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Update on Department of Labor’s Fiduciary Rule The United States Department of Labor (“DOL”) has proposed a new rule that would expand the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act 1974 (ERISA).  This legislation, which was scheduled to be phased in April 10, 2017, will automatically elevate all financial professionals…

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David B. Gubits of Jacobowitz and Gubits Receives Fifty-Year Service Award  Honored by Orange County Bar Association   The Orange County Bar Association held its 106th Annual Awards and Business Dinner Meeting on May 4, 2017, at Falkirk Estate and Country Club in Central Valley, New York.  At this event, David B. Gubits, a partner…

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Exiting Unfavorable Contracts We work with someone that designs, manufactures and distributes certain goods internationally. Under prior management, they entered into an unfavorable contract granting to a particular company exclusive distribution rights in a very lucrative foreign territory. There was no minimum sales requirement. The contract also stated that it could be terminated only upon the…

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Can You Cancel the New York Durable Power of Attorney? A durable power of attorney is a document by which you give to another person (your “agent”) the authority to take legal and financial actions for you, on your behalf. Powers of attorney are commonly used in elder law and estate planning to enable children…

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When the One Percenters Join the One Percent A recent news article discussed a real estate contract battle between a famous musician and former CEO of a large toy store chain. The parties entered a contract for the purchase of an estate property for $6.7 million dollars. Based on the individuals involved and the purchase…

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New York Paid Family Leave…Finally! Until recently, individuals in the workforce in the State of New York had to choose between caring for family members – such as new babies and elderly parents – and not getting paid.  But not anymore.  In April 2016, Governor Cuomo signed into law a bill that makes New York…

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Commonly Asked Questions When Buying or Selling Your Home   Q – When Should I Get a Real Estate Attorney Involved in the Transaction? A –  Whether buying or selling a home, you should get your attorney involved as soon as possible. You should explain to your attorney what you plan to do and ask how you…

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Going to buy or sell a home? Read This Before You Sign:  Spring is here, the kids are approaching summer vacation and now is a popular time to consider buying or selling a home.  We have prepared some commonly asked questions when it comes to buying and selling a home.  We urge you to read…

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  MY VIEW by John C. Cappello   “Whatsoever you have done unto the least of my sisters and brothers you have done it  onto me.”  In the Hudson Valley we are blessed to have a number of nonprofit organizations working to help feed, clothe, shelter and provide a hand up to our sisters, brothers…

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Planeando por sus Hijos Menores de Edad y Bienes en caso de Deportación Inmigrantes indocumentados preocupados con los recientes Ordenes Ejecutivos del Presidente Trump que autorizan deportación de cualquier persona que esta fuera de estatus inmigratorio, aunque no tengan antecedentes criminales, se recomiende que planean por el cuidado de sus niños menores de edad y…

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Jacobowitz and Gubits Counselors at Law