tag:blogger.com,1999:blog-17688056045337876542024-03-20T08:06:09.156-07:00BlogUnknownnoreply@blogger.comBlogger32125tag:blogger.com,1999:blog-1768805604533787654.post-70558934053142983622017-05-24T08:15:00.000-07:002017-05-24T08:15:37.509-07:00Real Property Ownership Interests in New York Explained<div style="text-align: justify;">
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Although you may not realize it or at least give it too much thought, whenever you purchase real property (i.e., real estate) in New York, you have options as far as how the property is titled between co-owners. Although not every option is available under every circumstance, it’s important to understand how you are accepting title to the property and how your rights will vary depending on which ownership model you assume.</div>
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So how exactly can real estate be titled between joint owners in New York? There are three basic models which can be followed: Tenancy by the Entirety; Tenants in Common; and Joint Tenants with Rights of Survivorship. Circumstances will dictate which is most appropriate for your particular situation, but the first step to picking is understanding the differences between them.</div>
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<strong>TENANTS IN COMMON</strong></div>
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When individuals take property as tenants in common, the law recognizes that each party is assuming ownership of a certain stated percentage of the property as recited in the deed. If the parties fail to otherwise identify how property is meant to be owned, the law presumes that they have elected to own it as tenants in common. Tenants in common enjoy certain privileges, including living in the property rent free and possible entitlement to credits for things like taxes, maintenance and repairs.</div>
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Owning property as tenants in common has other unique and at times troublesome characteristics. When owned in this manner, each party has the right to transfer his or her own share during life <em>without</em> the permission of the other property owners. For obvious reasons, this may or may not be a desirable feature of owning as tenants in common. Similarly, tenants in common have the right to bequeath their respective interests to the property by will at death. If there is no will in place, the owner’s interest in the property will still nonetheless go to his heirs in accordance with New York’s intestacy laws.</div>
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Just like any other relationship, sometimes owners just can’t get along and want to part ways. When relations between owners grow acrimonious relative to their respective interests in the property and they want out but cannot agree on terms, they will be forced to undertake what’s known as an action for partition. This is basically an action where the respective rights of the parties are judicially determined with an eye toward severing their joint ownership of the property.</div>
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<strong>JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP</strong></div>
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The second form of permissible real property ownership in New York is known as joint tenancy with rights of survivorship. This is a form of ownership wherein the parties are deemed co-owners of the property whose rights in the real estate automatically transfer to one another at the time of death. The deed must specifically provide language to the effect of “Bill Smith and Judy Doe, as joint tenants with rights of survivorship" to take advantage of this method. The benefit of owning property in this manner is that it allows for the automatic transfer if real estate from one owner to another while avoiding probate of that asset.</div>
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There are also some disadvantages to titling in this manner. By placing someone on title as a joint tenant, not only might you incur a gift tax liability, but you can never simply remove them from title if you wish to do so without their consent. Likewise, by allowing someone else title to the property, any creditors he or she might have could be able to attach a lien to the property relative to your co-tenants interest in same. While joint tenancy with rights of survivorship are nice in that they allow for an easy transfer of a significant asset, it must be recognized that certain issues might accompany that transfer.</div>
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<strong>TENANCY BY THE ENTIRETY</strong></div>
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Last, owning property as tenants by the entirety is a form of ownership that is strictly limited to married couples under New York law. When property is owned in this fashion, the deed will contain language reflecting the parties’ relationship with verbiage to the effect of “Bill Smith and Judy Smith, as husband and wife." Where this language is missing, but the property is nonetheless obtained while the parties were married, there is a presumption that they intended to take it as tenants by the entirety. Couples do have the choice to opt out of owning property as tenants by the entirety, but in order to do so, they must state within the deed the other manner in which the wish to hold it.</div>
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Perhaps the most coveted feature of owning property as tenants by the entirety is that it allows <em>each</em> spouse to own 100 percent of the property, while simultaneously permitting the property to transfer from one spouse to the other at the time of death free and clear of any liens or encumbrances caused by the deceased spouse. Whether a good feature or bad (depending on perspective), owning property as tenants by the entirety prohibits one spouse from disinheriting the other relative to his or her interest in the property.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com70tag:blogger.com,1999:blog-1768805604533787654.post-51746491670669839992017-04-25T11:52:00.000-07:002017-04-25T11:52:15.036-07:00WHAT TYPE OF WARRANTY CAN HOME BUYERS EXPECT IN NEW YORK?<div class="separator" style="clear: both; text-align: center;">
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The purchase of a new home is always a big move, regardless of one’s age or financial status. When considering such a purchase, one question that may come to mind is what protections do I have against the seller down the road? Am I entitled to any type of warranty on the home? The sad reality is that in New York, as a general rule, buyers are not entitled to a home warranty, unless expressly and separately bargained for.</div>
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New York is known as a <em>caveat emptor</em> state, which basically means that buyers generally take title without a warranty as to the condition of the property or any recourse if the buyer subsequently discovers an unacceptable condition after the closing. Like most things in the law, however, there are of exceptions (albeit slight) to the rule.</div>
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For anyone who’s purchased residential real estate in New York, you’re probably familiar with the mandatory Property Condition Disclosure Form that most sellers complete prior to close. For those of you unfamiliar with the disclosures, this form is a detailed statement that sets forth the condition of the environmental, structural, mechanical and property service aspects of the home as understood to the best of the seller’s knowledge. When a seller completes the form, she subscribes her name to the document and confirms its accuracy. So long as a seller has not materially lied or knowingly failed to disclose a known condition or material defect, there is little recourse that a buyer has against the seller. If a seller has lied or failed to disclose a known material defect, a buyer may very well have a colorable claim against the seller for her possibly fraudulent conduct.</div>
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Where a seller has truthfully and fully completed a property disclosure, however, New York law shifts the burden and responsibility of discovering any other defective conditions to the buyer. For all homes, except new builds, typical contract language provides that all warranties and representations made by the seller expire once the deed has been delivered, unless specific warranties are expressly stated to survive the closing. Translated, this means that once a transaction closes, the purchaser is accepting any conditions (known or unknown) that may exist at the property. For this reason, it’s critical for a buyer to conduct a full and thorough inspection of the property <em>prior</em> to close. Once a deal closes, the buyer will be stuck with any conditions that could have been discovered.</div>
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All of that said, there is one instance outside of the exceptions discussed where a home buyer can secure an actual warranty on a home, and that is on a new build. Assuming you are the first person to purchase a home that is intended to be your primary residence, the builder will provide you with a warranty that covers construction defects, flaws in the plumbing, electrical, heating, cooling and ventilation systems servicing the home and material defects. These warranties often have monetary limits attached and expire in stated periods depending on the nature of the warrantied item. Because of these time periods, it’s crucial that homeowners seeking to make a claim under their new home warranty do so timely and in accordance with the stated periods, or they might lose any rights they otherwise had.</div>
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The purchase of a home is definitely not a trivial matter. When it comes down to the nuts and bolts of your purchase make sure you know your rights both prior to and after the closing. Where questions do exist, seek the counsel of a competent professional, whether it be your attorney and/or your real estate agent.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com18tag:blogger.com,1999:blog-1768805604533787654.post-90317061646764177362017-04-11T08:00:00.000-07:002017-04-11T08:00:19.103-07:00ESTATE PLANNING CHECKLIST: Making Your Family's Life as Easy as Possible When You Pass<div class="separator" style="clear: both; text-align: center;">
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As people move through their lives, they hit certain milestones along the way: getting a driver’s license; graduating college; getting married; celebrating the birth of their first child; and yes, even drafting your first will is a milestone. While planning for the inevitable is often times a topic that many people tend to avoid, postpone or even disregard, a little bit of planning on your part can make a huge difference to those you leave behind. While this article isn’t specifically about drafting a will, I at least hope to leave the reader with a strong impression about how important it is. A will is an essential document that will direct your final wishes; without one, you are simply at the mercy of what the Court decides.</div>
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That said, the remainder of this article pre-supposes that you have already had the forethought to prepare a will. So, with that out of the way, what else do you need to worry about? The grief of a family member passing is hard enough to handle without piling on the frustration of trying to sort through that loved one’s estate. When you pass away, your goal should be to make the process as easy on your loved ones as possible. Believe it or not, that actually <em>is</em> easier than it might sound.</div>
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The main thing you can do to help ease the process for those you leave behind? BE ORGANIZED! Trite as it may sound, a little bit of planning now, wherein you gather all of the important documents in your life, will make a huge difference later on. While the list isn’t long, I would urge you to gather and keep the following documents together in a safe place that loved ones can access when and if necessary.</div>
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As alluded to above, perhaps the most important document you should keep is your will. This is the basic roadmap that directs how you want your estate handled. As a general rule, only an original will can be submitted to probate in New York. It’s therefore critical that the original be kept safe. As a general guideline, I typically recommend that my clients leave their original wills in my custody so there is never a question about their location, while they are given copies for their own records. Clients, however, are always free to keep the originals, but it then falls on them to ensure their safekeeping.</div>
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In addition to your will, there are a few other documents that I would urge you to gather together. Please keep in mind that these are general categories to be used for the sake of guidance, but they are fairly comprehensive. The first category I would suggest is life insurance policies and retirement accounts. Individuals often times have a long and varied work history, and will have accumulated accounts across many sectors. Family members cannot be expected to know the whereabouts or identity of each account without you providing that information. I would suggest the same holds true for bank accounts. Gather any information you can to make locating bank accounts and safe deposit boxes as easy as possible. Finally, I would recommend gathering together all of your major documents of ownership; this would include deeds to real property and titles to any vehicles that you might own. With all of these documents in hand and readily discoverable by your loved ones, you’ll be able to rest a little easier knowing that at least one burden will be lifted from your family once you pass.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com46tag:blogger.com,1999:blog-1768805604533787654.post-8841109009469734962017-04-03T08:27:00.000-07:002017-04-03T08:27:44.797-07:00SO WHAT EXACTLY IS TITLE INSURANCE ANYWAY?<div class="separator" style="clear: both; text-align: center;">
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As you’re getting ready to close on your new home, it’s always a good thing to know what you’re looking at in terms of closing costs. For those of you who’ve already done your homework and have some idea of what to expect, it will come as no surprise that one of the largest components of those expenses is likely to be the title insurance you purchase. Even though you might know you need to get it, do you understand what it is and what protections it provides? If that inquiry seems daunting, I’ll puzzle you one more riddle. To further complicate matters, if you’re taking out a mortgage, did you know that you will not only be required to secure a Lender’s Title Insurance Policy, but you have the option (at least in NY) of also picking up an additional Owner’s Title Insurance Policy? What’s the difference between those policies? It’s wise to have a firm grasp on these concepts before you walk into the closing room just to make sure your interests are protected.</div>
