identifying your target audience, understanding their needs and preferences and utilizing effective marketing channels to reach them. A mix of digital marketing, social media, content marketing and traditional advertising may or may not be right for your vision.
Choosing the best formation structure for your vision
Before your business can operate legally in any state of your choosing, you’ll need to – in most cases – formally register your business with the state. Before you can do that, you’ll need to commit to a legal business structure. Some states offer unique structures in addition to the “standard” options of sole proprietorship, partnership, limited liability company and corporation. By carefully reviewing how each structure could serve – and potentially complicate – your operations, you’ll place yourself in a strong position to make a sound decision. Finally, it is important to consider how complex and consequential the run-up to launching a business can be. This is not a “DIY” situation, given all that is at stake. By seeking personalized legal guidance, you can prepare for and launch your business as efficiently and effectively as possible. From working to ensure regulatory compliance to securing business licenses, drafting contracts to safeguarding intellectual property, skilled help is a must.
]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489522024-01-18T21:02:12Z2024-01-18T21:02:12ZYour filing status
If your divorce is final by Dec. 31 of this year (and you haven’t remarried), you need to file as either “single” or “head of household.” The latter will allow you to pay less in taxes. However, to qualify, a child or other dependent must live with you for more than half the year and you must pay more than half of your household expenses that year.
Claiming your dependent child(ren)
When parents live separately and share custody of a child, only the parent who has them for the majority of the year can claim them on their taxes as a dependent. If parenting time is divided 50-50, you just need to agree that one parent has them one day more than half the year. Some co-parents alternate taking this benefit each year. If you have multiple children, you can each claim one or more. The custody order should back up what you report on your taxes, however.
What is “incident to the divorce?”
The IRS recognizes that it’s common in divorce for spouses to transfer separately or jointly owned property to one another. Fortunately, it doesn’t require people to report capital gains or losses on property transferred “incident to the divorce.” No documentation is needed for property transferred within a year after the divorce is final. After that (up to six years), any property transfers must be listed in the divorce agreement to qualify as “incident to the divorce.”
It’s wise to get tax guidance when you file your first income tax returns following your divorce – not just to help ensure that you’re not making mistakes but to help as you enter this new phase of your life. As noted, it’s not too early to think about tax considerations as you work with your legal team to get the best possible settlement.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489512023-12-05T09:05:32Z2023-12-05T09:05:32ZWhat does property valuation entail?
Property valuation is the process of establishing a fair market value for certain assets. Spouses must provide a comprehensive inventory of their holdings and assign a value to each asset. Often, property valuation is a process that requires expert advice. Too many couples make the mistake of focusing on the purchase price for assets. They fail to consider how certain property can appreciate in value. Proper asset valuation involves reviewing what similar assets are worth on the open market to determine what those assets are actually worth.
For example, people may need to work with an appraiser to determine what their home is worth given the current real estate market and the improvements they have made to the home since buying it. A valuation may also be necessary for a business. There are many different forms of business valuation that can look at factors ranging from the revenue the company produces to its physical assets.
The higher the likely overall value of an asset, the more worthwhile it will be for someone to obtain professional valuation services instead of simply estimating its worth. Even when someone does not want to keep a particular asset, they need to know its value in order to negotiate an equitable arrangement for their other assets.
Sometimes, each spouse will perform their own valuations on the biggest marital resources and then they will compromise and set a value in between those two figures. Those who do not take the time to properly value their assets may end up receiving less than a fair share of the marital estate because of that oversight.
]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489482023-09-22T17:45:31Z2023-09-22T17:45:31ZInitiation of probate
Probate typically begins when the executor, named in the deceased person's will, files a petition with the Register of Wills in the county where the deceased person lived.
Notification of heirs and creditors
Once probate starts, the court will notify all interested parties, including heirs and creditors. Creditors have a specific period, usually four months, to submit claims against the estate.
