When was the last time you checked your IRA accounts to see who you named as beneficiary? Certain types of accounts and insurance policies, which provide for a beneficiary designation, such as 401(k) plans, IRA accounts, life insurance policies and bank and brokerage accounts are not generally part of your probate estate when you die….
As you are hopefully aware, in April 2018, Governor Cuomo signed into law a comprehensive policy requiring all New York State employers to provide sexual harassment prevention training and a sexual harassment prevention policy to all employees. The Governor tasked the Department of Labor (“DOL”) and Division of Human Rights with promulgating the exact requirements,…
A recent Newsday article reported that a Smithtown body shop had to pay $400,000 to settle federal charges that it failed to properly pay employees overtime. That amount includes $185,000 in back wages, $185,000 in damages and $30,000 in civil penalties. Violations of wage and hour laws carry significant liability (and notoriety) that few businesses…
No one wants to think about what would happen if they or a family member suddenly became ill or was seriously injured. Unfortunately, when we don’t plan for such possibilities, it can cost us in terms of loss of control over medical decisions, added stress and significant financial and legal problems. There are 3 important…
Employers often struggle with finding the balance between reprimanding employees for poor behavior and ensuring loyalty and motivation. Push them too hard and they quit, or their performance and attitude worsen. Be too lenient and they take advantage and repeat poor behavior. Either may have a negative effect on the morale and attitude of the…
You decided to buy or sell a business and found an interested party. Prior to entering into a contract, both of you need to share more information, so you can decide whether and how to move forward. There are 2 essential documents necessary to protect your discussions. Nondisclosure Agreement Before a seller undertakes any detailed…
Not keeping up to date on employment law changes. Every year brings new laws and enforcement priorities from the government with respect to regulating the employer-employee relationship. Employers must keep abreast of these changes to avoid liability. For a recap of some of the recent changes, read Employment Law Changes Employers Need to Know for…
Sexual Harassment Prevention Policy The legislation will require every New York employer to maintain a specific written sexual harassment prevention policy. The Division of Human Rights and Department of Labor have been tasked with creating a model policy, which will include specific complaint forms, access to New York State and Federal Law, anti-relation language and…
For those thinking about selling investment property, the time may be right to take advantage of tax-deferred exchanges. Thanks to §1031 of the Internal Revenue Code, a properly structured transaction will allow an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gains taxes. Such a…
Stormy Daniels. Now the most famous porn star in the country, if not the world. Great for water cooler conversation, but very few lawyers ever envisioned her issues with President Trump would have any real legal significance. But her recent lawsuit against the President has brought forth an interesting question: Can a party effectively invalidate…
As we all know from the recent articles and news reports, the new Tax Cuts and Jobs Act of 2017 has many aspects. Although the new law did not repeal Federal estate and gift taxes, it has temporarily doubled the exemption amount applicable to each person. But be warned, the disparity between the Federal estate…
New York State and New York City laws are ever-changing, and the more employers know, the less risk they face. The following is a primer for employment law changes going in to effect in 2018. New York State Paid Leave Employers should already be aware of this new law, which provides paid leave to employees…
