Many of us would like our children to inherit our home once we are gone. More than a few of us think it makes sense to give our home to our children while we are still living. That is not a good idea! Here’s why.

Loss of Step-Up in Basis

Gifting your home to someone

On November 29, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update to the Corporate Transparency Act (CTA), extending the deadline for reporting companies to disclose beneficial ownership information. Once the CTA goes into effect on January 1, 2024, reporting companies created in 2024 will now have 90 days

Second Circuit Finds That Criminal Activities Exclusion Defeats Coverage For Disability Benefits

Jason Brand made a claim for disability benefits under his disability policy with Principal Life Insurance Company on the basis that he was totally disabled by extreme anxiety that began in July 2014 after a warrant was served on him by the

Update: Governor Hochul signed this law (S.6897/A.7328) on December 22, 2023, following the publication of this article. The Governor’s press release can be found here.

A law that would incentivize reductions in the use of temporary staffing agencies in nursing homes awaits action by Governor Hochul, who must either sign or veto the law by December 23.

Our December Insurance Update features a few firsts from state high courts. For the first time:

• The Supreme Court of Hawaii addresses reimbursement of defense costs.
• The Supreme Court of Illinois addresses coverage for construction defects.
• The Supreme Court of Appeals of West Virginia addresses trigger.

At the federal level:

• The Ninth

The pen is mightier than the sword — especially a pen held by a sitting governor. Currently sitting on the desk of New York’s governor is a piece of proposed legislation known as the “Grieving Families Act” which, if signed into law, will significantly broaden not only the categories of damages available in New York

Foreign corporations, open your rolodexes. You will need New York counsel more than ever.

Days ago, New York Senate Bill S7476 was delivered to Governor Hochul for signature. If signed, the bill would make all foreign businesses authorized to do business in New York subject to general jurisdiction in the state’s courts. This is an

Robert Tugander wrote an article on the production company that produces the show “My 600-Lb Life,” and its the argument that its insurer fraudulently led it to believe it would have coverage for liability arising out of the show’s production.

To read the article, click the link below.

Law360 – Insurer’s ‘600-Lb Life’ Win Shows

The holiday season is one of the most magical times of year in New York, filled with excitement and festive decorations. It is also one of the busiest, from holiday gatherings with friends and family to decorating and checking off the holiday shopping list. For many, the days of holiday shopping in bustling stores have

New York’s Highest Court Holds That Portion Of Premium Need Not Be Refunded For Death During Policy Period Of Universal Life Policy

The Joan C. Lupe Family Trust purchased a policy under which Lincoln Life and Annuity Company of New York agreed to provide universal life insurance coverage with Joan C. Lupe as the

As of November 2023, having a valid Health Care Proxy became easier for New Yorkers. A Health Care Proxy allows a competent adult to appoint an agent to make health care choices for them if they lose the ability to make those decisions for themselves. Two adults who are not appointed in the document must

Michael Cannata, Frank Misiti and Mohammed Haque published the article, “Just How Long is the Long Arm of the Law? The Supreme Court Takes on the Extraterritorial Application of the Lanham Act,” in the Fall 2023 issue of USLAW Magazine.

Click here to read the article.

If you are applying for a cultivation, processor, distributor, dispensary, or microbusiness license, applications are open and you must submit your application on or before 5 pm, December 18, 2023.

To submit an application, the applicant must have control of an eligible property (i.e., with a deed or lease at the time of applying). Applications

On Friday, November 17, 2023, Governor Hochul signed into law a bill which limits the retainage held on construction contracts for private improvements to 5% of the contract price from inception of the project – this applies to an owner’s withholding of retainage from a contractor, as well as a contractor’s retainage withheld from subcontractors.

New York Governor Kathy Hochul signed a bill on Friday, November 20, 2023, that allows New York City cannabis businesses to deduct business expenses paid or incurred in carrying on such business for purposes of determining their City income tax liabilities. The measure expands on legislation the governor signed in 2022 that allowed state-level cannabis