Inventory and appraisal
The executor must prepare an inventory of the deceased person's assets, including real estate, bank accounts, investments and personal property. The court may require an appraisal of certain assets to determine their value.
Payment of debts and taxes
Before distributing assets to beneficiaries, the executor must pay off the deceased person's debts, including funeral expenses and taxes. Pennsylvania has an inheritance tax, which applies to the value of the assets transferred to heirs. This can range from 4.5% up to 15% depending on the situation. The executor must pay these taxes out of the estate.
Distribution of assets
Once the executor settles all debts and taxes, they can distribute the remaining assets to the beneficiaries according to the deceased person's will or according to Pennsylvania's intestate succession laws. This distribution process is subject to court approval.
Final accounting
After the executor settles everything, he or she submits a final detailed accounting to the court.
Closing probate
Once the court reviews and approves the final accounting, the probate process closes. At this point, the estate is officially settled, and the executor's duties come to an end.
To help ensure a smoother probate process, it is important to have a well-drafted will and choose an executor wisely. Ultimately, the goal of probate is to ensure that everything happens in accordance with the deceased's wishes while satisfying any outstanding obligations.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489472023-07-11T19:13:35Z2023-07-12T19:13:28Zmanages and distributes them according to your wishes and instructions.
Trusts offer several benefits and advantages that can contribute to your long-term financial goals.
1. Asset protection and privacy
By transferring ownership of your assets to a trust, they become separate entities shielded from personal liabilities. It is a way to protect them from potential creditors, financial threats and lawsuits. Additionally, since trusts do not become public records, this offers your family a layer of confidentiality and privacy.
2. Management flexibility
You can establish specific instructions and conditions for the use and distribution of your assets, even after your death. This flexibility becomes beneficial when dealing with complex family or business situations, such as blended families or minor beneficiaries, allowing you to tailor your asset distribution appropriately.
3. Tax efficiency and minimization
Through careful structuring and strategic distribution of assets, you can potentially reduce the tax burden on your estate and maximize the inheritance for your beneficiaries. Certain types of trusts, such as charitable remainder trusts (CRTs) and irrevocable life insurance trusts (ILITs), offer additional tax advantages while allowing you to support philanthropic causes.
4. Providing for loved ones
A trust allows you to provide for your friends and family in a controlled and structured manner. You can designate specific conditions, such as age or milestones, ensuring your beneficiaries receive their inheritances at appropriate times. This feature of trust becomes particularly valuable when leaving assets to individuals with special needs or to minor children.
Taking advantage of a trust's flexibility and control can provide long-term preservation of your wealth.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489462023-05-16T20:18:21Z2023-05-16T20:18:21Zlimited liability company.
Benefits of an LLC
As the name suggests, an LLC provides limited liability for its owners, also known as members. In times of financial or legal trouble, your and other members' personal assets are safe from debtors because the business stands as its own entity. An LLC is also one of the easiest business structures to set up, with few barriers to entry and little effort or knowledge required to get started. The tax situation for an LLC is also less complicated, as the company does not pay taxes. Instead, you and other members claim profits on your individual tax returns.
Downsides of an LLC
You might be personally liable if you do not carefully separate your personal expenses from those of the LLC or fail to keep the business above board, and you must pay self-employment taxes on your income as a member. Additionally, you may have to dissolve the LLC if a member dies.
No two business ventures are exactly alike. If you are unsure whether the benefits of forming an LLC outweigh the costs, an attorney can work with you to determine an ideal business structure for your unique situation.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489452023-03-16T20:32:40Z2023-03-16T20:32:40Z1. Discuss the breach
Once discovered, have a discussion with the other party. In some instances, a vendor or contractor has misinterpreted the contract or simply made an honest error. Oftentimes, approaching the matter face to face leads to a suitable solution. If it does not, you have other courses to take.
2. Weigh your resolution options
While your situation may require filing a lawsuit, arbitration or mediation offer out-of-court opportunities. During mediation, a mediator works with you and the other party to work through and resolve the dispute. Arbitration involves working with a person or panel, who ultimately rules on the situation.
