News & Blog

Category: Contracts

Anyone With Assets Over $1 Million Who Resides In New York Still Needs To Do Some Comprehensive Estate Planning In Order To Avoid Unnecessary Taxes.

February 13, 2013 • Posted By Moira E. Casey • Contracts

The American Taxpayer Relief Act of 2012 was signed into law by President Obama on January 2, 2013.  The enactment of the law saved us from going over the “fiscal cliff”.  In particular, the federal estate tax exemption was set at $5,000,000.  The $5,000,000 exemption is here to stay.  In addition, the $5,000,000 exemption is indexed for inflation from 2011 forward.  That means that the federal estate tax exemption  is $5,250,000 for 2013.  In addition, the federal generation skipping  tax exemption is increased to the same level, $5,000,000, indexed for inflation to $5,250,000.  The generation skipping tax is an additional tax imposed on both out right gifts and transfers in trust for the benefit of a related person that is one or more generations younger than the donor.  So, for example, if you create a trust for your grandchildren, while your children are still alive, you’ve skipped  a generation.  By the way, the beneficiary need not be related.  Any transfer to a non-relative that is 37.5 years younger than the donor also creates a generation skipping tax.

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The Olympic Rings

August 15, 2012 • Posted By Tara Bhupathi • Contracts

Rings

Just a friendly reminder, do not use the Olympic Rings in commerce or risk going head to head with the United States Olympic Committee (“USOC”)!

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Go Big Blue!

February 8, 2012 • Posted By Douglas R. Rosenzweig • Contracts

Giants

All the Giant fans here at French & Casey, LLP wish to congratulate the Giants on an amazing season and their fourth Super Bowl Championship!  Photo was taken right below our office along the Canyon of Hero's Parade Route. 

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Seller’s Concession – What Ethical Obligation Does It Impose On Practicing Attorneys?

January 23, 2012 • Posted By Rosalyn Maldonado • Contracts

For Sale Sign

A seller’s concession, which is typically negotiated between the buyer and seller, and ultimately the tool most frequently relied upon by mortgage brokers to facilitate a purchase has been the subject of much scrutiny after the real estate bubble burst in 2008.  This tool, which is so widely used to make a buyer’s dream of owning a home a reality, has placed additional obligations on practicing real estate attorneys.  No longer should the terms of that seller’s concession be merely built into the purchase price and noted as the last item in the contract of sale rider.  The concession should be clearly noted on the face of the contract where the contract amount and balance due at closing are set forth and in all transfer documents, including but not limited to the HUD-1 Settlement Statement.

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French & Casey 2011 Firm Outing to Citi Field

August 12, 2011 • Posted By Douglas R. Rosenzweig • Contracts

French & Casey, LLP travelled to Citi Field for the Padres v. Mets on August 11, 2011.  The weather was spectacular and partners, associates and support staff had a great opportunity to interact outside of work.  Special thanks to Joe French for organizing the outing. 

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Are you Protecting Your Business and Real Estate from a quick sale after your Death to Pay Estate Taxes? The Irrevocable Life Insurance Trust may very well be the answer.

January 20, 2011 • Posted By Moira E. Casey • Contracts

Moira Blog

The future of estate tax legislation is uncertain.  The $5 million per head exemption is only for two years.  We have no idea what will happen at the end of 2012 when President Obama and much of Congress runs for re-election.    The law could still revert back to $1 million per person starting in 2013.  The law could be extended one or two more years.  The law could be amended to pass what we all thought would happen-a $3.5 million per person estate tax exemption.  It is hard to know what the prospective estate tax exemption will be, but it appears likely that people in the future will continue to pay estate taxes.  Of course, in New York State, we have and will continue to have a state estate tax on estates worth over $1 million dollars.   Thus, many estates will be diminished by estate taxes if the proper planning is not put in place.

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Practical Tips for Negotiating Contracts

November 16, 2010 • Posted By Susan A. Romano • Contracts

Susan Blog

In todays' market, getting a customer to agree to utilize your goods or services may only be half the battle in closing a mutually agreeable deal. Negotiating the terms of the deal can at times prove to be more difficult than convincing a customer to use your services. Conflicts over price, delivery terms, deadlines, materials, labor, or quantity may arise.

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Practical Tips for Getting Paid

September 29, 2010 • Posted By Rosalyn Maldonado • Contracts

Ros Blog

How do you get paid in this tough economic climate?  This is the rising concern for many businesses today and the starting point in answering this question rests in the terms of your contract.

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When is a Signed Release/Liability Waiver Valid & Enforceable?

May 13, 2010 • Posted By Douglas R. Rosenzweig • Complex Litigation, Contracts

Hand Writing

Both our corporate and individual clients often ask us whether the waiver they have prepared or signed is valid and binding in a Court of law.  Our clients are specifically interested in the validity of a clause in a release waiving any the rights to sue for any injuries, even if those injuries are caused by the negligence of the party seeking the release.

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