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<strong>What is Title Insurance?</strong></div>
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At its most basic level, title insurance protects the insured against a myriad of title problems that can hinder the transfer of a property. These are usually hidden defects that title searches somehow miss, which rear their ugly heads down the road. Some of the defects that title insurance can guard against include:</div>
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Forged deeds, mortgages, satisfactions or releases of mortgages. 2. False impersonation of the true owner. 3. Instruments executed under a fraudulent or expired power of attorney. 4. Deeds that appear, but it is determined they were conveyed without the consent of the grantor or delivered after the death of the grantor. 5. Property that was improperly deeded to a minor. 6. Outstanding rights not of record and not disclosed by survey. 7. Property descriptions that appear but are not actually adequate. 8. Instruments that were executed under duress.</div>
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In terms of logistics, in order to secure title insurance, an insured will pay a one-time premium, typically at the time of closing, in order to safeguard the property up to the amount of the policy for possible later claims related to the title being defective.</div>
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Leading into our next topic, I’ll pose this question to you – is the purchase of title insurance obligatory? Like so much in life, the answer depends. If you’re paying cash for the property, the answer is (typically) no, but if you’re taking out a mortgage, the lender will require a policy be purchased. Depending on where you live, securing an owner’s policy may be a requisite component to delivering good title, while in other areas it’s merely an optional add-on that you can purchase if you choose to do so.</div>
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<strong>What’s the difference between a Lender’s Policy and an Owner’s Policy?</strong></div>
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Now that we have some basic understanding of what title insurance does, we need to look at the different types of policies available to you. As indicated above, if you are taking out a mortgage, you will absolutely be required to obtain title insurance in an amount equal to the amount of the loan. This type of policy is known as a <em>lender’s policy</em>. There are a couple important things to remember about a lender’s policies. First off, even though it’s the bank that will require a lender’s policy be secured, it should come as no surprise that <em>you</em> will actually be the one to pay for it – upfront at the time of closing. Second, you should recognize these policies <em>only</em> last until the loan is repaid. Once a lender’s policy terminates, you are on the hook for defending any title claims if you haven’t made alternative arrangements to protect yourself. Remember: lender’s policies protect the lender for the amount it has loaned, but it does not protect your equity in the property. Lender’s policies do not protect you, either directly or indirectly, but the lender alone against loss.</div>
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In light of that fact, <em>owner’s policies</em> <span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">(otherwise known as
Fee Policies) </span>are offered. These are policies, which as discussed above, are either mandatory or optional depending on where you live. In Western New York, there is no requisite that buyers secure an owner’s policy, but it is nonetheless a good idea to do so. Unlike a lender’s policy, an owner’s policy does as its name purports to do and protects an owner’s interest against possible title defects. An added benefit of owner’s policies is that, unlike lender’s policies which are limited in duration, these policies will last indefinitely. Although an owner’s policy cannot guarantee that no claims will ever be made, so long as you hold an interest in the property, your owner’s policy will provide you some semblance of protection against possible title claims that may arise.</div>
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This article is intended as a brief primer meant to give a general overview concerning title insurance. Please be advised that there are numerous nuances concerning title insurance that I’ve not covered in this article. If you have additional questions about those nuances, it’s a good idea to either study up on the topic or speak to a qualified professional. I’ll leave you with one final note. When compared to the cost of a standard lender’s policy, I’d urge that it’s usually advisable to obtain an owner’s policy to protect your own interests; the additional cost for that extra coverage is usually relatively small when compared to the lender’s policy, especially given the potential downside (even if slight) of a lengthy and expensive title challenge down the road.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com2tag:blogger.com,1999:blog-1768805604533787654.post-20013526145288046682017-03-27T09:19:00.000-07:002017-03-27T09:19:21.373-07:00SELECTING A GUARDIAN: THE BASICS OF WHAT YOU NEED TO KNOW<div class="separator" style="clear: both; text-align: center;">
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Talk about a difficult conversation to have. Can you imagine a young couple contemplating – of their own volition mind you – a future for their child in which those same parents don’t play a central role? Almost as much as parents pray that their children will outlive them, parents likewise universally hope that they will be around to help guide and shape their children’s lives long into their adulthood.</div>
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While an uncomfortable conversation to have, estate planning asks parents to consider what will happen to their children in the hopefully unlikely event that their own lives are cut short before they can see their children into adulthood. While no parent wants to think about it, there is possibly no more important choice that parents can make than deciding who will raise their children if something were to transpire that prevented them from doing so themselves. Most people would prefer to control how their assets are distributed at the time of death rather than leave the decision to the courts. By way of comparison, how could the decision of who raises your children be of any less import? DON’T leave the choice to someone else. Plan well and plan in advance. With so much going into the decision, the hardest part is deciding who that guardian(s) should be, and that’s the focus of today’s article.</div>
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<strong>THINK LIFESTYLE</strong></div>
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When choosing a potential guardian for your children, one of the themes that should guide your decision is lifestyle. When I refer to lifestyle, I’m not talking about making sure your child is raised in the lap of luxury with your rich cousin who owns a bank. I’m talking something much more fundamental than that – choose someone that you trust to love and care for your children in the same manner that you would do if you were around.</div>
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There is no question that this decision will be guided by your own preferences and experiences. Recognition is the key, however. Parents need to recognize that one choice isn’t necessarily better than another, but each choice carries with it long term consequences. Just think about. Would you expect that your children’s informative experiences are going to be the same if they are raised by your divorced, workaholic brother as compared to them being raised by your stay-a-home sister and her husband? Of course not.</div>
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Every person you contemplate as a guardian will have his or her good and bad traits. It’s your job to figure out who strikes the right balance for what your child needs. The decision will (or should) be shaped by the values and philosophies you hold dear. When choosing a potential guardian, just a few things you should think about include: their religious beliefs; their moral values; their educational values; and their societal/political philosophies. All will have a very real and lasting impact on your child’s development, so be sure that the guardian’s values and philosophies are an acceptable match for how you want your child raised.</div>
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<strong>THINK OUTSIDE THE BOX</strong></div>
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When considering potential candidates for their children’s guardian, one of the questions that clients have often asked is, “Am I limited to choosing a family member?". The answer: absolutely not! Although many turn to brothers, sisters and sometimes even parents as their first choice for guardian, there is nothing to say that trusted friends wouldn’t be an equivalent or even far better selection than a family member. So long as the potential guardians have a real and trusted relationship with a child, I think they are a valid candidate for the duty.</div>
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<strong>THINK PRACTICALLY</strong></div>
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The simple fact of life is that not every person is a suitable guardian for every child. It’s a case by case decision that I leave to every readers’ discretion, but I’ll take just one situation as an example to illustrate my point. Would you necessarily want your elderly parents to raise your toddler if something should happen to you? Maybe not. Aside from the fact that young children are high energy and require a great deal of patience and stamina to keep up with them (items which older populations are sometimes in shorter supply of), you also have to think long term. Parents want to provide as much support and stability for their children once they pass as possible. Depending on circumstances, it may not be the wisest choice to place a young child with older guardians who are themselves at risk of passing before the child reaches adulthood. It’s a personal choice though, and nothing says that one selection is more appropriate than another. The bottom line is this: when making the decision, you need to think not only about your child’s circumstances (are they older, younger, special needs, etc.), but you need to consider the circumstances of the individuals that you are considering to make sure they are good fits both long and short term. Just a few issues to consider: are they elderly; divorced; close to your family (geographically and emotionally); suffer from addictions; have their own children; and the list goes on and on… All will have an impact on your children, so be sure to think long and hard on your choice.</div>
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<strong>TALK IT OUT</strong></div>
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Now that you’ve gone through the mental exercise of figuring out who is the best fit for raising your children, what comes next? The obvious answer is reduce it to writing. While correct, that’s only partially right. Yes, you need to consult a professional to ensure that your wishes are reduced to writing to make sure they are given later effect, but even before that’s done, there’s something else you need to do. Talk to the potential guardians! Let them know what you’re thinking and why you’d like to select them. Chances are good that they will be honored to take on the duty, but there’s no guarantee unless you confirm with them first. The last thing you want to do is name someone as a guardian who doesn’t want or isn’t prepared for the responsibility.</div>
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As with every other aspect of the law, there are, of course, nuances to everything. Consult with a professional to ensure you know your rights, options and obligations going forward. This is your children’s future we’re talking about, so do it right.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com4tag:blogger.com,1999:blog-1768805604533787654.post-68756568565515454022017-03-20T11:53:00.000-07:002017-03-27T09:19:55.257-07:00WHAT IS A POST-POSSESSION AGREEMENT AND SHOULD I USE ONE?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLjBwigKFhw6xlEM1bSsDZjz8RVSbEnqaJ0Mfqkj78v_x2kX2odAsHLIQuaLPLkE9I9tS_CRnzxE87nmBkSRTGLOJq0mKMb_jvPdiarcwfXPWnWsyjFFFzyl3X4Kq6rF-pD2WeMVzN_Jc/s1600/white+picket+fence+3.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLjBwigKFhw6xlEM1bSsDZjz8RVSbEnqaJ0Mfqkj78v_x2kX2odAsHLIQuaLPLkE9I9tS_CRnzxE87nmBkSRTGLOJq0mKMb_jvPdiarcwfXPWnWsyjFFFzyl3X4Kq6rF-pD2WeMVzN_Jc/s320/white+picket+fence+3.jpg" width="213" /></a></div>
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In the world of residential real estate, it’s not uncommon for a seller to ask a buyer to retain possession of the premises being transferred for a certain period of time following the closing. Although you might ask why a buyer would even consider such a request, sellers typically inquire as to this type of accommodation when faced with some circumstance that beyond their control. Such circumstances usually involve sellers waiting on contingencies of their own to be satisfied, like the completion of a new home build or their own purchase to close.</div>
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When faced with a seller asking for post-possession as a component of closing, buyers are confronted with one of a few choices. Depending on your circumstances, the terms of the contract and when the seller has asked for post-possession, the simple reality is that a seller may have no basis to retain possession after the closing. Under such circumstances, the buyer is under absolutely no obligation to allow the seller to stay in the home. The result may seem harsh, especially if the seller is claiming they will be homeless until whatever predicament their facing resolves, but so go the whims of real estate. It's not a buyer's obligation to bend over backwards to accommodate a seller in an unfortunate situation. That said, karma does have a funny way of exacting its revenge, so keep that in mind before disregarding the needs of your seller. You never know when you might be in that same position.</div>
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If circumstances allow, the best alternative to avoid headaches and post-possession issues is to simply postpone the closing until the seller has resolved whatever outstanding issue(s) necessitated the post-possession in the first place. So long as its not an unduly burdensome delay that causes you to suffer damages, especially of the financial variety, taking possession of a premises in vacant condition at close is almost always preferable.</div>
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When taking vacant possession isn’t possible, the final alternative is to execute a <em>post-possession agreement</em>. These agreements allow a seller to remain in the property for a certain period of time following the close, and they should be finely tailored by counsel to meet your particular circumstances. There are risks associated with allowing someone to remain in the premises after closing, and it is your goal to minimize those risks as much as possible if you decide to allow them to stay.</div>
