• Your Estate Plan Needs to Be Updated After a Divorce

    Divorce is never simple and is actually usually quite messy. That includes annulments and legal separations. Many things are not automatic or included in the official decree. Because of this, every person should have a new estate plan drafted following a divorce. According to New York law, if you name your spouse in your Will and then divorce, that designation is revoked and it is as if he or she has pre-deceased you. That’s the good news. The bad news is that the divorce itself may not change the trustees, guardians, agents or others named in an estate plan. These people can ...

    cmandm

    Tuesday, June 12th, 2012

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  • President Obama Signs into Law the Jumpstart Our Business Startups Act

    On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “JOBS Act”). The JOBS Act is intended to increase American job creation and stimulate economic growth by improving access to the public capital markets for a new category of issuer created by the JOBS Act — the “emerging growth company.” It represents the most comprehensive reform to the laws governing capital raising since the Securities and Exchange Commission (SEC) issued its 2005 Securities Offering Reform. The JOBS Act: Creates a new class of company termed an “Emerging Growth Company” with an easier “on ramp” to going public by reducing existing regulatory requirements; Relaxes the advertising and solicitation requirements for private offerings ...

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    Sunday, June 10th, 2012

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  • Amendment to Conform to Proof; Sufficiency of Rent Demand and Proof of Damage

    As summer winds down, I thought the best way to ease into autumn would be to examine certain jurisdictional and proof issues that pop up over and over again in summary proceedings. Thankfully, the Courts have provided relevant decisions worthy of discussion. The first is from Nassau County District Court Judge Scott Fairgrieve which discusses whether a commercial landlord waived the right to commence a summary proceeding seeking to collect significant additional rent when the landlord accepted base rent payments 1. The second case is from the New York City Civil Court and involves an amendment of a petition to conform ...

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    Sunday, June 10th, 2012

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  • Equity Does Not Relieve Tenant’s Failure to Timely Exercise Renewal

    A recent article discussed the decision by the Appellate Division First Dept. in 135 East 57th Street LLC v. Daffy’s Inc.1 in which the Appellate Division excused a tenant’s failure to timely give notice of its election to exercise its option to renew its commercial lease because the tenant had “garnered substantial good will in its approximately 15 years at the location, which good will was a valuable asset that would be damaged by its ouster from the premises.” The Court in Daffy’s Inc. referenced the Court of Appeals decision in J.N.A. Realty Corp. v. Cross Bay Chelsea, Inc.2 , ...

    cmandm

    Sunday, June 10th, 2012

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  • Learning the Art of Business Negotiations

    We are all negotiators, and we face challenging and complex problems of persuasion and influence on a daily basis. We manage workers and work for managers, deal with friends, family, colleagues, clients, merchants, and organizations all the time. Successful negotiation requires agreement and collaboration with other people. Since individuals often do not share the same interests, perceptions and values, skill is needed, personally and professionally in negotiating. Understanding the dynamics of negotiating is critical in the business world, and is a topic we discuss often within our firm. Learning the art of business negotiations is a necessity for our partners and ...

    cmandm

    Saturday, June 09th, 2012

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  • This is the Year to Gift

    Tax changes that President Barack Obama and Congress hammered out in the final days of 2010 discouraged clients from seeking estate planning advice last year, even though estate lawyers insist that there are many planning opportunities that shouldn’t be missed. It seems that the $5 million estate tax exemption for 2011 and 2012 has all but eliminated “estate tax avoidance” as a motivating factor for clients. With the $5 million exemption, a lot of people breathed a sigh of relief because they said, “I don’t have that much.” It seemed to diminish the concern for estate planning as motivated by the ...

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    Friday, April 27th, 2012

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  • A Bright Line Rule is No Longer Bright

    The long standing “one inch” rule in New York, in connection with actual partial evictions, as explained by Judge Cardozo1 has been that an actual eviction by a landlord, even if partial, and no matter how trivial, will suspend the entire rent owed by the tenant. The reason for such rule, as explained by the Court of Appeals2 is “that the tenant has been deprived of the enjoyment of the demised premises by the wrongful act of the landlord; and thus the consideration of his agreement to pay rent has failed.” As a result of such rule, practitioners in Landlord/Tenant courts ...

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    Tuesday, April 10th, 2012

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  • Medication Wake-Up Call: It May Be More Than an Accident

    It can be extremely dangerous for aging parents to rely only on memory when it comes to taking medication. It’s amazing how many aging folks have memory loss issues. A large percentage of those with memory problems go on to develop dementia. Take this simple example of a senior couple. Both are in their mid 80s, but they’re independent and dad still drives locally. They take care of themselves. Except, unbeknownst to anybody, mom was forgetting to take her pills. Last month she had six left over at the end of the month, so she decided to take them all at ...

    cmandm

    Sunday, March 18th, 2012

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  • The Dangers of Your Digital Death

    Ian Fleming once wrote in one of his James Bond novels that you only live twice. Well, it now seems that you die twice as well. The first is your paper death and the second is your digital death. Digital death is quite a new phenomenon, so most of us simply aren’t prepared for it. But your digital death could be far more troublesome than the paper version. You already know what to do about your good old-fashioned paper death. You write a Will, setting out which of your loved ones will inherit your property and other assets. Of course, half ...

    cmandm

    Sunday, February 12th, 2012

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  • Delayed Disclaimer: Carrier Who Hesitates May Be Lost

    Insurers beware, you may be forced to provide coverage for personal injury claims if you wait too long to disclaim coverage of an insured. Insurance Law § 3420(d)(2) requires a liability insurer to give the insured or the injured person written notice of disclaimer of a personal injury claim “as soon as is reasonably possible.” So what exactly does “as soon as is reasonably possible” mean? The First Department recently spoke on the issue, and their answer may catch some insurers off guard. This Advisory will explain when insurers need to disclaim and serve as a reminder for those in the Second Department of the consequences that a delay in disclaiming coverage can have. The ...

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    Saturday, February 11th, 2012

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Fred Eisenbud