On January 1, 2024, the federal Corporate Transparency Act (“the CTA”) went into effect mandating that “reporting companies,” which include most corporations and limited liability companies disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The law was challenged in multiple jurisdictions and found unconstitutional by one court in early 2024. Most recently, … Read more
Most people think that for a sale of real property to be valid and enforceable, there needs to be a formal contract of sale. While this is generally true, the courts in New York have long held that so long as any written instrument includes sufficient material terms, the agreement will be enforceable. What constitutes … Read more
On August 5, 2024, the New York Department of Taxation and Finance’s Office of Counsel published Advisory Opinion: TSB-A-24(26)S. addressing an important sales tax issue for residential landlords. The opinion was issued in response to a petition by a landlord asking the Department whether purchases of electricity and natural gas used by his residential tenants … Read more
Generally, attorneys have the witnesses to a will’s execution sign an affidavit attesting to witnessing the execution. While this isn’t a requirement, in New York and many other jurisdictions, this affidavit can be submitted in lieu of the court hearing the witness’s testimony. This accommodation saves the estate time and money by not requiring hearings … Read more
Health care providers such as doctors have certain legal obligations to maintain patient records. What some of them may not realize is that this obligation continues after their death. Ideally, doctors should have a succession plan that includes provisions for what happens to patient files after they die. In the absence of that, it becomes … Read more
It is natural to be concerned for those you leave behind, especially your children. That fundamental concern is built into our legal principles in estate law in New York. Leaving a will is the most basic and important legal action you can take to ensure your loved ones will be provided for after your passing. … Read more
On August 24, 2023, we published a blog post on a proposed bill before the New York State Assembly that would ban non-competition agreements in New York. Since then, the bill passed the vote before the Assembly, but Governor Hochul vetoed the bill on December 22, 2023. While the status of a New York state … Read more
Artificial intelligence tools are increasingly being used in all walks of life, including among legal professionals. Lawyers can use AI to assist with various administrative tasks as well as in conducting legal research. As AI continues to evolve, it has the potential to improve efficiency and accuracy especially with respect to routine matters, freeing up … Read more
Previously, we published a blog post informing readers of the new federal Corporate Transparency Act (“the CTA”) and similar New York state law requiring all corporations and limited liability companies, inter alia, to disclose their beneficial owners. Under the CTA, the disclosures must be made to the Financial Crimes Enforcement Network (FinCEN). Since publication of … Read more