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Some of the unfortunate but very real considerations that you may face if the seller enjoys an extended stay are: what happens if they stay past the agreed upon term and won’t vacate? What happens if they damage the premises while occupying it? What happens if a guest of the seller is injured on the premises while occupying it? Who pays your carrying costs while the seller is occupying it? And what happens if the seller takes or removes something from the premises that they weren’t supposed to when they finally do vacate? At a minimum, post possession agreements should provide for a few basic things to address some of these potentialities.</div>
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The first thing I would recommend is that the post possession period be for a short a time as possible. These agreements are usually intended to cover a matter of days, and not really weeks or months. Second, the agreement should contain language affirmatively stating that NO landlord tenant relationship has been established or should be construed by its execution. Third, the agreement should set forth not only a per diem daily amount to be paid to the buyer during the seller’s ongoing occupancy of the premises, but it should require the seller to hold back a set escrow amount to be paid over in case of damage to the property or if the seller stays longer than agreed. Finally, the agreement should require the seller to turn over the premises in broom clean condition at the time he vacates, just as he would have been required to do had they vacated at the time of close. There are certainly other things that you might consider including in the agreement (i.e., seller maintaining insurance coverage during occupancy, etc.), but I would suggest that the above are the bare minimum essentials.</div>
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While post possession agreements have their place and are certainly tolerable when circumstances dictate, if you have to use one, at least do so with a full understanding of the potential risks involved. Some deals are inherently more risky than others, so always assess your particular circumstances to determine the advisability of utilizing a post possession agreement.</div>
Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com4tag:blogger.com,1999:blog-1768805604533787654.post-21301609910832935812016-04-04T06:20:00.000-07:002016-04-04T06:20:09.995-07:00The Mysteries of SUM/UM Coverage Explained<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgelJDQg7fZ-crUENMhyphenhyphen5-7MIqCY5VPaaIKWEcNFiH2EIHpDs09J_pqTX6NFt-ObDwWEdzTaHDUFVo5Y1bFo5cMyq42AtetQumkw41x-l3P17AAQxo_KPxjWKMHhr6bd2TvecqxLDyPyw4/s1600/traffic.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgelJDQg7fZ-crUENMhyphenhyphen5-7MIqCY5VPaaIKWEcNFiH2EIHpDs09J_pqTX6NFt-ObDwWEdzTaHDUFVo5Y1bFo5cMyq42AtetQumkw41x-l3P17AAQxo_KPxjWKMHhr6bd2TvecqxLDyPyw4/s320/traffic.jpg" width="320" /></a></div>
Shhhhhhh!! I know it’s a dirty little secret, <em>but</em> you’ll be happy to learn that almost everyone is guilty of it. When was the last time you actually reviewed or paid attention to your motor vehicle insurance coverage? Do you really know or understand what your policy provides for in the event of an accident? If you’re like most people, I suspect the answers to those respective questions are rarely, if ever, and nope, not really. About the only thing that most drivers care about is making sure they have the necessary insurance coverage to ensure their right to operate their motor vehicle (at least as mandated by the State of New York).<br />
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If ever an accident were to occur in which you were seriously injured at the hands of a driver who either didn’t have any insurance coverage or minimal policy limits, your own interests could be seriously jeopardized. It’s for this reason that I’m urging every one of you to grab the declarations page from your insurance policy and give it a quick perusal… go on… right now, go grab it…. Don’t worry, I’ll wait…<br />
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Now, assuming you’ve done your homework and have in fact reviewed your policy limits, I’ll draw your attention to a couple lines on your policy that you’ve probably never paid attention to or that you may not have fully understood. I’m referring to the coverage line pertaining to SUM/UM coverage. Although it may have a funny and acronym ridden name, this coverage line is second only to your liability limits in terms of importance in your policy.<br />
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As for what are they and what do they mean, <strong>SUM</strong> stands for <em>Supplemental Underinsured Motorist</em> coverage, while <strong>UM</strong> stands for <em>Uninsured Motorist</em> coverage. In New York State, drivers are required to carry a minimum of $25,000 in liability coverage for a single person and $50,000 in liability coverage for multiple claims. This is different than SUM/UM coverage. Liability coverage protects other individuals against your negligence in the event you cause an accident with resulting injuries. All in all, the statutory minimum $25,000/$50,000 policy is by all measures small potatoes and won’t provide much coverage. That’s where SUM/UM coverage come into play.<br />
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Heaven forbid it ever happens, but consider this. What happens if you’re involved in a serious or catastrophic motor vehicle accident caused solely by the negligence of another. Chances are pretty good that you or your family may be entitled to damages against the driver of the other vehicle. Now imagine that the driver of the other vehicle either has no coverage or only the statutory state minimum? What happens then, when that $25,000/$50,000 policy isn’t enough to make you or your family whole? Do you call it a day, and walk away once her policy gets tendered? Or do you try to chase down the negligent party for the damages you’ve suffered which exceed her policy limits?<br />
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Both are certainly viable options, but the issue of practicality often comes into play. From the standpoint of professional experience, I’ve often found that those who maintain only minimal policy limits likely won’t have assets sufficient to satisfy even a potential judgment. Is that an absolute statement or even a bar to chasing tortfeasors for their negligence? Of course not, but it is a warning that you should never rely on another party’s ability to make you whole.<br />
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With that lesson in mind, I turn back to the concepts of SUM and UM coverage. These, in essence, are policy riders intended to protect you and your household relatives against the unexpected exposure resulting from the negligence of others. Where a negligent driver either has no coverage or insufficient coverage to make an injured party’s damages whole, UM and SUM riders kick in to fill in the gaps, respectively. The riders work just as their names imply. SUM coverage applies to situations where a driver has insufficient coverage, while UM coverage applies to situations where the other driver has no coverage.<br />
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What’s important to understand about both SUM and UM riders is that you are buying coverage <strong>up to</strong> a particular dollar value, but that may not be the amount you get. Any coverage offered by a SUM/UM rider will first be offset by any amounts you receive from the other party’s insurance policy. Take for example the following hypothetical. Assume you are involved in an accident with an individual that only carries a $25,000 liability policy which fully pays out to you. Assume also that you carry a $100,000 SUM rider. The most you could ever hope to recover against your SUM rider is $75,000 because the $25,000 will get deducted against the total amount available under the rider.<br />
The down side to the system is that you don’t get the full $100,000 <em>on top of</em> the $25,000 you received from the negligent driver’s carrier. The up side, however, is that your little bit of planning has provided you with an extra $75,000 in potential coverage to which you wouldn’t otherwise have had access.<br />
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At the end of the day, the moral to this story should be simple: risk exposure is everywhere, so do what you can to minimize it, especially if you have a family. In the world of motor vehicle accidents, the statistics suggest that a collision occurs about every 8 seconds in the United States. While the majority of these accidents are certainly minor, a portion of them will nonetheless result in serious injuries and death. If you ever fall into one of these latter categories, do you really want to bank on the <em>other</em> driver having adequate coverage to protect your interests? I suspect not.<br />
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On a final note, I would remind everyone that even if you have high liability limits on your policy, that doesn’t necessarily mean you have any or adequate SUM/UM coverage. It’s for this reason that I encourage everyone to review their insurance policies. Not only should you understand what your coverage limits are, you need to make sure that you have adequate limits in place to protect against the unknown. If you’re unsure, speak with your attorney or insurance agent to determine what makes sense for you.Anonymoushttp://www.blogger.com/profile/12953400571825019212noreply@blogger.com9tag:blogger.com,1999:blog-1768805604533787654.post-7185028227055632262015-05-25T07:00:00.000-07:002015-07-17T17:11:15.217-07:00Happy Memorial Day!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5Ep6OVeeIK8bP-R-LU_gYgMWRIvRazxKqyIxj3hsx-PUV0zMHWfPaVejl4DABIbXTqskP3qv_vlx4Snsz3-23TVgZkKJCx9r_ftUu8_gcmqi50etPIHNxx0WYK4EfNRwPWX36gX1Xuy0/s1600/cemetery.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="color: #444444;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5Ep6OVeeIK8bP-R-LU_gYgMWRIvRazxKqyIxj3hsx-PUV0zMHWfPaVejl4DABIbXTqskP3qv_vlx4Snsz3-23TVgZkKJCx9r_ftUu8_gcmqi50etPIHNxx0WYK4EfNRwPWX36gX1Xuy0/s320/cemetery.jpg" width="320" /></span></a></div>
<span style="color: #444444;"><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">In commemoration of all those who have served for and/or given their lives for our great country since its inception, I offer the following poem for your reading pleasure. It’s a wonderful verse that I found which truly captures the spirit of the holiday. God bless our troops, our veterans and all of our fallen heroes that have given so much to preserve our freedoms. Please remember that the freedoms we hold so dear are fragile things that can be easily extinguished if not fought for and preserved, not only by our troops, but by each and every one of us! Happy Memorial Day from my office and family!</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><b>The Flowers of Spring</b></span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">by Barry Parks</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Winter’s icy grip may cling overly long some years</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">But the seemly reluctant warmth eventually breaks through</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">The frozen soil is released once more to bear its’ fruit</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">And in a few turns of the earth the first shoots break free</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">The chill that has haunted the air fades beneath a warming sun</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Young shoots stretch skyward and their buds begin to swell</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Soon the soft breeze sweetens as delicate petals unfurl</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">And so the flowers of Spring awaken the world from winter’s cold slumber</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">The sweet breeze swells with promise and calls forth memories</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">It swells with the promise of a bright and free future</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">It calls forth the memories of those who bought that future for all of us</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Memories of those who purchased our freedom with their blood and their lives</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">For generations, they answered the call to duty</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">They set aside their own lives to answer their county’s need</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">They willingly left their own lives and loved ones behind</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">They put their country first and took up arms when they heard the call</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Their numbers grow with every threat to our great country</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">With each threat the call is answered by a wave of our new heroes</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">They shoulder the responsibility and march to her defense</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">One by one their names are added to the list of those who bought our freedom</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"><br /></span><span style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;"></span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">As Spring is a time of renewal for all living things</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">So is it a time of renewal of our obligation to remember those heroes</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">For without their courage and sacrifice</span><br style="background-color: white; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;" /><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13.1999998092651px; line-height: 18.4799995422363px;">Where in the world would we be?</span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-43127171361364849372013-12-23T12:44:00.000-08:002015-08-12T12:45:44.132-07:00A VERY SPECIAL HOLIDAY THANK YOU AND MESSAGE<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI4y3D6dSKNY5f3ybZvMYr0iw5H03mA9tyJlddWovkPgIoFJdsqZCQ38RbdHXRt84B4OSYsxeyA2oSGyHF3toVoUqcjhQa0oMcWxdj97bO9V-7T_xtsgSdZCVZGMNxjqDpGERifEwKT5I/s1600/xmas-ornaments.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI4y3D6dSKNY5f3ybZvMYr0iw5H03mA9tyJlddWovkPgIoFJdsqZCQ38RbdHXRt84B4OSYsxeyA2oSGyHF3toVoUqcjhQa0oMcWxdj97bO9V-7T_xtsgSdZCVZGMNxjqDpGERifEwKT5I/s200/xmas-ornaments.jpg" width="133" /></a></div>
<span style="font-size: large;">A</span>t this time of year, it’s all too easy to get lost in the hustle and bustle of the holiday season while forgetting the true meaning of the season. As 2013 draws to a close and I look back on the past year, a couple of inescapable truths are apparent to me.<br />
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<span style="font-size: large;">F</span>irst, I realize how truly blessed I am in so many aspects of my life. Between beloved family, dear friends, wonderful colleagues and trusted clients, there is little I’m left longing for. The tangibles and ‘stuff’ of life come and go, but these precious relationships make it all worthwhile and help us through our day to day struggles. But for these relationships, I wouldn’t be the person who I am. They help me. They inspire me. They are a true and very real part of me.<br />
