If you want to discourage others from challenging your will, you can use an “in terrorem” or “no contest” will clause. Such provisions provide that if someone contests your will or any of its provisions, the person forfeits what they would have received under the will. The idea is to leave a disinherited heir enough money … Read more
By Michael Giusto and Lois Brenner Getting a divorce is a stressful experience and it’s not unusual for spouses to forget to address estate planning issues either before, during, or afterwards. However, not updating certain documents or considering your future financial situation could have serious unintended consequences. Impact of divorce on existing planning documents … Read more
Transactions involving real estate in New York generally must be in writing and in recordable form in order to be enforceable. New York, however, also recognizes the long-standing equitable principle which allows lenders, in certain circumstances, to claim a right to what is known as an “equitable mortgage.” The concept is that to the extent … Read more
A real estate purchase is often financed with funds borrowed from a lender. The process for being approved for a loan is sometimes lengthy. As a result, in order to expedite the transaction, parties generally negotiate and enter into a contract before the mortgage commitment has been issued. Although the contract typically takes into account … Read more
Airbnb’s popularity has exploded and many people living in places like New York City have seen the potential to earn income by leasing their apartment or house to tourists through Airbnb. New York State and New York City have responded in the last few years by enacting laws to prohibit or discourage these arrangements. In … Read more
On June 25th, the New York State legislature passed a bill which will make it easier for litigants to introduce Google Maps, Google Earth and other digital map images at trial. Google Maps and Google Earth display high resolution aerial images, often for multiple dates, which can be very useful in litigation for purposes of … Read more
In July of 2014, Governor Cuomo signed the Compassionate Care Act (“CCA”) authorizing the manufacture, sale and use of medical marijuana within New York State. The CCA has created a potential issue for those employers who conduct drug testing or otherwise have a written policy against the use of recreational drugs. The open question is whether … Read more
Earlier this year, New York State and New York City enacted significant changes to sexual harassment laws that affect employers and employees. Both laws mandate sexual harassment prevention policies and annual training along with other changes. These requirements go into effect July 11, 2018 through April 1, 2019 depending on the provision. Below is a … Read more
If you are a homeowner aged 65 or older or have a parent or loved one who is a “senior,” there is a way for you to sell your home and utilize some of the equity while continuing to reside there. Reverse mortgages are an option and were quite popular for a time until the … Read more
It is usually clear from the terms of a contract how long the parties want the contract to remain in effect—the contract provides for a set term or task to be performed, possibly with options to extend it when certain criteria are met. However, in some instances, parties may remain bound by the terms of … Read more