In the News

At Olver Korts, LLP, we attempt to bring you highlights of what's new, innovative or on the horizon relating to the areas of practice that are most relevant to our firm.

Business: 

The New York State Wage Theft Prevention Act was signed into law on December 13, 2010 to be effective April 12, 2011. Employers should be cognizant of Annual Notices that must be provided by the Employer to each Employee by February 1 of each calendar year commencing February 1, 2012, together with documentation in the form of a wage statement or pay stubs throughout the year to reflect information as required by the New York State Department of Labor. For additional information, please view the the following video press release:

http://www.labor.ny.gov/pressreleases/2010/december-14-2010.shtm

Estate Planning & Administration:

A new revised Power of Attorney - New York Statutory Short Form with extensive amendments became effective in September 2010. One of the most significant changes is provision for a "Statutory Gift Rider," which is necessary if you wish your Agent(s) to be authorized to make gifts to family members, charitable organizations, and especially to the Agent(s) themselves. Otherwise, the statutory authorization would only allow an Agent to make gifts in a total amount not to exceed $500 in any year. Also new - Agents must sign the form and acknowledge that they understand their responsibilities - which are now detailed in the form, as "Important Information For The Agent." Now may be a good time to update your POA's. There is no time like to present to review your estate planning needs. Your resources for estate planning strategies may be found at Estate Planning Resources.

State and Federal Estate Tax Exclusion Amounts: Effective, January 1, 2011, state and federal estate and gift tax exclusion amounts are as follows:

   State:      $1,000,000 (no gift tax)

   Federal:  $5,000,000 (combined exclusion amount)

Family Law:

On August 15, 2010, Governor David Paterson signed no fault divorce into law in New York State. Effective, October 12, 2010, New York spouses, without assigning "blame," may terminate their marriages on the basis that the relationship has irretrievably been broken for a period of at least 6 months, provided all issues of the marriage have been resolved. Issues of the marriage include equitable distribution of property, support, custody and visitation, payment of attorneys' and expert fees, and must be determined either by formal agreement of the parties or decision of the court. Please visit Family Law & Contact Information for assistance.

Real Estate:

Effective January 1, 2011, New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help buyers and sellers make informed choices about their relationship with the real estate broker and its sales agents. For detailed information relating to the disclosure form, please see: http://www.dos.state.ny.us/forms/licensing/1736-a.pdf

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