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<span style="font-size: large;">W</span>ith that in mind, allow me to take this opportunity to express my love to all of my family and friends for their support in recent years, especially my wonderful wife. I’m also obliged to express my heartfelt appreciation to all of my colleagues and clients without whom I wouldn’t have the luxury of operating my own practice. There are no words to express to you my gratitude for your ongoing trust, support and patronage; I look forward to growing our relationships even more in 2014! To all of those with whom I’ve yet to do business, know that I welcome the opportunity to be of service to your individual needs and that I humbly look forward to the privilege of getting to know you.<br />
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<span style="font-size: large;">T</span>his all leads to a second truth – all, unfortunately, are not so lucky. In this season of faith and hope, I ask every reader to remember your brothers and sisters around you, especially those who are less fortunate. Whether it be individuals facing financial hardships, members of our elder citizenry who lack the human companionship that we all crave, or those who require some other basic necessity, so many around us find themselves in desperate need at a time of love, family and camaraderie. Please keep them in mind, and ease their burden if you can. While we’ll never be able to eliminate all human suffering or meet every need, we should always strive to do what you can for the less fortunate, especially during the season commemorating Christ’s birth.<br />
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<span style="font-size: large;">I</span>n closing, I offer this prayer of hope and peace written by Frank Borman.<br />
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<i><span style="font-size: large;">G</span>ive us, O God, the vision which can see Your love in the world in spite of human failure.</i><br />
<i>Give us the faith to trust Your goodness in spite of our ignorance and weakness.</i><br />
<i>Give us the knowledge that we may continue to pray with understanding hearts.</i><br />
<i>And show us what each one of us can do to set forward the coming of the day of universal peace.</i><br />
<br />
<span style="font-size: large;">M</span>erry Christmas and a most blessed New Year to everyone!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-36411062984970096922013-11-28T13:23:00.000-08:002015-08-12T13:24:16.792-07:00May the Spirit of Thanksgiving Touch You and Yours Today!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMPxaJtU9Pwn2rJStoyd_Jci4uTTPNJ59SAWHPSpshCv7xSHHobch8w2Jaf3pD8769FVX2KN1x7ky1Lrb89YjV20UOWsM7xzq77A83-9qVX7lyDiABfv33WFJds61NKYdLftw9ub52fpc/s1600/Thanksgiving.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMPxaJtU9Pwn2rJStoyd_Jci4uTTPNJ59SAWHPSpshCv7xSHHobch8w2Jaf3pD8769FVX2KN1x7ky1Lrb89YjV20UOWsM7xzq77A83-9qVX7lyDiABfv33WFJds61NKYdLftw9ub52fpc/s200/Thanksgiving.jpg" width="200" /></a></div>
In memory of our humble beginnings and the official start of Thanksgiving in America, I offer you the following Proclamation delivered by Abraham Lincoln in 1863 that gave rise to our annual celebration of family, friends and a counting of our respective blessings. May the Lord touch each of you today and remind you how blessed each of us is to live in the United State of America.<br />
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<i><span style="font-size: large;">T</span>he year that is drawing towards its close, has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature, that they cannot fail to penetrate and soften even the heart which is habitually insensible to the ever watchful providence of Almighty God.</i><br />
<i><br /></i>
<i><span style="font-size: large;">I</span>n the midst of a civil war of unequaled magnitude and severity, which has sometimes seemed to foreign States to invite and to provoke their aggression, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere except in the theatre of military conflict; while that theatre has been greatly contracted by the advancing armies and navies of the Union.</i><br />
<i><br /></i>
<i><span style="font-size: large;">N</span>eedful diversions of wealth and of strength from the fields of peaceful industry to the national defense, have not arrested the plough, the shuttle or the ship; the axe has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege and the battle-field; and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with large increase of freedom.</i><br />
<i><br /></i>
<i><span style="font-size: large;">N</span>o human counsel hath devised nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. It has seemed to me fit and proper that they should be solemnly, reverently and gratefully acknowledged as with one heart and one voice by the whole American People.</i><br />
<i><br /></i>
<i><span style="font-size: large;">I</span> do therefore invite my fellow citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next, as a day of Thanksgiving and Praise to our beneficent Father who dwelleth in the Heavens.</i><br />
<i><br /></i>
<i><span style="font-size: large;">A</span>nd I recommend to them that while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty Hand to heal the wounds of the nation and to restore it as soon as may be consistent with the Divine purposes to the full enjoyment of peace, harmony, tranquility and Union.</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-80564323791349196132013-10-30T13:30:00.000-07:002015-08-12T13:30:49.836-07:00JOIN US FOR A GOOD CAUSE!! (And for some really great food to boot!)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-MK-WHqZ4KNEpqNWI6iwot4cvAJjARYWjHLzyGVIMQYswSDl9S7TzKriR4qUW39sP7NigS17jyQ9sAwTAqrduYx9rVymV1f0OQZhoJMuvXFe0XAYoveOqJOQaszcVHRiWPdJSKYIH21A/s1600/meal.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-MK-WHqZ4KNEpqNWI6iwot4cvAJjARYWjHLzyGVIMQYswSDl9S7TzKriR4qUW39sP7NigS17jyQ9sAwTAqrduYx9rVymV1f0OQZhoJMuvXFe0XAYoveOqJOQaszcVHRiWPdJSKYIH21A/s200/meal.jpg" width="159" /></a></div>
The Penfield-Webster Rotary Club would like to welcome you to join us for our Second Annual Brew and Dinner Pairing on November 14, 2013. The evening promises to be filled with good times, great food and tantalizing libations from one of Rochester’s very own breweries – the Roc Brewing Company.<br />
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<span style="font-size: large;">H</span>osted at the Penfield Country Club, the Brew and Dinner Pairing features a five-course meal infused with the flavors of some of the finest brews around that will delight even the pickiest palates. We also have the honor of Roc Brewing Company’s very own brew master attending and talking about the various beers being served. As one of our club’s signature fundraising events, the Pairing helps our Club raise money to be distributed toward our various pillars of giving, including literacy and the Rotary Foundation. Your support is welcome and encouraged.<br />
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<span style="font-size: large;">D</span>etails for the event are as follows:<br />
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<span style="font-size: large;">W</span>here: Penfield Country Club, 1784 Jackson Road, Penfield, New York 14526<br />
When: November 14, 2013<br />
Cocktails begin at 6:30 (cash bar) with Dinner at 7:30<br />
Price: $40 per person<br />
<br />
<span style="font-size: large;">P</span>lease feel free to read more about the event at our website and pre-purchase your tickets online here. We look forward to seeing you there!<br />
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<span style="font-size: large;">Q</span>uestions? Call Mary at (585) 520-2447.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-40773148470831332702013-10-06T13:36:00.000-07:002015-08-12T13:41:21.612-07:00FREE ROCHESTER AREA FIRST-TIME HOME BUYERS SEMINAR<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyJQogDBAOUNoQWNQirssqh_69P8qnQSRboHLvc_XiqAIoVlcNuAV7AYygsooJklDQBvtsaBOVAv3S0_jony_G5h3Vt-z7CnXBNKboD9weZ1_qZleLnELrZXcXu7yeda05pRAVMq1Tg0I/s1600/Home-Sold.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyJQogDBAOUNoQWNQirssqh_69P8qnQSRboHLvc_XiqAIoVlcNuAV7AYygsooJklDQBvtsaBOVAv3S0_jony_G5h3Vt-z7CnXBNKboD9weZ1_qZleLnELrZXcXu7yeda05pRAVMq1Tg0I/s200/Home-Sold.jpg" width="200" /></a></div>
Most people don’t realize how easy it is to buy their first home. Many renters are able to purchase a home with mortgage payments lower than the amount they pay in rent. With the current low rates and available programs, whether your credit is good or bad, you owe it to yourself to join us at this exciting and informative event.<br />
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<span style="font-size: large;">J</span>oin area real estate professionals for an exciting seminar geared toward first-time home buyers on Saturday, October 12, 2013, from 10:00 to 11:30 a.m., at the Courtyard Marriott, located at 33 Corporate Woods, Rochester, NY 14623. Seating is limited. For information and to register, please visit this link.<br />
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<span style="font-size: large;">P</span>resenters include representatives from the Law Office of Mark M. Campanella, RATEX Credit Solutions, LLC, VanScoter Insurance Agency, LLC, First Rochester Mortgage, and Nothnagle Realtors.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-78356016315401223802013-09-20T13:43:00.000-07:002015-08-12T13:45:08.879-07:00NEVER FORGET THEIR SACRIFICES<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7HHzHTmRBQctpYliHazIYRxiVBzCq73A48X6ewQ6-eL6sjplqoMvvLzoryWx8Lu5NR2v__-hynW_yrwiLqjT4Tdq3ftUiZOj8ENyT1Rnm7W7JjPaE02P3UdsufPoPkjjr5JCRYEXvmzs/s1600/pow-mia.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7HHzHTmRBQctpYliHazIYRxiVBzCq73A48X6ewQ6-eL6sjplqoMvvLzoryWx8Lu5NR2v__-hynW_yrwiLqjT4Tdq3ftUiZOj8ENyT1Rnm7W7JjPaE02P3UdsufPoPkjjr5JCRYEXvmzs/s200/pow-mia.jpg" width="197" /></a></div>
For those of you who are unaware, today is National POW/MIA Recognition Day in the United States. In commemoration of the sacrifices and service of the thousands of military personnel identified as either prisoners of war or missing in action since the Vietnam War, I would urge everyone to take a moment to remember them and their families. May God bless them and see clear their way home.<br />
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<b><span style="font-size: large;">A</span> POW’S PRAYER</b> – By Henry R. Tavares<br />
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<span style="font-size: large;"><br /></span>
<span style="font-size: large;">G</span>od, please grant me<br />
The courage and endurance<br />
To persevere at the hands<br />
Of my enemies.<br />
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<span style="font-size: large;">P</span>lease endow me with the presence<br />
Of mind to always remember<br />
Who and what I am.<br />
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<span style="font-size: large;">G</span>ift me with the needed fortitude<br />
To resist all torture and deprivation<br />
Be it mental or physical.<br />
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<span style="font-size: large;">A</span>nd most of all dear lord<br />
Grant unto me the power and ability<br />
To keep my soul and resolve,<br />
American, to the core.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-79711693256847906942013-09-11T13:46:00.000-07:002015-08-12T13:51:47.634-07:00LEST WE EVER FORGET...<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguImIuD1f5OKH3D7fUQkf7SW3n7BoPUJSaRVjhful60CRhj2c0o8TLNrw4vcOsvTOppsaymyABQGovXF0mc0ewCQSnblsl-FUaxh1o3r4tvED0JxRGAv4tF3tDxCQnXP5z-Az7L0jbg8c/s1600/Remember-911.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguImIuD1f5OKH3D7fUQkf7SW3n7BoPUJSaRVjhful60CRhj2c0o8TLNrw4vcOsvTOppsaymyABQGovXF0mc0ewCQSnblsl-FUaxh1o3r4tvED0JxRGAv4tF3tDxCQnXP5z-Az7L0jbg8c/s200/Remember-911.jpg" width="200" /></a></div>
<div style="text-align: left;">
A flag of honor, a flag for reflection</div>
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It stands for us all uniting this nation.</div>
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It will keep in our minds this tragic day,</div>
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Memories of such heroic acts shall not go away.</div>
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<br /></div>
<div style="text-align: left;">
<span style="font-size: large;">A</span>s we look on this flag of cloth and thread,</div>
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A field of bright red for the blood that was shed.</div>
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Not just on this day of lasting memories,</div>
<div style="text-align: left;">
But for lives that were given throught history.</div>
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<br /></div>
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<br /></div>
<div style="text-align: left;">
<span style="font-size: large;">T</span>wo towers of strength that rose up so high,</div>
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Reaching for dreams, they stretched to the sky.</div>
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They lay now in ruin at the hands of hate,</div>
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Great symbols of our nation have met this fate.</div>
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<br /></div>
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<span style="font-size: large;">O</span>ut nation’s military housed in a fortress of steel;</div>
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We’re reminded this day that war is so real.</div>
<div style="text-align: left;">
Hitting the heart of our power and might,</div>
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Rise up America, this terror we must fight!</div>
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<br /></div>
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<span style="font-size: large;">S</span>tars that shine on a field of bright blue,</div>
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Remind us of heroes with hearts so true.</div>
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An ordinary day, it had started out to be,</div>
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Soon their lives would be given for you and me.</div>
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<br /></div>
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<span style="font-size: large;">A</span> circle is drawn to stand for our nation’s unity,</div>
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A nation coming together through such tragedy.</div>
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A reminder is given for all of America to see,</div>
<div style="text-align: left;">
That our freedom is never really free.</div>
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<br /></div>
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<span style="font-size: large;">“G</span>od Bless America” is written in white,</div>
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Make this your prayer each and every night.</div>
<div style="text-align: left;">
God is always with us, He knows our needs</div>
