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In many construction and renovation projects, property owners hire a general contractor who is the primary point of contact for the job. The general contractor, in turn, brings in subcontractors, materials suppliers and other parties as needed. The property owner pays the general contractor, and the general contractor then gives the others the money they … Read more
In 2017, the Tax Cuts and Jobs Act (TCJA) significantly raised the estate tax exemption. However, the increase was made temporary, leaving families uncertain as to how to structure their estate plan. This uncertainty has now been resolved with a new, higher exemption that is permanent. Estate Planning Under the TCJA The TCJA increased the … Read more
Co-tenants own real property together, with each co-tenant having an “equal right to possess and enjoy” the property as if they owned it alone. However, in certain situations, a co-tenant can use the doctrine of adverse possession to become the sole owner of the real property, eliminating the interest of the co-tenant. Adverse possession is … Read more
An easement is an agreement that gives one property owner (known as the “dominant estate”) the right to make certain limited use of someone else’s property. The property subject to an easement is known as the “servient estate”. While there are significant benefits to having an easement, there are also unavoidable obligations assumed by the … Read more
The rapid growth of new technologies like artificial intelligence has raised significant issues for entertainers and celebrities. Many contracts have recently been expanded to contain provisions related to the creation and use of digital replicas. Typically, these clauses allow a party to digitally reproduce and use an individual’s voice, appearance and demeanor, including developing an … Read more
Generally, one party is not liable for the debts of another absent a written guaranty or agreement assuming responsibility. This is often a saving grace in estate matters where a spouse dies with significant debts and no assets to meet these obligations. However, there is an important exception that applies specifically to spouses known as … Read more
Complex business transactions often require multiple agreements to address different parts of the transaction. As an example, the package of documents for the sale of a small business could include a contract of sale; agreements containing confidentiality provisions and restrictive covenants; an agreement for post-closing transition services to be provided by the seller; and/or an … Read more
Many transactions require parties to provide financial statements for review. This can include businesses seeking loans or investors, cooperative or condominium sponsors, companies who owe performance royalties and other parties. However, all financial statements are not created equal. One primary difference is the level of review and verification of the underlying financial data undertaken by … Read more
New York City and New York State have an extensive framework of laws protecting employees from discrimination. Both define the categories that can be the basis of a claim of discrimination more broadly than many federal statutes. They cover not only race, gender, gender identity, religion, age and disability; they include even weight and hair … Read more
A long-standing problem for estate representatives for a deceased person who rented their home was the ongoing responsibility for the existing lease. The estate historically remained liable to pay rent for the remainder of the lease term. A new state law in New York has changed this rule allowing termination of the the lease after … Read more