Business & Commercial Law
New Jersey Law Blog
The Internal Revenue Service (IRS) Issues Proposed Minimum Distribution Rules
Posted in Business & Commercial Law
The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e. 401ks, 403bs, etc.) and individual retirement accounts (IRAs). While the proposed regulations are subject to further action in the late Spring of 2022, they… Continue reading
Eminent Domain Issues Affecting New Jersey Condominiums – Can the Government Really Take Part of Our Common Elements?
Posted in Business & Commercial Law
Eminent domain, sometimes referred to as condemnation, occurs when the government exercises its power to take private property for public use. When this awesome power is exercised, the government must pay the property owner “just compensation” for the property taken, as required by the Fifth Amendment of the United States… Continue reading
In the Wake of the Surfside Tragedy Fannie Mae and Freddie Mac Issue “Temporary” Requirements for Condominiums and Cooperatives
Posted in Business & Commercial Law
The collapse of the Champlain Towers South in Surfside, Florida, in June 2021, sent shockwaves throughout the United States and was a wake-up call to condominiums to the dangers of aging infrastructures. In light of this tragic event, secondary mortgage market giants, Fannie Mae and Freddie Mac have issued bulletins… Continue reading
Termination of Construction Contract for Convenience by Project Owner
Posted in Business & Commercial Law
In the past, construction contracts could typically only be terminated if there was a breach of the construction agreement by the owner or contractor. Under such scenarios, litigation often arose concerning whether the termination was proper and whether the contractor might be entitled to lost profits and other damages as… Continue reading
New Bill Clarifies Statute of Limitations For Community Association Transition Litigation Matters
Posted in Business & Commercial Law
On Tuesday, January 18, 2022, Governor Murphy signed into law Senate Bill 396, which automatically tolls (i.e. pauses) the 6-year Statute of Limitations for construction defect claims by condominium and/or homeowner associations and cooperative corporations until the first election when unit owners take majority control of the association board (“Transition”). Although… Continue reading
Employers, the Coronavirus, and the Reinstatement of the OSHA ETS: What Now?
Posted in Business & Commercial Law
On November 5, 2021, the Occupational Safety and Health Administration (OSHA) issued its Emergency Temporary Standard (ETS), requiring private employers having at least 100 employees companywide (at any given time) to adopt written policies and procedures either mandating vaccination against COVID-19 or requiring employees to choose between vaccination or undergo… Continue reading
Estate and Gift Tax Changes
Posted in Business & Commercial Law
Throughout 2021, Congress and the Executive Branch proposed tax code changes that – had they ultimately passed – would have significantly changed various estate planning techniques. Some proposals would have sidelined a number of established estate planning strategies while other proposals could have increased the frequency of use and usefulness… Continue reading
COVID-19 Immunity Law for Community Associations Expires January 1, 2022
Posted in Business & Commercial Law
As we reported in our previous blog, on July 1, 2021 Governor Murphy signed a COVID-19 liability protection bill and, by doing so, gave community associations some immunity from certain legal claims arising from COVID-19. The law provided that a community association “shall be immune from civil liability for damages… Continue reading
Tax Issues to Look Out for in a Divorce in New Jersey
Posted in Business & Commercial Law
There’s an old saying that the only sure things in life are death and taxes. Hopefully, death is a long way off, but sadly, taxes are here with us front and center. In the divorce process, the issue of taxes is something that is considered in several stages.
Counsel Fee Award When Contesting A Will
Posted in Business & Commercial Law
In general, the party tasked with defending a decedent’s Will during a Will contest, which is typically the executor, is entitled to the reimbursement of counsel fees that they incur in defending the Will on behalf of the Estate. At times, however, a party who has filed an action to… Continue reading
