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New York City Intellectual Property Law Blog

Looking at the benefits of spendthrift provisions

If you are in the middle of creating a trust or are simply beginning to approach the estate planning process, you could have all sorts of questions, some of which may be unique to your situation. For example, you may want to give a portion of your estate to a beneficiary, but you may be worried that the person will not be able to manage the assets properly, for one reason or another. Our law firm knows that in some cases, spendthrift provisions can help trustors who are struggling with this issue in New York City.

Trustors decide to move forward with spendthrift provisions for different reasons. Essentially, these provisions prevent beneficiaries from having full access to a trust's assets without an independent trustee overseeing the trust. If a beneficiary has difficulty controlling his or her spending, whether they have a problem with gambling or spend money irresponsibly for another reason, spendthrift provisions can help ensure that the beneficiary does not misuse proceeds from the trust. Moreover, these provisions can also help protect the assets of a trust from creditors who may attempt to gain access to funds from a beneficiary's trust.

Registering and protecting a trademark

Whether you run a business or are an individual who has created something that you want to safeguard, securing a trademark can be incredibly important. However, some people are unsure of which steps need to be taken or do not have a full understanding of their rights if they believe that someone has infringed upon their trademark later on. Codispoti & Associates is very familiar with the different types of challenges and questions that people across New York City have when it comes to trademark issues.

Regardless of the industry you work in or the area you are focused on, protecting your intellectual property correctly is paramount. After all, it would be very upsetting for many people to see their hard work and brilliant ideas stolen by someone else. When registering your trademark, it is essential to go over your responsibilities and make sure that you work through the application process correctly. Even after you have successfully obtained a trademark, you may find that someone has infringed upon your trademark. As a result, it is crucial to protect your trademark and pinpoint the appropriate course of action in the event that such an infringement arises.

Sometimes, you have to challenge the executor of an estate

When people choose executors, they try to choose someone they trust to be both honorable and competent when it comes to following their wishes. Most of the time, people choose wisely. A child, a spouse or even a close friend can and typically will follow a testor's instructions in a last will or estate plan to ensure that assets are properly distributed and all estate matters get handled in a timely manner.

Sometimes, however, the person chosen to act as executor isn't up to the task. When this happens, the assets of the estate could be at risk. Other heirs or family members may worry about what will happen to their inheritance and the deceased's wishes.

Reviewing examples of business tort cases

Business tort cases take many forms and the outcome can have a significant impact on the future of a business. At Codispoti & Associates, P.C., we know all too well how challenging these cases can be for business owners in New York City, and across the whole state of New York. If you have found yourself in this position, it is crucial to carefully and immediately go over your options and plot the most sensible direction forward. However, even if you are not dealing with litigation currently, it could be beneficial to go over some of the different examples of business tort cases.

There are many examples of business tort cases, such as embezzlement, fraud, and defamation. Other types of business tort cases include the breach of a contract, confidentiality agreement disputes, and stolen trade secrets, among others. Unfortunately, the outcome of these types of cases can hurt a business in various ways. Not only can they have serious financial repercussions, but they can also be very damaging for the reputation of a business. As a result, it is essential for you to closely go over your options, be prepared, and review all pertinent details if you are facing these challenges.

Pros and cons of a limited liability company

Business owners in New York who are debating on the best formation for their company should know the advantages and disadvantages of a limited liability company. A popular formation, an LLC is a great choice for many business owners, but it comes with some drawbacks.

According to the Small Business Association, a limited liability company has advantages that are found in both partnership and corporate business structures. With an LLC, personal assets are off-limits in the case of lawsuits or bankruptcies. This means that the owners' houses, personal bank accounts, vehicles and other items of value are protected. Any loss or profit that the business has is also protected from corporate taxes, so the owners do not have to face double-taxation.

Zoning, litigation, and other commercial real estate matters

When it comes to commercial real estate, there are a wide variety of legal hurdles that can arise. For example, you may find yourself in the middle of a lawsuit, or you could be thinking about taking legal action to protect your rights. Or, you could be facing challenges related to zoning, land use, or another facet of commercial real estate law. At Codispoti & Associates, our New York law firm is all too familiar with the different types of issues that commercial real estate owners encounter.

