Letters of Intent are pre-contractual documents establishing basic terms which the parties intend to incorporate into a definitive agreement; in other words, they are “agreements to agree.”
They are used in many major business transactions, including the purchase or sale of a company, commercial real estate purchases, lease agreements, and several other categories of agreements.
Continue reading What is a Letter of Intent? →
Make sure you have “people” when filling out legal forms
During tax season there was a commercial in which a woman was critical of her husband for using purchased computer software to prepare their tax return. When her husband stated that he was “stuck,” she said, “Let’s ask the box.” The point was that the user of the software did not have anyone to consult when he ran into problems or had questions. They did not have “people.”
Continue reading Why you should avoid filling out legal forms online →
On September 18, 2018 the long-awaited final rules were released by the Department of Veterans Affairs (VA) regarding pension benefits. The VA Pension is a needs-based benefit for Veterans that served during a period of wartime and spouses of deceased Veterans. The new VA rules dramatically change the current asset and income qualification rules for Veterans applying for pension benefits.
There are several changes to the pension benefit qualifications; however, the two changes that I want to highlight are (1) the imposition of a look-back period and penalty for gifts and uncompensated transfer; and, (2) a change to the requirements for income and assets, which the VA refers to as “net worth”. …
Continue reading Veteran Pension Benefits: New Rules Released from the Department of Veterans Affairs →
FEATURE ARTICLES – “Stock v. Asset Sale When Buying or Selling a Business” by Joseph K. Koury, Esquire and “Don’t Procrastinate: Why You Need an Estate Plan” by Rebecca A. Hobbs, Esquire, CELA.
OWM FIRM NEWS & UPCOMING EVENTS – Kathleen M. Martin, Esq. and David A. Megay, Esq. have upcoming information sessions.
Read Full Newsletter
Recent news headlines of well-known and affluent celebrities dying without an estate plan, has had me scratching my head and wondering, “why do people procrastinate estate planning.” I decided to ask close friends and family members if they had an estate plan, and if not, what were their reasons. Although I received answers of, “just not something at the top of our list” or “life is busy”, the overall theme was a fear of the unexpected. Each person I spoke with were aware of the importance of estate planning, they knew they needed to have it done, but they were not sure what all was involved. Estate planning is nothing to be nervous about, and finally checking this item off your “to do list” can be relieving. Let me explain the process and what is involved, hopefully if you have been putting off estate planning, this will help you understand the process and feel more comfortable. …
Continue reading OWM Blog – Don’t Procrastinate: Why You Need an Estate Plan →
When buying or selling a business, buyers and sellers have a choice: the transaction can be structured as either a purchase and sale of assets, or a purchase and sale of stock. Where the transaction is structured as a stock purchase, transfer of the ownership of the business entity itself results, and thus the entity continues to own the same assets and have the same liabilities as before. Where the transaction is structured as an asset purchase, the purchaser buys individual assets of the business, such as equipment, inventory, and goodwill, and the business entity itself continues to be owned by the same owner, often with dissolution occurring soon thereafter. The purchaser and seller may have various reasons for preferring one type of transaction over the other. …
Continue reading OWM Blog – Stock v. Asset Sale When Buying or Selling a Business →
Many families have children who require an Individualized Education Program (IEP) or a 504 Plan while their children are of school age. There are many reasons why one may be needed involving emotional and physical issues that a child has in trying to optimize their education. A plan is necessary and very helpful in obtaining services for students while in school.
Continue reading Retaining Your Individualized Education Program (IEP) →
As the real estate settlement industry hustles, and struggles, to catch up with the pace of technological advances (i.e. quicker closings, remote settlements where neither the Buyer nor the Seller attends the settlement table, etc.), one of the biggest changes is the transition from the old standard of allowing realtors to bring their business checks for the deposits, and Buyers to bring certified checks or cashier’s checks for the funds that they need to close, to requiring all parties wire their funds to the title insurance agency before closing.
Continue reading Title Insurance: Real Estate Transactions and Wire Transfers →
FEATURE ARTICLE – “Pennsylvania Ignition Interlock” by Thomas P. McCabe, Esquire.
STAFF SPOTLIGHT – Meet Donna E. Day, Legal Administrator
OWM FIRM NEWS & UPCOMING EVENTS – Kathleen M. Martin, Esq., CELA, Thomas P. McCabe, Esq., and David A. Megay, Esq. have upcoming information sessions.
Read Full Newsletter
Pennsylvania amended its Ignition Interlock law effective August 25, 2017. Part of that amendment made the Ignition Interlock (a device that is hooked up to your car that you have to breath into to demonstrate that there is no alcohol in your system in order for your car to operate) available for first-time DUI offenders with high blood alcohol levels. Further, it established a new Ignition Interlock Limited License. This new license permits individuals to operate a motor vehicle equipped with an Ignition Interlock device if certain requirements are met. The new license would have a designation on it that says, “Ignition Interlock”. …
Continue reading OWM Blog – Pennsylvania Ignition Interlock →