It is essential that business owners have employees sign non-disclosure and non-compete agreements, in order to protect their intellectual and proprietary information from competitors and others. The best time to have employees enter into these agreements is when the employee is first hired.
A typical non-disclosure agreement is one where the employee agrees not to...
As of January 1, 2016, the amount of money which you can leave to your family and friends at death-- the “unified credit”-- is $5,450,000 at the federal level. This credit may also be used to make gifts while you are alive. Most states impose their own estate tax and/or inheritance tax so one...
The mere mention of the word “probate” usually engenders a rather negative reaction. For many people, the word conjures up visions of extensive delays and enormous expense involved in settling an estate. Seminars promoting living trusts are pervasive and they promote the misconception that probate is an evil to be avoided.
The truth is that...
A very common mistake clients make, in their estate planning, is that they name grandchildren, or other persons under the age of 18, as the beneficiary of their retirement accounts, annuities, or other investments. Since persons under the age of 18 can not legally inherit assets in New York, and in most other states,...
Clients are often understandably confused about the differences between revocable trusts, irrevocable trusts, and testamentary trusts. Very simply, testamentary trusts are those created pursuant to one’s last will and testament. Such trusts do not get established until the death of the person who created the will, and the provisions which govern the trust are...
While many businesses were, in the past, run on handshakes with customers and suppliers, it is essential today that that these agreements be put to writing. Certainly, not everything needs to be set forth in a detailed writing. Very simple, even handwritten agreements, can be used for many day-to-day items. For instance, a purchase...
Long-term health care insurance is essential for anyone who has assets to protect and does not have the financial ability to pay well in excess of $10,000 per month for a nursing home without jeopardizing one's financial stability. This is especially true when one spouse becomes ill, and the other is able to live...