Valuing the Closely Held Business
May 30, 2007
The assessment of replacement compensation should not be undertaken without careful consideration. The valuation expert must be able to demonstrate that the analysis has been conducted using the best available data, that it was properly researched for reliability, that the components of actual compensation and replacement compensation are similar in nature and that the resulting determination is not biased and does not advocate for any position.
Older Couples and Divorce
May 30, 2007
Payment of estate tax is the greatest economic loss faced by elderly couples who divorce. While married, each spouse may leave all or any portion of his or her estate to the surviving spouse, either in trust or outright, free of all estate and gift tax. This marital deduction, coupled with the applicable exclusion amount and prudent estate planning, saves a married couple a substantial amount of federal estate tax, and in some instances all estate tax, allowing more accumulated wealth to pass to their children and grandchildren.
Limiting the Impact of Co-Tenancy Requirements
May 30, 2007
A co-tenancy requirement may have substantial negative effects, including a domino effect if more than one tenant ceases to operate. Part One of this series discussed defining co-tenancy requirements, limiting their duration, and defining violations. The conclusion addresses notice and cure rights and limiting the tenant's remedies.
Applying Pressure to Get a 'Get'
May 30, 2007
In an unusual twist on a growing religious issue, a Boca Raton, FL, psychiatrist who refused to grant his ex-wife a Jewish religious divorce ('get') has filed suit to stop members of a local synagogue from holding demonstrations in front of his office demanding that he give her the divorce.
New Standards for Appraisers
May 30, 2007
Since mid-2006, several extraordinary changes have taken place with regard to 'raising the bar' of valuation practitioners. Family law attorneys need to recognize these changes and be prepared to demand better expert appraisal services. Not only will you be more able to challenge the unprepared novice, but you should expect that your expert appraiser may well be challenged by competent opposing counsel.
Follow the Rules or Forget Your Fees
May 30, 2007
While all states have rules addressing attorney practices, New York appears to stand alone in singling out the matrimonial practice for special attention. New York matrimonial and family law practitioners are highly regulated. We are governed, not only by general disciplinary rules and the code of professional conduct applicable to all attorneys, but we are also regulated by what is commonly known as the 'Matrimonial Rules,' set forth in the New York Code of Rules and Regulations. In addition, the disciplinary rules also contain provisions, exclusive to family law practitioners, prohibiting contingency fee retainers and restricting sexual relationships between attorney and client.
NY Divorce Ruling Awaits Action in Legislature
May 30, 2007
The New York judiciary has taken what can be seen as an extraordinarily activist position in an attempt to urge the legislature to change its position on the grounds for divorce in New York, the only state that still requires grounds for divorce. A trial judge has decided to withhold his ruling in a divorce case in the hope that the state legislature will soon pass a bill adding irreconcilable differences as no-fault grounds for divorce in New York state.
In the Spotlight: Drafting Better Leases for the Commercial Tenant
May 30, 2007
Too many tenants' businesses have suffered severe financial consequences or lost leases as a result of poorly drafted provisions. Therefore, it is imperative that tenants negotiate better leases in order to protect their interests. The suggestions in this article provide proposed remedies for a few of the harshest lease provisions. Although market conditions always play a factor in providing negotiating leverage to a landlord or tenant, some of these proposals should survive scrutiny in any real estate market.
Protecting and Attacking Exclusive Use Provisions in Retail Leases
May 30, 2007
Exclusive use provisions form the foundation of the economic relationships between tenants and landlords in shopping centers across the United States. Landlords make use of these provisions to obtain the right tenant mix in their shopping centers as well as to demand premium rents from the tenants that desire these economic protections. Tenants desire exclusive use provisions to gain the competitive advantages and protections that such provisions afford to their products and services. With the proliferation of so-called 'big box' retailers in shopping centers and the phenomena of over-retailing in communities throughout the United States, exclusive use provisions are increasingly coming under attack. In <i>Tippecanoe Assocs. II, LLC v. Kimco Lafayette 671, Inc.</i>, 829 N.E.2d 512 (Ind. 2005), the Supreme Court of Indiana entered the fray on this issue with a decision that affects the way these provisions should be drafted. This article, through a discussion of the court's decision in <i>Tippecanoe Assocs. II, LLC</i>, describes how exclusive use provisions are coming under attack and practical ways to draft around these issues and to protect landlords and tenants with exclusive use provisions in retail leases.