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Bring America back to God, should be our decree.</div>
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<br /></div>
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<span style="font-size: large;">M</span>uch was given, many were lost on this day,</div>
<div style="text-align: left;">
A man of terror tried to take our spirit away.</div>
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Do not let our new found spirit and unity fade,</div>
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As you look on this flag, remember this day…</div>
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<br /></div>
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<span style="font-size: large;">B</span>y Lt. Tom Robinson, Wilmington, NC Firefighter</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-53679847232863973162013-08-15T13:57:00.000-07:002015-08-12T13:57:53.262-07:00CONSIDERING FORMING A SMALL BUSINESS (Part II)? IS AN LLC OR S-CORPORATION RIGHT FOR YOU?<div class="separator" style="clear: both; text-align: center;">
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Even the most brilliant innovators and entrepreneurs require protection, but from what you might ask. The answer is actually suggested by the question itself, and is quite simple: you just don’t know. You never really know all of the things that might present themselves as potential liabilities, real or imagined, against you and your company. To the extent possible, one of your first goals as an entrepreneur is simple: shield your interests, corporate and especially personal. Exposure is everywhere, and everyone’s looking for certainly against that risk. While nothing is an absolute guarantee, there are nonetheless a myriad of ways to protect your individual interests, all the way from umbrella insurance policies to corporate formations. The latter serves as the fodder for today’s article.<br />
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<span style="font-size: large;">W</span>hile virtually everyone’s heard of a corporation and a limited liability company, practically speaking, not many understand the differences between them and which is the right choice for their particular business. Truth be told, even professionals sometimes differ on these opinions. Attorneys and CPAs have a notorious reputation, rightly or wrongly, for recommending a different entity selection to the same client. Is one suggestion necessarily right or wrong? I guess that depends on whether you’re speaking with the attorney or the accountant. Regardless, whenever considering the formation of a business, one should consult with a trusted advisor to ensure the right choice.<br />
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<span style="font-size: large;">W</span>ith all of that said, I’ll use the balance of this article as a primer on some of the primary similarities and differences between corporations and LLCs. In particular, given that we’re talking about start-ups, this article focuses on S-corporations rather than C-corporation. For a more detailed discussion of the difference between S and C-corps, feel free to review my prior article which addresses that issue. Now, on to the discussion at hand..<br />
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<b><span style="font-size: large;">1</span>. Formality and Liability Shield:</b> Let’s start with one of the primary reasons that individuals form a legal entity to conduct business in the first place – the creation of a business shield. Both corporations and LLCs provide their shareholders/members with liability against corporate liabilities. There are really only a couple of caveats to that rule. Regardless of whether you’ve chosen a corporation or an LLC, each entity has certain formalities that must be strictly adhered. If you fail to abide by those formalities, you risk the entity being set aside, and the courts recognizing that you are personally liable for the corporate liability at issue. Aside from adhering to corporate formalities, unless the owners engage in egregiously fraudulent and intentional acts under while acting in the name of the business, the courts will honor the shareholders’/members’ liability shield.<br />
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<b><span style="font-size: large;">2</span>. Membership Size:</b> If the potential number of members in the business is a concern to you, either in terms of your intentions to grow the business later on or who you may want to bring in as a member, here are a few other considerations. S-corporations are limited to no more than 100 shareholders, and all shareholders must be United States citizens or permanent residents. If your business is facing circumstances that might circumvent either of those restrictions, then your s-corporation could lose its status and revert to becoming a C-corporation. Such being the case, LLCs might be your best alternative if you expect to face either of those possibilities.<br />
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<b><span style="font-size: large;">3</span>. Pass-Through Versus Double Taxation:</b> Both S-corporations and LLCs are considered pass-through entities for tax purposes. What does this mean in practical terms? Unlike C-corporations that face taxes on not only the corporation itself, but on the earnings paid out to the corporation’s owners, the company profits of S-corporations and LLCs are only reported on the personal income tax returns of the businesses’ respective shareholders or members. In this way, members of S-corporations and LLCs avoid that dreaded “double taxation” that so many fear when forming traditional C-corporations.<br />
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<b><span style="font-size: large;">4</span>. Income and Loss Allocation:</b> On the related issue of taxes, another significant difference between S-corporations and LLCs comes in the form of income allocation. LLCs are often a favored entity because of the flexibility they allow their owners, especially when it comes to income allocation. Quite distinct from S-corporations, where shareholders incur income and losses subject strictly to their pro-rata shareholder interest in the business, income and loss between members of an LLC can be disproportionately allocated among its owners. Regardless of what each member puts in to the business, they can nonetheless enter into any sort of allocation agreement they might like vis-à-vis the operating agreement. The members will then be taxed accordingly by the Internal Revenue Service.<br />
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<b><span style="font-size: large;">5</span>. Membership Levels</b>: Here’s just a quick note on the availability of differing membership classes in S-corporations and LLCs, but one nonetheless worth making. As far as S-corporations are concerned, shareholders own only one class of stock, which are either voting or non-voting shares. They cannot however have distinctions like common stock and preferred stock. Non such limitations exist relative to LLCs where you can have different membership classes with different priorities and preferences.<br />
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<span style="font-size: large;">T</span>hese are only some of the many important features that align and distinguish S-corporations and LLCs from one another. When you’re considering starting a new business, it’s critical to have a firm grasp on all aspects of the entity differences to ensure an appropriate choice, so always consult with a qualified professional to assist with your decision.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-21541339928717141682013-07-17T14:00:00.000-07:002015-08-12T14:11:05.655-07:00WILL YOUR INTERESTS BE PROTECTED IF YOU GET INTO A SERIOUS CAR ACCIDENT? The Mysteries of SUM/UM Explained.<div class="separator" style="clear: both; text-align: center;">
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Shhhhhhh!! I know it’s a dirty little secret, but you’ll be happy to learn that almost everyone is guilty of it. When was the last time you actually reviewed or paid attention to your motor vehicle insurance coverage? Do you really know or understand what your policy provides for in the event of an accident? If you’re like most people, I suspect the answers to those respective questions are rarely, if ever, and nope, not really. About the only thing that most drivers care about is making sure they have the necessary insurance coverage to ensure their right to operate their motor vehicle (at least as mandated by the State of New York).<br />
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<span style="font-size: large;">I</span>f ever an accident were to occur in which you were seriously injured at the hands of a driver who either didn’t have any insurance coverage or minimal policy limits, your own interests could be seriously jeopardized. It’s for this reason that I’m urging every one of you to grab the declarations page from your insurance policy and give it a quick perusal… go on… right now, go grab it…. Don’t worry, I’ll wait…<br />
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<span style="font-size: large;">N</span>ow, assuming you’ve done your homework and have in fact reviewed your policy limits, I’ll draw your attention to a couple lines on your policy that you’ve probably never paid attention to or that you may not have fully understood. I’m referring to the coverage line pertaining to SUM/UM coverage. Although it may have a funny and acronym ridden name, this coverage line is second only to your liability limits in terms of importance in your policy.<br />
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<span style="font-size: large;">A</span>s for what are they and what do they mean, <b>SUM</b> stands for Supplemental Underinsured Motorist coverage, while <b>UM</b> stands for <i>Uninsured Motorist coverage</i>. In New York State, drivers are required to carry a minimum of <i>$25,000</i> in liability coverage for a single person and <i>$50,000</i> in liability coverage for multiple claims. This is different than SUM/UM coverage. Liability coverage protects other individuals against your negligence in the event you cause an accident with resulting injuries. All in all, the statutory minimum <i>$25,000/$50,000</i> policy is by all measures small potatoes and won’t provide much coverage. That’s where SUM/UM coverage come into play.<br />
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<span style="font-size: large;">H</span>eaven forbid it ever happens, but consider this. What happens if you’re involved in a serious or catastrophic motor vehicle accident caused solely by the negligence of another. Chances are pretty good that you or your family may be entitled to damages against the driver of the other vehicle. Now imagine that the driver of the other vehicle either has no coverage or only the statutory state minimum? What happens then, when that <i>$25,000/$50,000</i> policy isn’t enough to make you or your family whole? Do you call it a day, and walk away once her policy gets tendered? Or do you try to chase down the negligent party for the damages you’ve suffered which exceed her policy limits?<br />
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<span style="font-size: large;">B</span>oth are certainly viable options, but the issue of practicality often comes into play. From the standpoint of professional experience, I’ve often found that those who maintain only minimal policy limits likely won’t have assets sufficient to satisfy even a potential judgment. Is that an absolute statement or even a bar to chasing tortfeasors for their negligence? Of course not, but it is a warning that you should never rely on another party’s ability to make you whole.<br />
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<span style="font-size: large;">W</span>ith that lesson in mind, I turn back to the concepts of SUM and UM coverage. These, in essence, are policy riders intended to protect you and your household relatives against the unexpected exposure resulting from the negligence of others. Where a negligent driver either has no coverage or insufficient coverage to make an injured party’s damages whole, UM and SUM riders kick in to fill in the gaps, respectively. The riders work just as their names imply. SUM coverage applies to situations where a driver has insufficient coverage, while UM coverage applies to situations where the other driver has no coverage.<br />
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<span style="font-size: large;">W</span>hat’s important to understand about both SUM and UM riders is that you are buying coverage up to a particular dollar value, but that may not be the amount you get. Any coverage offered by a SUM/UM rider will first be offset by any amounts you receive from the other party’s insurance policy. Take for example the following hypothetical. Assume you are involved in an accident with an individual that only carries a $25,000 liability policy which fully pays out to you. Assume also that you carry a $100,000 SUM rider. The most you could ever hope to recover against your SUM rider is $75,000 because the $25,000 will get deducted against the total amount available under the rider.<br />
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<span style="font-size: large;">T</span>he down side to the system is that you don’t get the full $100,000 on top of the $25,000 you received from the negligent driver’s carrier. The up side, however, is that your little bit of planning has provided you with an extra $75,000 in potential coverage to which you wouldn’t otherwise have had access.<br />
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<span style="font-size: large;">A</span>t the end of the day, the moral to this story should be simple: risk exposure is everywhere, so do what you can to minimize it, especially if you have a family. In the world of motor vehicle accidents, the statistics suggest that a collision occurs about every 8 seconds in the United States. While the majority of these accidents are certainly minor, a portion of them will nonetheless result in serious injuries and death. If you ever fall into one of these latter categories, do you really want to bank on the other driver having adequate coverage to protect your interests? I suspect not.<br />
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<span style="font-size: large;">O</span>n a final note, I would remind everyone that even if you have high liability limits on your policy, that doesn’t necessarily mean you have any or adequate SUM/UM coverage. It’s for this reason that I encourage everyone to review their insurance policies. Not only should you understand what your coverage limits are, you need to make sure that you have adequate limits in place to protect against the unknown. If you’re unsure, speak with your attorney or insurance agent to determine what makes sense for you.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-23711392200000612632013-07-03T14:11:00.000-07:002015-08-12T14:14:21.437-07:00GOD BLESS AMERICA! HAPPY INDEPENDENCE DAY!<div class="separator" style="clear: both; text-align: center;">