3. Calculate your damages
Whichever solution you decide on, you need an accurate account of your losses. In the majority of cases, the damages come in a monetary form, such as not receiving payments or incurring additional costs.
4. Know your legal limitations
If you determine taking legal action serves as the best option, you have time limits to consider. Pennsylvania has a four-year statute of limitations regarding breach of contract claims. While that may seem like you have plenty of time, filing a claim comes with many complexities that cannot happen overnight.
Keeping your business thriving means having the confidence that business associates and others will adhere to contracts. If a contract gets broken, you have the right to recoup your losses.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489442023-03-09T14:43:47Z2023-03-13T13:42:41ZCalculating child support in Pennsylvania
A judge has the final say over how much a divorcing parent must disburse. This courtroom representative has a wide ability to make such determinations within the scope of the law. Subsequently, monthly figures vary greatly.
The needs of the child are especially pertinent to the ruling. The age of the dependent can affect this variable. There might also be medical needs that insurance does not cover for which both parents are responsible.
The fiscal situation of both individuals is also a critical determinant. Preexisting fiscal liabilities, for instance, could lead to a lower tally. Tweaking the amount of child support is possible under particular circumstances. Examples include the emergence of a physical disability or sudden job loss for the parent.
Failing to pay child support in Pennsylvania
Those that neglect to cover their obligation face a few potential undesirable outcomes. Professional licenses may be subject to suspension. The other parent could use a Qualified Domestic Relation Order to extract the overdue amount from a retirement account. There is even the possibility of contempt charges and receiving jail time.
Shouldering child support payments becomes especially frustrating without enlightenment on the calculation process. When resentment builds, the person who owes might decide to withhold funds. An understanding of the matter can tamp down these unwise impulses.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489432023-03-09T14:41:14Z2023-03-09T14:41:14ZWhat can happen to your business
One potential outcome is that you wind up in a corporate partnership with your former life partner. Community property states demand the equitable distribution of assets in a divorce. If you live in one, you might have to share your corporation. Such an arrangement is bound to be uncomfortable.
The alternative might be liquidating the company and splitting the proceeds. Judges are hesitant to order this when the entity in question is paying the bills. That said, it becomes unavoidable in some cases.
Worse, there is the chance of retribution. An acrimonious split might lead to direct sabotage.
How to shield your business
There are several methods by which you can protect your company. One is to state that it will always remain yours as part of a prenuptial agreement. If you are already legally bound, incorporate this stipulation into a postnuptial agreement.
Another measure is to avoid employing your spouse. The more involvement your partner has, the greater the likelihood he or she will want to continue making decisions. Also, keep business and personal expenses separate so they remain divided property.
Finally, put the venture in a trust, thus eliminating it as a marital asset.
Avoid compounding the frustration of divorce. Take action now to keep unwanted hands away from your enterprise.]]>On Behalf of Gusty Sunseri & Associates, P.C.https://www.sunserilawfirm.com/?p=489412022-09-13T20:40:54Z2022-09-13T20:40:54ZBe flexible
Flexibility is key if you want to take some of the stress out of your custody arrangement. Some may dislike a custody arrangement or want to change it initially, only to later realize that it does not disrupt their day-to-day life as much as they thought. Not only that, but some may find adapting their schedule is not as complicated as they initially thought.
Consider your children first
When it comes to custody arrangements, it is important to think about your children first. Even if something is not ideal for you, you need to consider how it will affect your children, and whether or not it would be best for them. By keeping their happiness and comfort at the forefront of your mind as you proceed through custody arrangements, you can help ensure that you come up with solutions that truly work for your children and help support them properly.
Divorce is hard, especially for your children. The reality is, though, that there are ways that you can help reduce the stress that naturally occurs in a divorce. The more open you are to different types of custody agreements, the easier it will be for you to find the right solution for your family.]]>