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Got a non-compete agreement? It is often not enforceable

NY Courts enforce non-competes only if: There is a legitimate business purpose, such as to protect a trade secret, and not general restriction on competition.Must be narrowly construed in terms of geography and time. Meaning geographical boundaries of the non-compete must be narrow. For example, a single locale, town or borough. Including one or more states, or entire US will probably not fly.Legitimately protect employer’s interests. These interests need to be defined. Otherwise, it will just be a simple restriction on competition. General restriction on competition is against public policy and cannot…

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Creditors and Self-Settled Trust in New Jersey

Question: Can a self-settled trust shield creator’s assets from claims by creditors? Answer: First what is a self-settled trust? It is a trust that is funded by the creator during creator’s lifetime and where the creator is also the income and/or principal beneficiary. Now for the answer, under NJSA 3B:11-1(a) any reserved right in the creator to either income or principal is reachable by the creditors of the creator. Note that the statute does not distinguish between revocable or irrevocable trusts, since a revocable trust is simply a reservation of property rights to the…

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