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While the Fourth of July is quintessentially known as a time for eating hotdogs and watching fireworks, today I call to mind the true meaning of the holiday and remind everyone of its fundamental importance to our Nation. It was 237 years ago today that 56 intrepid souls signed their names to the Declaration of Independence. In doing so, these men not only risked everything that they held dear in their lives for what they believed to be true and right by committing treason against the British Crown, but they inexorably changed the world forever. Our Nation is the benchmark by which freedom is measured across the World because of what these brave men sacrificed and created over 200 years ago.<br />
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<span style="font-size: large;">I</span> encourage everyone to celebrate today, but never forget. Never forget where we came from, and never lose track of where we’re going because what we and those of us before us have built is too important to lose. I offer the following message, originally given by Charles Province, as a reminder to hold our freedoms sacrosanct no matter the cost. Ours is a truly unique and wonderful society that has never seen its equal, and I dare say never will.<br />
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<i><span style="font-size: large;">I</span>t is the Soldier, not the minister, who has given us freedom of religion.</i><br />
<i>It is the Soldier, not the reporter, who has given us freedom of the press.</i><br />
<i>It is the Soldier, not the poet, who has given us freedom of speech.</i><br />
<i>It is the Soldier, not the campus organizer, who has given us freedom to protest.</i><br />
<i>It is the Soldier, not the lawyer, who has given us the right to a fair trial.</i><br />
<i>It is the Soldier, not the politician, who has given us the right to vote.</i><br />
<i>It is the Soldier who salutes the flag,</i><br />
<i>Who serves beneath the flag,</i><br />
<i>And whose coffin is draped by the flag,</i><br />
<i>Who allows the protester to burn the flag.</i>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-1768805604533787654.post-61308844325696538772013-07-02T14:15:00.000-07:002015-08-12T14:19:04.386-07:00CAN YOUR ESTATE AVOID THE TRIALS AND TRIBULATIONS OF INFIGHTING AFTER YOU PASS?<div class="separator" style="clear: both; text-align: center;">
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The time after someone passes away is supposed to be a period of mourning, acceptance and hopefully regrowth. I think it’s fairly safe to say, however, that we’ve all seen at one point or another circumstances following the loss of a loved one (whether yours or someone else’s) degrade into nothing more than a money grab. I don’t care if you’re the Brady Bunch or that prototypically dysfunctional family, money seems to have a way of bringing out the worst in people. When that happens, greed, shortsightedness and/or one’s own sense of entitlement often lead an individual to the precipice of challenging the contents of their loved one’s Will. Are there times when a will contest is a valid alternative? Certainly. At other times, however, it’s nothing more than an effort to get more “stuff” out of the estate of your loved one.<br />
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<span style="font-size: large;">W</span>hat, if anything, can be done to avoid this possibility? As someone planning his or her estate, you’re often in a unique position to know your family well enough to sense the possible danger signs that a Will contest following your passing could be on the horizon. Whether you see trouble brewing from the get go or whether you simply wish to avoid infighting as a possibility down the road, you do have some options going forward to minimize the chances of it occurring.<br />
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<span style="font-size: large;">W</span>hat if you could dissuade someone from filing a Will contest with nothing more than a few written words? Sound appealing or even too good to be true? While not for everyone, the inclusion of what’s known as a “No Contest Clause” or “Terrorem Clause” in your Will might have just that effect. At its most basic level, no contest clauses state in no uncertain terms that if anyone files a lawsuit challenging the validity of your estate plan, that person will receive nothing from the estate. Yep, you heard me right. If someone challenges the Will in the midst of a terrorem clause, that person is entirely cut off from taking anything from the estate.<br />
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<span style="font-size: large;">P</span>retty powerful stuff, huh? Is it an absolute deterrent? Of course not, but it will almost certainly give anyone contemplating a challenge pause to reconsider before filing. At the end of the day, you are always free to challenge a Will, but where a terrorem clause is present, the challenger must be cognizant of the fact that he or she will receive nothing if that challenge is lost. While New York recognizes the enforceability of no contest clauses, not all states do, so be sure to consult with local counsel to determine whether terrorem clauses are a valid and appropriate option for you.<br />
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<span style="font-size: large;">I</span>f we take a step back and look more generally at the grounds on which Wills are typically overturned once challenged, we would see that the capacity (or rather incapacity) of the testator is often key to the challenge. While not directly a deterrent for challenging a Will, I would offer the following as guidance to at least ensure your wishes are carried out if your Will ever is challenged. The lesson is this: start soon and revisit often.<br />
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<span style="font-size: large;">W</span>hat does that mean exactly? Simple. In order to successfully challenge a will, the opponent must demonstrate that the Will is not valid for at least one of any number of reasons. Those reasons include facts like the Will was executed under duress or the testator didn’t have the mental capacity to execute the Will. With those facts in mind, I would suggest that it is wise to undertake your estate plan as early as possible – when there’s no question about your capacity – to ensure that your wishes won’t be set aside. To that end, I would also suggest that any good estate plan needs to be revisited often. Estate plans are organic and need to be updated occasionally to reflect major (and minor) changes in one’s life. It’s all about making these changes when you have the ability to make informed decisions. If you do so, short of your estate plan violating some established public policy, your wishes will become manifest and your intentions will be given full effect.<br />
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<span style="font-size: large;">I</span> would offer testators one final strategy for avoiding familial strife once you pass. Another major reason that Wills are challenged is the element of surprise. If the beneficiaries of a Will learn about a decedent’s wishes only after death and those stated wishes are a shock to one or more beneficiaries, you unfortunately have the home-grown makings for a challenge. Individuals who feel slighted by a decedent or who simply don’t understand why their loved one did what he or she did, are prone to lash out – often times in the form of a Will challenge. Such being the case, a certain level of transparency in one’s estate is often times a good idea. I’m not suggesting that testators go into gory detail about their assets with their loved ones, but there is something to be said for discussing your estate plan so they understand your wishes in advance of your passing, not to mention your rationale for distributing your estate in the manner you’ve chosen. No strategy will entirely eliminate the possibility of a challenge, but depending on your particular circumstances, a modicum of transparency could well remove any surprises that might otherwise result in a contest.<br />
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<span style="font-size: large;">A</span>ny strategy aimed at minimizing the likelihood of a Will contest should be discussed with counsel. Depending not only on your particular family situation but also on the applicable laws and public policies of your jurisdiction, the choice of strategy(ies) is critical. Always consult with an attorney about your particular circumstances to ensure you understand not only your options, but the possible ramifications of those options.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-48835850261072850722013-06-20T14:19:00.000-07:002015-08-12T14:22:05.764-07:00THE IMPORTANCE OF COUNSEL IF YOU'RE NOT USING A REALTOR<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_VETu83ur47vBPrWkvDbOiHfguNT-JHn5reGNVALqFVPtAmsttwlWA75Sg6GjTkhL77zqwzFfO51GYTF1DRtppymWZxycrQLSVe6wlE7No8v_dOcRyHsJgx4qj44sqg58RduVI2td3c8/s1600/Home-Sold.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_VETu83ur47vBPrWkvDbOiHfguNT-JHn5reGNVALqFVPtAmsttwlWA75Sg6GjTkhL77zqwzFfO51GYTF1DRtppymWZxycrQLSVe6wlE7No8v_dOcRyHsJgx4qj44sqg58RduVI2td3c8/s200/Home-Sold.jpg" width="200" /></a>Hey, I get it – in today’s economic climate, I’m as much in favor of trying to save a buck as the next guy… There’s a difference, however, between trying to save a buck and jeopardizing your interests. At least in the Western New York region, the real estate market is presently pretty gosh darn hot. In an effort to save that proverbial dime, I’ve noticed that many buyers and sellers are navigating the market without the assistance of a realtor, all in an effort to keep costs down. I’m not here today to debate the sageness of buying or selling a home without the benefit of a good realtor – regardless of whatever I might say, there will always be those who simply undertake to do it themselves. That being the case, I offer the following to those brave souls determined to purchase or conduct a For Sale By Owner (FSBO) on their own.<br />
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<span style="font-size: large;">I</span>s it impossible to conduct a real estate transaction without the benefit of a realtor? Hardly, but buyers and sellers need to understand that realtors bring many unique characteristics to the table that benefit their clients, not the least of which include their experience in negotiating and their familiarity with the necessary contractual documents. When you remove realtors from the equation, buyers and sellers alike are eliminating a font of professional experience from the process that likely needs to be filled in order to bring the deal to fruition. The question becomes one of who will fill that void to ensure your interests are truly protected?<br />
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<span style="font-size: large;">F</span>or the sake of this discussion, I’m setting aside the issue of your negotiating prowess. If you’re doing it on your own, hopefully you’ve at least educated yourself on the market and your area comparables so you have some sense of the deal your making. My fingers are crossed for you that you aren’t getting robbed, regardless of which side of the table you’re sitting. My real concern today relates to the dangers of undertaking real estate contracts on your own.<br />
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<span style="font-size: large;">U</span>nless you’re an experienced real estate investor who routinely flip houses, it’s unlikely that you have the knowledge and requisite understanding of real estate law to prepare a purchase offer agreement, a counteroffer or the associated addendums that almost always accompany such offers. Here’s the danger, and I believe it’s very real. Unless a real estate contract has been prepared and executed properly, you could well be setting yourself up for disaster, either in terms of having drafted an unenforceable contract, having prepared an incomplete contract that doesn’t fully set forth your intentions, or exposing yourself to liability down the line if you failed to disclose something you should have. None are pleasant thoughts, and all will almost certainly cause you to have a very bad day if brought to light or used against you.<br />
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<span style="font-size: large;">N</span>o one wants to go through the purchase and sale process only to later find that the deal you were so intent on can’t or won’t be closed for some reason that was entirely within your control from the very beginning. Rather than risk that potential, the solution is simple. In order to close, you’re going to need counsel in the first instance to review and approve whatever contract you execute. If you’ve chosen not to use a realtor, do the smart thing and engage your attorney to prepare the necessary purchase offer or counterproposal too! If your attorney routinely practices real estate law, he or she is intimately versed with these contracts and will be happy to assist you at usually nothing more than a nominal fee over and above their usual closing cost. Yes, it might be slightly more expensive than doing it yourself, but I can guarantee you that it will certainly be less expensive than using a realtor or the costs associated with the litigation that could ensue from a poorly, inarticulately or incorrectly drafted contract.<br />
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<span style="font-size: large;">A</span>re there guarantees in life that your deal won’t fall through even with a perfectly drafted contract? Certainly not, but using counsel at least ensures that you’ve done all you can to protect those interests to the best of your ability. As the old saying goes, don’t be penny wise and pound foolish. Save money where and if you can, but not at your own expense!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-88415584742000895872013-06-12T14:22:00.000-07:002015-08-12T14:26:23.941-07:00WHY SHOULD YOU REGISTER YOUR FOREIGN BUSINESS?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaWpRzasq-ILLXfWpWOLDwP8lnUXRY8F5jobSN5-NRkeIeACBZm9KRg-htzh2GwDI3oHy7M8byuGZED-dAKYINjUs2jHlmKZ6uRwNKyUq8ZV6cmhSVkYg0pPHTnKJE3wg4RJlI8Fvt4co/s1600/headache.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaWpRzasq-ILLXfWpWOLDwP8lnUXRY8F5jobSN5-NRkeIeACBZm9KRg-htzh2GwDI3oHy7M8byuGZED-dAKYINjUs2jHlmKZ6uRwNKyUq8ZV6cmhSVkYg0pPHTnKJE3wg4RJlI8Fvt4co/s200/headache.jpg" width="200" /></a></div>
The statistics really haven’t changed over the past few years. New York not only remains one of the most expensive states in our fair Union to live and do business, but we also have one of the most oppressive tax structures to boot. All in all, this usually makes for an incredibly unfriendly environment for starting and/or maintaining a business in New York State.<br />
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<span style="font-size: large;">C</span>all it a trickle down effect if you will, but this hostile fiscal climate invariably impacts entrepreneurs’ decisions as far as where to incorporate or whether to even do business in New York. Such being the case, even when companies decide to do business in New York, before doing so, they will often make a strategic decision first – namely, forming their business in another state so that their business is subject to not only friendlier corporate governance laws, but also a less oppressive tax and regulatory structure. That’s all well and good in theory, at least until you start “doing business” in New York.<br />
