Skiff Law Firm

Skiff Law Firm A general practice law firm servicing New York and New Jersey.

09/05/2024

You’ve Just Been “Let Go”… Do You Sign Or Do You Not?...
By: Gregory J. Skiff, Esq.

Severance agreements are offered and motivated by legitimate legal risks for the Employer. Understand that.

Although it may have been the case in the “good ol’ days” that severance was offered out of the kindness of the Employer’s owner’s heart; or, to reward the terminated employee for years of loyal service, those days are over. Severance is offered for one reason, and one reason alone – to secure a release of liability from the severed employee in favor of the Employer.

Employers have a substantial financial incentive to procure a release through a severance agreement rather than settlement. And, in many cases, it is more about the Employer’s “secrets” and/or post-employment restrictive covenants that the Employer wants to protect, than anything else.

So, the question for any recently terminated Employee becomes, simply: “Is the severance I am being offered enough to justify releasing the Employer from ALL liability and waiving my ability to pursue a financial award of substantial damages in Court?” If the answer is “No” or even a “Maybe”, do not sign the severance/separation agreement and seek legal counsel to assess your rights and available remedies.

If you have already signed, you are entitled under the law to a 7-day revocation period to revoke the agreement. Do it and call a legal professional.

www.skifflaw.com

WHY DO I NEED A WILL?By: Gregory J. Skiff, Esq. By way of background, there are certain types of assets that will pass ...
04/24/2018

WHY DO I NEED A WILL?
By: Gregory J. Skiff, Esq.

By way of background, there are certain types of assets that will pass under your Will and there are those assets that will not. Real estate in your name or held as tenants-in-common, partnership interests and corporate interests, publicly traded stocks and bonds in your name, bank accounts in your name alone, automobiles, boats, clothing, art, jewelry, musical instruments and other tangibles are all examples of assets that will pass under your Will. Examples of assets that will not pass under your Will include jointly owned assets (if the joint owner survives you), real estate held as tenants-by-the-entirety or as joint tenants with right of survivorship, 401Ks and IRAs payable to a named beneficiary other than your estate, life insurance proceeds payable to a named beneficiary, and securities or accounts that are designated as “transfer-on-death” or “TOD”.

If most or all of your assets are held jointly with your spouse or another person, you may be asking yourself, “why do I need a Will?” One reason is that you don’t know who will die first so there is no guarantee the asset will pass to the other owner. Another is that you may eventually acquire an asset that is in your own name and must pass by a Will or by intestacy. If you die without a Will, the court proceedings are more complex and expensive than if you had a Will. In addition, without a Will, portions of your estate may pass to your minor children causing unnecessary complications.

If you are single, you may want your assets to pass to close relatives and friends. Without a Will, those assets will pass in accordance with the intestacy laws of the state in which you reside. It could mean that assets are paid outright to relatives who are too young to manage them. Or assets may pass to relatives whom you would not wish to share in your estate.

In your Will, you can name your own personal representative (an executor) instead of relying on the order of preference prescribed under state law. You can also create trusts to hold property for young people or spendthrift children of any age and you can determine at what age the named beneficiaries can receive the property. You can name trustees, and guardians for your children. You can shelter assets to lessen the tax burden on your children on the second spouse’s death and you can provide that assets pass to qualified charities which results in an estate tax deduction.

Most significantly, having a Will allows you to dispose of your property entirely the way you want instead of leaving it up to the intestate laws to determine how property is distributed.

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