Those who rent commercial property in order to conduct business may run into many types of problems, the outcome of which could have a major impact on their company. On the other hand, landlords who rent commercial real estate may also face an array of challenges with tenants. Sometimes, people may be unsure of whether or not legal action is necessary. Regrettably, some allow their rights to be violated because they are hesitant to head to court or do not even realize that their rights were violated.

Don’t make any of these estate planning mistakes

Any estate planning mistake, even a small one, can have a major impact on you and your loved ones. This is why you should do whatever it takes to make all the right decisions.

Here are some of the many estate planning mistakes that have plagued others before you:

  • Waiting too long to create an estate plan. Even if you are young, you shouldn't put this off another day. Once you have an estate plan in place, you'll feel much better about the future.
  • Forgetting to update your estate plan when necessary. There are times when this makes sense, such as if you have gone through a divorce or brought a child into the world. Get into the habit of reviewing your estate plan once a year.
  • Neglecting to plan for a serious illness or injury. You could become incapacitated at some point in the future, meaning that a power of attorney could do you a lot of good. This gives someone else the power to make decisions on your behalf, if you are unable to do so as the result of an injury or illness.
  • Overlooking the importance of choosing a guardian for your minor child. If you have a child under the age of 18, it's essential that you choose a guardian. This person will be responsible for raising him or her if you and your spouse pass on before they reach legal age.

Handling an intellectual property issue

When it comes to intellectual property, there are a wide variety of issues that can arise. For example, you may be interested in registering your trademark or obtaining a copyright. Or, you could believe that your rights were violated and be in the middle of an intellectual property dispute. At Codispoti & Associates, we are aware of the different challenges that people and businesses in New York face when it comes to intellectual property matters. As a result, it is imperative for you to take the correct approach.

Sometimes, there is a lot at stake with regard to intellectual property disputes. For example, you may be worried about losing profits when someone else steals or misuses something that you worked hard to create. If you believe that someone has violated your rights by using something that you have trademarked or copyrighted without your consent, it is essential for you to do what you can to have them held responsible.

Reasons to contest a will

When it comes to estate matters, making sense of the situation can be challenging. Often, people in this position are already going through emotional pain after the loss of a loved one and many are unsure of which steps they should take next. Unfortunately, wills and other estate plans are not always handled properly after someone passes away, which can lead to all sorts of problems. Our law firm knows how devastating this can be for entire families across all of New York and we believe that it is very important to address these types of problems properly.

You may want to contest a will for a number of reasons. For example, you may believe that your loved one was coerced into making changes to their will before they passed as a result of undue influence. Or, perhaps you believe that the will has not been executed properly, such as a will which was not signed correctly. Furthermore, you might believe that a will is not valid because the person who set it up was not of sound mind.

Working through an estate-related dispute

When it comes to estate matters, disagreements can arise for numerous reasons. Whether you are the executor of an estate or are a beneficiary who believes that assets are not being distributed properly, it is crucial to know your rights and do what you can to achieve a positive outcome. At Codispoti & Associates, we know that families across New York have encountered many different types of hurdles over these matters.

Sadly, disputes involving an estate can create a rift among family members, which is often particularly tough for those who already have emotional pain because of their loved one's passing. Although you should try to do what you can to prevent tensions from rising, our law firm understands that these disagreements may be inevitable. If you believe that you have been falsely accused of breaching your fiduciary duties, or you will not receive assets that you were supposed to inherit, you should be ready to firmly stand up for your rights.

  • NYSBA
  • Brooklyn Bar Association 1872 Justice Integrity Honor Courtesy
  • National Italian American Bar Association Representing The Italian American Legal Community
  • Columbian Lawyers Association of Brooklyn
  • Columbian Lawyers Association of Rockland County
  • The Copyright Society of the USA
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