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<span style="font-size: large;">Q</span>uick side note. Just so there is no confusion, when I use the term “foreign” business, I’m not talking about a company that’s been set up in Bangladesh or some other far off land. Foreign in this sense that I’m using it refers to businesses that were formed outside of New York in another state (even if that business was formed by a New York resident with the intention of doing business exclusively in New York). If we were talking about companies formed in another country, those would be referred to as “alien” entities.<br />
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<span style="font-size: large;">N</span>ew York, like many other states, requires “foreign” businesses to register with the Department of State before conducting business in order to take full advantage of the State’s laws and corporate protections. Registering your foreign entity is a simple enough matter. I do, however, always recommend utilizing competent attorney to assist with the process because failure to do so properly could lead to disastrous consequences for your business later. In order to register, it’s merely a matter of filing some paperwork with the Department of State and thereafter obtaining a Certificate of Authority to transact business here. Simple enough, right?<br />
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<span style="font-size: large;">A</span>t the end of the day, business owners need to understand that forming a business in another state is not a panacea to your New York corporate woes. While there may be times that doing so makes sense, owners need to recognize certain facts, not the least of which include that you could be opening your business up to potential litigation in more than one state by undertaking this strategy, and that you will face increased costs by maintaining your business in two separate states. Whether this approach makes sense for your business is fact dependent and one that should be considered with counsel.<br />
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<span style="font-size: large;">A</span>ssuming for a moment that you do form a foreign business – then what? What happens if you fail to register it or if you do so improperly? What risks do you run? The long and short of it is that doing business in New York as an “unauthorized” company will subject your business to considerably greater liabilities. The downsides are very real. Depending on the nature of your industry, your company may be entirely banned from conducting business here unless you’ve registered and secured the permission of the necessary state agencies to conduct business (i.e., insurance companies and other industries subject to strict governmental regulation). Your business could likewise find itself subject to fines depending on the illegal practice(s) in which you’ve engaged.<br />
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<span style="font-size: large;">A</span>nother reality of doing business in New York as an unauthorized foreign entity is that you will be precluded from affirmative access to the court system unless and until you have qualified to do business in the State. This prohibition is codified in New York’s Business Corporation Law, and is designed to “to protect domestic corporations from unfair competition and to place them on an equal footing with corporations who are using the facilities provided by the state of New York in the conduct of their business.” Others, however, will still be able to gain jurisdiction over you, even though you’re not registered here. One of the goals of any company, regardless of the locale in which it is conducting business, is to enjoy the protections offered by that jurisdiction’s laws, while similarly being able to access its legal system. Without the benefit of those advantages, an unauthorized company could well find itself behind the eight-ball as far as protecting its interests.<br />
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<span style="font-size: large;">W</span>hatever your rationalization for forming your business in another state, the lesson here is simple. If you’ve chosen to do business as a foreign entity, make sure to register with the Department of State! It’s fairly quick. There’s only a nominal expense for doing so. But it will likely save you a major headache down the road should some dispute involving your company arise. Heaven knows there are certainly enough challenges in business without creating additional and unnecessary burdens for yourself; this is an easy fix, so strongly consider it.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-57849854272171642172013-06-05T14:27:00.000-07:002015-08-12T14:30:46.858-07:00WHAT CAN I DO ABOUT MY NEIGHBOR'S #@&$ TREE!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOQWhyphenhyphenJ8AX3sQQjgXc9VPJJVp_tu8lNK_96HFJt_WYC8_juyevwtJL-TX2pCukFZt3QKUNo99LsOWn6m5HxdidcUtY5PfOIg5_koKOGkv-boJtNm9v1lZ0P6qx_8aS67KqYFoodmt1uYE/s1600/white-picket-fence.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOQWhyphenhyphenJ8AX3sQQjgXc9VPJJVp_tu8lNK_96HFJt_WYC8_juyevwtJL-TX2pCukFZt3QKUNo99LsOWn6m5HxdidcUtY5PfOIg5_koKOGkv-boJtNm9v1lZ0P6qx_8aS67KqYFoodmt1uYE/s200/white-picket-fence.jpg" width="200" /></a></div>
Let’s face it – one of the first lessons you likely learned as a homeowner was that you can’t pick your neighbors, no matter how much you might like to at times. Consider yourself one of the lucky ones if you in fact have neighbors that you like, get along with and can openly speak with (I’m fortunate enough to count myself in this latter category). Regardless of whether you’ve got neighbors that drive you bonkers or ones that you get along with famously, another sad lesson in life is that it often doesn’t take much to sour even the best of relationships. While I wouldn’t deign to write about how to keep a harmonious neighborhood, I will offer some general advice on a topic that has unnecessarily spoiled many a friendly relationship.<br />
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<span style="font-size: large;">I</span>t’s silly. It’s small. It’s seemingly innocuous and likely petty. It’s all of these things and more, at least until you’re the one faced with it. What dastardly thing could divide once loving neighbors like the Hatfields and McCoys?? The answer? Shrubbery! Well, any foliage really, but hopefully you get the point. I know, I know. That’s plain silly, right? To an extent I agree with that assessment, at least until you recognize that a family’s house is its castle. That said, most liege lords don’t like things that threaten their property rights, even if those threats are minor.<br />
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<span style="font-size: large;">W</span>ith all flourish aside, let’s settle into the questions de jour. What are your rights when faced with a neighbor’s tree or hedgerow infringing onto your property? What rights do you have to trim or remove a tree or hedge which belongs to your neighbor but which resides partly on your property? Does it make a difference whether an overhanging tree poses a threat to person or property?<br />
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<span style="font-size: large;">B</span>arring local ordinances to the contrary (yes, they exist, so be sure to check your local rules!!), New York law does allow neighbors to tend to trees and hedges that infringe on their property. This is a limited right though, and one that must be exercised carefully. Homeowners have a right to trim infringing branches only up to their property line, but they must take care not to damage or kill the remaining tree, hedge or bush. If you do harm your neighbor’s foliage, be heedful of that fact you could well find yourself liable to your neighbor for any damages that she suffers from your actions. The aesthetics of a poor pruning job aside, so long as you don’t kill your neighbor’s tree and you only trim up to the property line, you’re well within your rights to cut it back.<br />
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<span style="font-size: large;">L</span>et’s assume your neighbor has exercised her rights to trim your tree up to your property line. What should you do if your neighbor demands reimbursement for the costs she incurred to trim back the branches? Unless the tree is posing a hazard to your neighbor’s person or property (yes, that standard is somewhat open to interpretation), the law does not require you to personally trim the branches or reimburse your neighbor for any expenses she might have incurred from electing to trim back the tree herself.<br />
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<span style="font-size: large;">P</span>ropriety aside, even if you are legally entitled to trim back that overhanding branch or creeping hedge row, before you do so, you may want to ask yourself how you would feel if roles were reversed and your neighbor started hacking away at your property without so much as consulting you. While’s there’s certainly no guarantee as to how your neighbor will react, an explanation of what you plan on doing beforehand, with particular emphasis on the fact that you will only be trimming up to the property line, will probably be better received than simply starting up the chainsaw without any notice to her.<br />
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<span style="font-size: large;">K</span>eep in mind that although you may not need to secure your neighbor’s permission to do the work, you’ll still likely be well-served by communicating with her first, if for no other reason than to try and maintain cordial relations with your neighbor. And you never know what might come of that conversation – not only might your neighbor have some useful suggestions for the trim job, but she might even offer to help with the work!Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-85994207763691430112013-05-27T14:32:00.000-07:002015-08-12T14:35:45.168-07:00Happy Memorial Day!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYMx30WnOib_4S_ntxPlLQD8vb24NemDjTCgYIyOLu2P7MctgrLEUGCAEcKudBjH6LB7vIvWLLq4y0wZCc0RazoSvpLcTOAF7bRiGrgA2ODh8vS-ckrjwGJLnZR6dF3D6qyI4NK-DwynY/s1600/memorial-day.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYMx30WnOib_4S_ntxPlLQD8vb24NemDjTCgYIyOLu2P7MctgrLEUGCAEcKudBjH6LB7vIvWLLq4y0wZCc0RazoSvpLcTOAF7bRiGrgA2ODh8vS-ckrjwGJLnZR6dF3D6qyI4NK-DwynY/s200/memorial-day.jpg" width="200" /></a></div>
Dear Heavenly Father, with a sober heart we come before You this Memorial Day. We pause for a moment and call to mind all the men and women who have died in the service of our nation since 1776.<br />
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<span style="font-size: large;">D</span>ear God, please look with mercy on our brave and selfless brothers and sisters, who did not shirk from their task but gave themselves completely to the cause of defending and protecting us all. Bless all who have given their lives for the sake of liberty, and grant them eternal rest with You.<br />
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<span style="font-size: large;">W</span>e remember also our brave men and women now serving in our Armed Forces, both at home and abroad. Dear God, send out Your angels to protect them all. Help them discharge their duties honorably and well. Please bring them safely home to their families and loved ones. Please bring Your peace and mercy to our troubled world.<br />
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<span style="font-size: large;">W</span>e ask this, Father, in the name of Jesus, Your Son, our Savior and Lord. Amen.<br />
<br />
<i><span style="font-size: large;">B</span>y Father Loren Gonzales</i>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-41117039305294489722013-05-22T14:40:00.000-07:002015-08-12T14:40:46.846-07:00JANUARY 2014 TO BRING MORE CHANGES FOR MORTGAGE LENDING RULES - SELF-EMPLOYEED BEWARE?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX2ZKxnY4tQQi_I7YTwujaar7x9qYe_HhyphenhyphenTCPK4HjEwsNnSLTl8PPaNDSlMExTOnJjYeUTB2T54W9SaiARHAUW1EKkz3mfeEkbyZsk4kcGmq0tygsnJSLbupPvz35PrPkoX55YUG_apVs/s1600/money-trap.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="142" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX2ZKxnY4tQQi_I7YTwujaar7x9qYe_HhyphenhyphenTCPK4HjEwsNnSLTl8PPaNDSlMExTOnJjYeUTB2T54W9SaiARHAUW1EKkz3mfeEkbyZsk4kcGmq0tygsnJSLbupPvz35PrPkoX55YUG_apVs/s200/money-trap.jpg" width="200" /></a></div>
Unless you’re into reading the minutia of federal legislation, you are probably like most consumers and are unaware of a new mortgage lending rule that is slated to go into effect in January 2014. Born of the Dodd-Frank Wall Street Reform and Consumer Protection Act, lenders and consumers should anticipate the implementation of the “Ability-to-Repay” rule early next year, including its provisos related to qualified mortgage criteria. The new rule, like all other mortgage legislation of late, aims to protect borrowers and the real estate market from abuses and another housing collapse.<br />
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<span style="font-size: large;">T</span>he idea behind the new rule is simple enough. In order to avoid abusive practices that harm consumers by obfuscating the true costs of a mortgage, the rule prohibits lenders from offering low or no-documentation loans that mask a mortgage’s true costs. Lenders will instead be required to ensure that borrowers can repay any mortgage offered to them – i.e., the “Ability-to-Repay”. Intuitive enough, right?<br />
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<span style="font-size: large;">T</span>he “Ability-to-Repay” rule also defines a new loan category known as the “qualified mortgage”. These are a somewhat new financial beast designed explicitly to comply with the new repayment rule. The legislation requires that qualified mortgages adhere to the following criteria:<br />
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1. Qualified mortgages cannot have interest-only periods;<br />
2. Qualified mortgages cannot have negative amortization;<br />
3. Qualified mortgages cannot exceed 30 years;<br />
4. Qualified mortgages cannot have balloon payments at the end of the term, with a limited exception for those living in a rural or underserving areas (although who defines that I’m not sure);<br />
5. Qualified mortgages cannot exceed forty-three percent (43%) of a borrower’s monthly pretax income; and<br />
6. Borrowers must provide proof of income or assets.<br />
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<span style="font-size: large;">W</span>hile these new rules may be good for consumers by stabilizing the housing market and minimizing the chances of a further collapse, the “Ability-to-Repay” rule is likely to have a chilling effect on at least one segment of the population – self-employed individuals. For better or worse, those who are self-employed often have uncertain, seasonal and/or fluctuating income. Under the best of circumstances in the current system, lenders are often hesitant to lend to these individuals. While more of a challenge to secure financing, lending for these individuals has, at least for the most part, traditionally been available.<br />
