Protections for NY Freelance Workers

Freelance workers now have better rights and protections with the enactment of the “Freelance Isn’t Free” Act. The new law applies to covered freelance workers being paid at least $800 for their work. The law requires the use of written contracts, timely and full payment for a worker’s services, and protections from employer retaliation and discrimination. The Department of Labor will provide model contracts to both freelance workers and employers that abides by the new law.

NY Makes Significant Changes to the Property Condition Disclosure Statement Requirement

New York Real Property Law (“RPL”) recently was amended to remove the $500 remedy that was available when the Seller failed to provide a complete Property Condition Disclosure Statement (the “PCDS”). The new law is effective on and after March 20, 2024. Going forward from that date, almost all residential real estate Sellers will need to provide a completed PCDS. The Act still exempts coops and condos, as well as Estates and certain Trusts from disclosure under the PCDS. The PCDS must be provided to the buyer or their agent before the contracts are signed. A copy of the PCDS must be attached to the purchase contract. As before, the amended Act does not prevent the parties from entering into various agreements concerning the physical condition of the property being sold, including “as is” agreements.

New York to Add One (1) or Two (2) New School Holidays

New for 2024; New York is officially naming two new school holidays on its academic calendar. Starting immediately, public schools will be closed on Lunar New Year, as part of the Governor’s campaign to support and protect the Asian American and Pacific Islander community. Further, in New York City, Diwali will also be designated as a school holiday. Public schools will be closed on the 15th day of the eighth month of the Indian calendar in each year.

Committee Adopted to Advise on Reparations for Slavery

In an effort to acknowledge past slavery and its impact across generations, Governor Hochul is researching the potential to grant reparations. The Governor recently signed legislation to create a commission to study reparations for Black New Yorkers. A nine-member commission will study the effects of slavery and make non-binding recommendations on reparations. The commission’s recommendations will be made in the next two years that “may include compensation” but can also include statutory and policy fixes. The commission will be convened within the next six months, and after that, they’ll have a year to draft a report.

In addition to being a co-founder of the LIAFPN, Larry Scherer has a strong background in Trust & Estates and Elder Law, and serves as Managing Member of Scherer & Pudell, Pllc, a Transactional Law Firm in Garden City, NY. He can be reached at (516) 747-7007.

Long Term Care Insurance Options and Its Various Pros and Cons:

Stand Alone or Traditional Long Term Care Insurance

Pros:

• Direct coverage for long term care expenses.
• Flexibility in choosing care providers.
• Care coordination assistance, discounted services, and bed reservations, etc.
• Tax deductions available on premiums.

Cons:

• Have suffered major price increases due to bad claims experience and longevity. Indications there will be further price increases in the future.

Hybrid Plans are Life Insurance with Long Term Care Riders

Pros:

• Combines long term care insurance with life insurance. If long term care is never needed, insurance will pass on to the heirs.
• Likelihood of price increase is minimal.

Cons:

• Usage of this policy will decrease or eliminate the death benefit or other features.

Asset-Based Plans

Pros:

• Usually a Single Pay plan or ten pay plan. Policy is paid up with NO price increases. Set up on an annuity or life chassis with added benefits.

Cons:

• Takes a large commitment of funds up front.

CONCLUSION: Don’t ignore the Crisis – Consult with us on how to best protect your family.

In addition to being a co-founder of the LIAFPN, Neil is a seasoned insurance professional and heads up the Main Street Planning Group in Center Moriches, NY, and is the host of a weekly radio show, “The Main Street Code for Financial Success”. He can be reached at (631) 647-4697.