5 Things You Can Do to Minimize Your Estate Tax

Estate taxes are imposed on your estate before its contents are distributed to your beneficiaries. For the tax year 2018, you can leave $5.6 million to your loved ones before you have to pay federal estate or gift tax. If you live in New York state and have an estate worth $5.25 million or more, a state-level tax of 3.06% to 16% will apply. These taxes can diminish the value of your estate and leave your Read More

Real Estate Law: How a Sale-Leaseback Works

A sale-leaseback is a real estate transaction where a business that owns and occupies a property sells it to another party and then leases it back. The seller can convert a non-paying asset into cash while still retaining the right to use it, an arrangement that allows the business to scale back its investment in assets that are not part of the core business, such as real estate and buildings. Other advantages are Read More

5 Things You Can Do to Maximize the Value of Your Property Before You Sell

If you’re a business owner with the long-term goal of eventually selling the company, you’ll want to maximize its value. Buyers who are looking to acquire a business want an investment that accomplishes two goals: Maximizes their return by showing a likelihood of future growth Minimizes the risk of ownership By improving the value drivers that make these achievements possible, you’ll set the stage for Read More

5 Benefits of Choosing Alternative Dispute Resolution to Resolve Legal Issues

Business relationships are prone to a variety of disputes across an equally broad range of parties. For example: A franchisor may disagree with a franchisee over how a business is run. Business owners may be unhappy with the quality of a recent shipment from the supplier and not want to pay until the matter is resolved. Business partners may strongly disagree about the future of the company Customers Read More

Estate Planning: The Healthcare Proxy

Healthcare proxy laws in New York and Florida allow you to designate someone you trust, such as a close friend or member of your family, to make healthcare decisions for you if you become incapacitated and cannot make those decisions for yourself. Situations that may require a proxy include: Being in a coma due to illness or trauma A persistent vegetative state Suffering from a form of dementia such as Read More

4 Common Scope of Work Issues

The scope of work, which is also known as a performance duties provision, is intended to provide everyone involved in a construction project with a description of the work being done, how it must be performed, and what materials are involved. This description typically includes: Project requirements, including regulations, standards, and special conditions Contract objectives, such as quality of work The Read More

Condominium Law: Choosing Between Limited and Unlimited Warranties

New York condominium plans require certain elements to protect the interests of both the developer or sponsor and the purchaser. They include: Rights and obligations of all parties involved A complete description of the building Financing information Purchase process Operating agreements Certifications Warranties The latter is especially important. All new condominium units must be covered Read More

5 Benefits of Having an Attorney Help with a Real Estate Purchase

For most people, buying a new home or investment property is a momentous occasion. It’s also a transaction with an entire area of law dedicated to it. Real estate attorneys specialize in facilitating property transactions, taking a certain amount of risk out of them, and helping new buyers understand the associated legalities. Below is a list of benefits and protections you will receive when you hire an attorney to Read More

4 Things a Title Search Could Uncover

Once you decide to make an offer on a piece of real estate, the next step is to have a title company or your attorney perform a title search. This process, which delves into the history of the property, uses public records and legal documentation to identify the current owner and uncover any issues that can impair its value or prevent you from taking clear title. Below is a list of 4 complications that may show up Read More

Construction Law: What Are “Consequential Damages”?

When a breach of contract occurs in the construction field, two types of damages are available. They apply whether the disagreement is between the project owner and general contractor or the general contractor and one of their subcontractors. - Direct damages are intended to compensate the plaintiff for losses that result naturally from the breach. Common examples include unpaid invoice amounts, diminished project Read More