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<span style="font-size: large;">S</span>o, what impact will these new rules likely have? The rules of the game are already stacked against the self-employed because of their often uncertain income. The “Ability-to-Repay” rule takes that burden and significantly heightens it by applying stringent criteria to get a qualified mortgage. Unless the applicant can demonstrate stable or increasing income, his or her chances of obtaining a mortgage may be poor. Under the new rules, it’s unclear whether and how much leeway lenders might have to make business decisions about making loans. As a matter of practicality though, I wouldn’t bank on lenders going out of their way to accommodate applicants who have anything other than a pristine record. It light of the present economic and political culture, I would wager that few if any institutions are willing to assume the risk of running afoul of the administration or this new legislation.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-12306376217248774482013-05-09T14:41:00.000-07:002015-08-12T14:44:31.536-07:00DOES YOUR "SOFT TISSUE" INJURY SATISFY NEW YORK'S SERIOUS INJURY THRESHOLD?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin8CSeUqsMc0v3deNW30Gxwit_YVsCg0jFkYmrXNN-cu3WLo6LAfzO0X65BkjGxpsPaefMnTvGwchnzcj4JDwLzLCl1oVYbfdiefFZn1nEDTVeaOnYnUFV9mjuqQXSN1yS6CGDGUsrcbg/s1600/xray.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin8CSeUqsMc0v3deNW30Gxwit_YVsCg0jFkYmrXNN-cu3WLo6LAfzO0X65BkjGxpsPaefMnTvGwchnzcj4JDwLzLCl1oVYbfdiefFZn1nEDTVeaOnYnUFV9mjuqQXSN1yS6CGDGUsrcbg/s200/xray.jpg" width="142" /></a></div>
For those readers familiar with my articles, you might recall a previous piece in which I discussed New York State’s serious injury threshold law. In part, the article discussed how New York, years ago, implemented legislation intended to make it more difficult for individuals to maintain legal actions against negligent drivers unless they were “seriously” hurt as a result of the accident. This was done for a number of reasons, not the least of which included efforts to reduce state court dockets and the legislature succumbing to pressure from the insurance lobby. Propriety of the legislation aside, New York’s law, often referred to as the serious injury threshold law, achieves its aims by instituting certain criteria that must be met in order to maintain a legal action.<br />
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<span style="font-size: large;">T</span>he legislature provides for seven different categories of injury that satisfy the threshold law:<br />
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1. Personal injury which results in death<br />
2. Dismemberment; significant disfigurement<br />
3. Fracture<br />
4. Loss of a fetus<br />
5. Permanent loss of use of a body organ, member, function or system<br />
6. Permanent consequential limitation of use of a body organ or member; significant limitation of use of a body function or system<br />
7. A medically determined injury or impairment of a non-permanent nature which prevents the injured person from performing substantially all of the material acts which constitute such person’s usual and customary daily activities for not less than ninety days during the one hundred eighty days immediately following the occurrence of the injury or impairment.<br />
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<span style="font-size: large;">A</span>s even unfamiliar readers will note, there are some stark differences qualitatively speaking as far as how the law treats each category. Unlike the first four categories, which one either definitively suffers or doesn’t, the latter categories are more open to interpretation. In practice, categories 5 through 7 are the subject of ongoing legal debate and are continually changing.<br />
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<span style="font-size: large;">W</span>hile what qualifies as a serious injury under these categories is always fact dependent, they at other times appear subject to judicial whimsy. While the system isn’t always fair, leveling that accusation against the courts isn’t exactly fair either. The courts have undoubtedly left their mark on the law, but it and all of its intended or unintended ramifications are very much a creature of legislative design.<br />
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<span style="font-size: large;">L</span>et’s be frank, and I’ll offer an extreme example to demonstrate my point. There is a significant difference between a broken finger and a bulging disc in one’s back. Broken fingers, although perhaps uncomfortable while healing, rarely cause permanent problems once they’ve healed. That broken finger, however, will automatically qualify as a serious injury under the law, despite the fact that its impact is likely minimal. The same can’t be said for bulging discs and other soft tissue injuries, however. For anyone who’s ever suffered one, they can be utterly debilitating, cause regular pain and go unresolved for the balance of one’s lifetime. Despite that reality, unless certain factors are on your side, your soft tissue injuries may well not be compensable because they simply don’t rise to the level of a “serious injury” under the threshold law.<br />
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<span style="font-size: large;">W</span>hen I talk about soft-tissue injuries, I am basically talking about injuries that you suffer to your connective tissue, including muscles, tendons, ligaments and discs (the spongy, shock-absorbent tissue stuff between your vertebrae). These injuries can take the form of strains, sprains, tears and the like. Typical soft tissue injuries suffered in motor vehicle accidents are bulging discs and/or whiplash.<br />
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<span style="font-size: large;">I</span>f you’ve suffered a soft-tissue injury in a MVA through the fault of another, you need to evaluate with an experienced attorney whether your situation rises to a level enabling you to maintain a legal action. There are numerous criteria that should be evaluated during this process, but here are a few of the more important ones to consider.<br />
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<span style="font-size: large;">Y</span>ou first need to consider the nature of your injuries and how they’ve impacted your life. Many successful soft-tissue cases hinge on factors such as whether the injury required surgery or prevented you from working for an extended period of time. Hand in hand with those factors, one also needs to evaluate how the course of treatment progressed. Did the victim require an extensive and uninterrupted course of treatments since the accident, or were there gaps in treatment? The more of these factors you have on your side, the better your odds of surviving an inevitable motion by the defense to dismiss your case.<br />
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<span style="font-size: large;">W</span>hen it comes to soft-tissue injuries, another factor that plays into your likelihood of maintaining a successful case is your ability to produce objective medical evidence regarding the nature of your injuries and your accompanying limitations. It’s a rare occasion when I question a client’s reports of pain; who am I to say that they’re not feeling something other than what they claim. In the eyes of the court, however, that won’t be enough. Even the most horrific subjective reports of ongoing pain, when unaccompanied by objective medical evidence to substantiate those reports, are likely to get kicked by the court. For this reason, it’s imperative that you and your attorney learn all they can from your treating physicians about the true nature of your injuries and how they may or may not help you qualify under the threshold system.<br />
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<span style="font-size: large;">T</span>here is no question that not all soft-tissue injuries meet the serious injury threshold, but under the right circumstances, one can meet those criteria. This has been one of the more chilling effects of the law. Is the threshold system fair? By no means would I even begin to suggest that, but it is the best we have and the one we are forced to work under. That said, if you’ve suffered an injury at the hands of a negligent driver, while your focus should be on healing, don’t forget to protect your legal interests. Soft tissue injuries can and often times do last a lifetime; while no-fault can often return you to your pre-accident baseline, sometimes it’s not enough. When that’s the case, don’t hesitate to explore your legal rights and options.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-1768805604533787654.post-37462624850688655282013-04-26T14:45:00.000-07:002015-08-12T17:25:07.284-07:00EMPLOYER/EMPLOYEE RELATIONSHIPS ARE LIKE DATING? THE DIRTY LITTLE SECRET OF RESTRICTIVE COVENANTS<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCXHySHwQAq4FzJEBEws661vUHKSBmkoS7NB-JzGYcmy0QSrLLoGLybt4OyQbBghXkhBfQ2x_g8IBJd7S2R7jDN5XtOavh_guI1M8CW3QGLmOE2t0OnTm-iUOXsD7sq26BkB8cbFWIttI/s1600/business-people.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="142" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCXHySHwQAq4FzJEBEws661vUHKSBmkoS7NB-JzGYcmy0QSrLLoGLybt4OyQbBghXkhBfQ2x_g8IBJd7S2R7jDN5XtOavh_guI1M8CW3QGLmOE2t0OnTm-iUOXsD7sq26BkB8cbFWIttI/s200/business-people.jpg" width="200" /></a></div>
When someone is starting out in a new job, one of the last things on his mind is what happens if and when things don’t work out with that employer. Things are all shiny and new, and most people have every hope that the relationship might be lasting. Sounds kind of like dating or marriage, doesn’t it? In a way, it is. The reality is that sometimes things can go horribly wrong in an employer/employee relationship, just like in a personal relationship. When that happens, the question often becomes one of can you just walk away with no further strings attached as you so desperately want to do, or are you somehow still bound to that person with obligations that you just can’t shake? Whether it’s because of a child that you’ve had together or some kind of restrictive agreement that you’ve entered into with your employer, sometimes relationships aren’t that easy to just cast aside.<br />
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<span style="font-size: large;">T</span>oday I’ll leave the personal relationship advice to the experts (you go, Dr Phil!), and focus on something that many people face and don’t even realize. While hardly something that every employee needs to worry about it, I direct this article to professionals and/or uniquely talented individuals who were asked to sign a non-competition agreement as a condition of their employment in New York State.<br />
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<span style="font-size: large;">W</span>hat is a non-competition agreement you might ask? At its most basic level, a non-compete agreement is a contract which restricts an individual’s employment opportunities for a certain period of time and within a certain radius of his current employment following the termination of that relationship. Non-competes often have an additional restrictive condition included which prevents an employee from starting a competing business within a certain period of time following his departure from his employer.<br />
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<span style="font-size: large;">T</span>here are no statutes or regulations controlling non-competes within the State, but case law clearly tells us that New York courts generally disfavor such agreements and hold them against public policy. They are viewed are unreasonable restraints on trade and employment. New York typically stand for the proposition that individuals have a right to work, and that right will not unreasonably be infringed upon. Even so, you nonetheless need to understand that your particular non-compete agreement may still be enforceable.<br />
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<span style="font-size: large;">T</span>he enforceability of a non-compete agreement comes down to an analysis of one simple, or rather not so simple, word: reasonableness. Reasonableness is the standard by which non-competes live or die, and that reasonableness is evaluated on a case by case basis. It falls on the party seeking to enforce the agreement to demonstrate that measure. Without going into gory and gruesomely boring detail, individuals seeking to enforce a non-compete do have some practical guidance for understanding what amounts to reasonableness.<br />
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<span style="font-size: large;">C</span>ourts look to a number of different factors in assessing whether an agreement should stand or be set aside. They include:<br />
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(1) An assessment of whether the agreement imposes a restriction that is no greater than necessary to protect an employer’s legitimate protectable interests;<br />
(2) An assessment of whether the agreement imposes an undue hardship on the employee;<br />
(3) An assessment of whether the agreement causes harm to the general public; and<br />
(4) An assessment of whether the agreement is reasonable both in terms of duration and geographic scope.<br />
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<span style="font-size: large;">T</span>here’s no bright line answer to assess these measures, as each has to be considered based on each cases unique circumstances. Typical interests, however, that the Court is inclined to protect on behalf of an employer include: potential damage to the business’ trade secrets or confidential information; damage to the business’ goodwill; or to prevent the employer from losing an employee to a competitor whose skills are special, unique or extraordinary that the business would be damaged. Even if some or all of these criteria are met, the court still needs to assess the reasonableness of the agreement in terms of the other restrictions it places upon an individual. This assessment may result in the agreement being wholly enforced or struck down, either in part or in whole. The court exercises a measure of control that enables it to re-write an agreement to make it reasonable if an employer’s interests are truly at risk.<br />
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<span style="font-size: large;">I</span>n the event that an employer does seek to enforce a restrictive agreement, it will likely be seeking both an injunction to prevent the arguably prohibited behavior and monetary damages to compensate for the lost profits that it would presumably suffer because of the breach. In light of the fact that these agreements are generally disfavored by the courts, employers need to truly assess with counsel whether they have a legitimate grievance that would justify the time and expense that would be incurred to try and enforce the agreement. Sometimes the answer to that question is an unqualified yes; depending on the skill set and supposed uniqueness of your breaching employee though, I’d urge you to assess that decision well.<br />
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<span style="font-size: large;">B</span>y way of bringing this article full circle, I think it goes without saying that employer/employee relationships, just like personal ones, sometimes go wrong. When they do, it’s my hope that you originally entered into the relationship with eyes wide open as to what you bargained for. If you are an employee subject to a non-compete, always know your rights and consult with counsel if you think an agreement might unreasonably infringe upon your livelihood. If you are an employer, I would urge you not to willy-nilly have all of your employees sign a non-compete, but understand when and how they should properly be used.Unknownnoreply@blogger.com0