New York's General Obligations Law - Uncovering Unique Rights
|By: Douglas J. Mahr and Shannon B. O'Neill|
This new series will consist of articles designed to uncover interesting and unique rights that are covered in New York’s General Obligations Law.
The first subject will be Automatic Renewal Provisions in Contracts, legislated for and contained in General Obligations Law 5-903.
So, you’ve been offered a discount on services you want, and may use often, and the contract comes with an automatic renewal clause, which means that rather than ending on an agreed upon date, the contract will instead automatically renew and continue for another period. Such provisions are subject to Section 5-903 of the General Obligations Law.
Section 5-903 applies to contracts involving services, maintenance or repairs and states that when a contract falls into one of these categories and it contains an automatic renewal clause, certain requirements must be followed.
|The Firm Welcomes Thomas Bezigian, Jr.|
We are pleased to announce that on June 6, 2016, Thomas Bezigian, Jr. joined the firm as an associate attorney and a member of the Estate Planning & Wealth Preservation Practice Group as well as the Business & Tax Practice Group.
Mr. Bezigian’s practice concentrates on the areas of estate planning and taxation, corporate and business succession, probate, trust and estate administration, and elder law.
To Learn more about Tom, please click here [Tom].
|Meghan A. McGrattan Admitted to Practice in the State of New York|
On June 20, 2016, Meghan A. McGrattan, a member of the firm's Estate Planning & Wealth Preservation Practice Group, was sworn in as a member of the New York State Bar Association.
To learn more about Meghan, please click here [Meghan
|IRA Qualified Charitable Distribution (QCD) Provision Now Permanent|
|By: Thomas Bezigian, Jr. |
In the past, Congress created temporary rules that allowed owners of Traditional IRAs to avoid including required minimum distributions (RMDs) from their adjusted gross income to the extent the RMD was distributed to a qualified charitable organization. However, the rules were short-term in duration and were chronically renewed at the end of the calendar year (and sometimes retroactively), making financial planning uncertain for clients and advisors alike. This changed in December 2015 with the adoption of The Protecting Americans From Tax Hikes Act of 2015, as part of the Consolidated Appropriations Act of 2016 (H.R. 2029) which, among other things, made this charitable provision permanent.
|U.S. Department of Labor Modifies Overtime Rules|
|By: Stewart M. McGough|
On May 18, 2016, the US Department of Labor ("DOL") issued final rules that modify the current overtime pay guidelines and push millions of formerly exempt employees into non-exempt status. These rules will go into effect on December 1, 2016, giving employers a significant amount of time to learn the rules and, if possible, develop strategies to offset the additional costs they will otherwise incur in compensating employees for their overtime work.
To learn more, please click here [Overtime Rules].