and Peace of Mind
New Yorkers often encounter situations requiring legal action, and at some point, many will seek a lawyer’s assistance with a business or personal concern. If you are dealing with a complicated legal matter, it is critical to hire a skilled and resourceful attorney, but not all lawyers possess the experience and knowledge needed to handle complex issues. Patrick McGlashan of McGlashan Law, P.C. is a capable New York business attorney who is proficient at managing the intricacies of the New York legal system, and if you engage his services, he will help you fight for the results you deserve. Mr. McGlashan is committed to helping individuals and businesses protect their interests, and he takes pride in providing clients with exceptional service tailored to address their unique needs. Mr. McGlashan regularly assists clients with various legal matters, including business transactions and litigation, public finance issues, and estate planning and administration, in Manhattan and throughout New York.
Many people delay thinking about their potential decline in health and ultimate demise and avoid engaging in estate planning. When people die without a will, though, their assets will be distributed according to the New York intestacy laws, which may not align with their wishes. It is prudent, therefore, for anyone who owns property or assets to engage a skilled New York estate planning attorney to assist them in developing a comprehensive plan for the distribution of their assets. Common estate planning tools include wills, which allow people to determine how their property will be divided after they are gone, and trusts, which can help parties protect their assets and avoid unnecessary tax implications for their estate. In addition to trusts and wills, many people can benefit from drafting a living will or granting power of attorney rights to another individual to protect their interests should they become mentally or physically incapacitated.
As Americans are living longer, maintaining good health can eventually bring substantial financial challenges. Elder Law involves estate planning that includes speaking about treating incapacity and managing resources in the face of deteriorating health. Timely conversations can avoid expensive and frustrating outcomes. An Elder Law conversation will look at whether long-term care insurance and Medicaid might be suitable for your family. Consideration of these issues will be complicated. A good plan starts with identifying your goals and then consulting with an attorney to find out your options.
After a person dies, their loved ones typically must go through probate and estate administration. Probate is the process of ensuring that a person’s will is valid and, if so, distributing assets according to the will after any of the estate’s outstanding debts have been paid. Estate administration is a similar process that occurs when a person dies without a valid will.
Multiple issues can arise when forming or operating a company that ultimately require the assistance of an attorney. For example, when people decide to start a business, they should consult a lawyer to ensure they choose the corporate form that best suits their needs, limit exposure to liability and mitigate taxes, and draft any necessary corporate documents. Attorneys can also assist business owners in formulating employment agreements to protect their intellectual property and other business interests, like covenants not to compete and non-disclosure agreements.
Even with appropriate planning, though, disputes often arise between business partners and associates, and in some instances, such disagreements can only be resolved with legal action. In many cases, a party aggrieved by a business transaction that has gone awry will seek damages via a breach of contract claim. In New York, a party seeking compensation for a breach of contract must first demonstrate the existence of a valid agreement and its essential terms. They must then show that a second party to the contract breached a material term without justification, causing the first party to suffer harm. Parties harmed in business dealings may be able to assert other claims in addition to breach of contract, like negligent or intentional misrepresentation, breach of fiduciary duty, or fraud. If you require assistance with a business matter, it is critical to speak to a New York business attorney skilled at handling corporate disputes.
New York real estate transactions generally move quickly, but if the appropriate steps are not taken to ensure they are conducted properly, it can be costly down the line. In any real estate purchase, it is essential to ensure that the property in question does not have a cloud on the title, like a judgment, lien, or encumbrance, which could complicate the sale and leave the prospective owner exposed to claims from creditors. The purchaser must also ensure the property’s title was appropriately transferred throughout its history; mistakes may impact the chain of title and impair the current owner’s right to transfer interest in the property. Title searches can be complicated, but they must be completed correctly, and it is wise for anyone considering buying or selling property to seek the assistance of a knowledgeable New York lawyer skilled at handling business and real estate transactions.
After ascertaining the validity of a property title, it is vital to draft a thorough and comprehensive purchase agreement. In most instances, contracts to purchase real estate in New York have to be prepared by a lawyer. Lawyers can also assist in negotiating the terms of the agreement to aid their clients in obtaining any provisions necessary to protect their interests. Parties wishing to lease commercial real estate should consider retaining an attorney as well, as they typically include terms not present in residential leases that impact both parties’ rights, like rent escalation clauses and provisions defining duties with regard to utilities and accessibility.
It is not uncommon for public organizations to seek financing for their projects from private entities. For example, state and local governments in New York frequently obtain the funds necessary to improve and repair the facilities and systems needed to maintain transportation, schooling, and communication via debt financing. In other words, they will often issue municipal bonds, certificates of participation, notes, and other municipal securities to individuals and entities to pay for their infrastructure projects.
Public finance transactions are complicated and subject to strictly construed laws and regulations; as such, it is vital for those involved in such transactions to reduce their risks by hiring a skilled New York business attorney. In most instances, both the issuer and underwriter of municipal bonds will retain attorneys to facilitate the process. Bond counsel can help protect a bondholder’s interests and shield the issuer of a bond from liability by providing a legal opinion on the validity of the bond, the security provided for it, and whether interest on the bond is subject to state or federal taxes, and if so, to what degree.
Disclosure counsel, on the other hand, helps draft and verify primary offering and disclosure documents. Underwriting counsel completes multiple tasks, including drafting the official statement and purchase contract for the bonds, evaluating the disclosure in the official statement, and assessing the issue’s bond documentation and resolution.
Some companies in New York operate not to earn revenue but for the benefit of society at large. Non-profit organizations are bound by different rules than other businesses, and they must adhere to them to avoid losing their non-profit status and the benefits it provides. New York’s Not-for-Profit Corporation Law set forth the requirements for forming a non-profit organization. In part, they dictate that non-profit organizations can be created for non-charitable or charitable purposes but not to generate a profit or financial gain for private benefit. The Not-for-Profit Corporation Law also contains strict provisions regarding the distribution of any assets, profit, or income generated by non-profit companies. Anyone considering establishing a non-profit organization should contact a trusted New York business lawyer as soon as possible to determine their options and eligibility.
While non-profit organizations cannot operate to earn capital, they still need money to operate and will often seek donations, conduct fundraisers, and apply for grants to fund their operations. Charitable organizations usually have to register with the Attorney General’s Charities Bureau before requesting funds from donors. Similarly, many non-profit organizations have to comply with certain filing requirements when they receive in-kind donations with a value greater than $10,000.
Fortunately, non-profit organizations often qualify for tax-exempt status, which aids them in reducing their overhead costs, allowing them to continue to operate. They should take the steps necessary to qualify for charitable status under the Federal Tax Code as soon as possible, as in many cases, the tax benefits will apply retroactively.
If you need assistance with a legal issue, it is vital to choose a lawyer that possesses both the knowledge and experience required to handle your case and the readiness to work untiringly on your behalf. Patrick McGlashan, the founder and managing attorney of McGlashan Law Firm, P.C., is a seasoned New York business attorney who has years of experience helping clients with business, estate planning, and public finance issues in the New York courts, and he understands what it takes to obtain favorable results. Our office is located in Manhattan, and we frequently aid people with business issues and other matters in Manhattan and throughout New York. You can contact us to set up a confidential consultation by using our online form or calling us at (212) 203-8738.
New York, NY 10017