posted by Todd Engel on May 21
As both a horse owner and a fan, I am saddened to read the news in the Thoroughbred Times that NYRA has let its 1,400 employees know that layoffs could begin as early as June 9th.
New York’s thoroughbred business generates 2.4 billion dollars of economic growth to the State of New York. This is clearly not just NYRA alone, but as one of the leading racing providers nationally, NYRA has a large hand in the industry and its possible closure will create a trickledown effect. Not only will the loss of NY thoroughbred racing on the top level impact NYRA, their employees, owners, trainers and jockeys but the breeders and communities where the tracks are will be economically devastated.
NY breeding has declined precipitously since the announcement and ultimate stagnation of VLT’s in 2001. Fewer NY mares are foaling and as a result there are fewer NY Bred horses to run at our tracks. The breeding program could be decimated by this potential shutdown because if the horses aren’t racing at the top level, then there is not going to be any interest in breeding in NY. This will harm both large farms, but more importantly the small breeder who make up a significant portion of the NY breeding program.
The communities where the tracks are located are going to be economically harmed. Garden City/Hempstead, where Belmont Park is located and Saratoga rely heavily as a community on the economic impact of racing and the overflow that racing fans bring. Saratoga Springs as a community relies upon the economic boost that racing brings. Should NYRA close, I wonder what will happen to this beautiful bucolic community.
NYRA needs to be saved. Not only for the owners, like me who are vested in the product, but for the communities that benefit from its presence. If you live in NY, contact your state representative and make sure you educate them about the need to keep NYRA going.
posted by Todd Engel on Dec 8
Dear Friends,
I am pleased to announce that effective December 22, 2009, I will be relocating my practice to 214 N. State Street, Syracuse, NY 13203. My new telephone number will be 315-295-1450. My new fax number will be 315-478-1687. My email will remain tengel@engelatty.com. My Saratoga office remains at 1104 Middleline Road, Ballston Spa, NY 12020.
I will continue to represent individuals and small businesses in the following practice areas:
• Estate Planning and Administration
• Trust Drafting and Implementation
• Business Development and formation
• Personal Injury Litigation
• Commercial Litigation
• Equine Matters, including partnership formation, syndication, licensing issues, or any other associated matter.
I look forward to this new opportunity and am excited to continue to provide the quality personal based representation you have come to expect from Engel Law Offices. Please contact me with any questions regarding this move.
Wishing you and your family the best during this holiday season.
Todd
posted by Todd Engel on Apr 2
This afternoon, I went to the Syracuse Chamber of Commerce annual business networking show. Some people have said why go to these shows? I am of the mind that it is very important for a solo or small firm lawyer or business owner to attend the show, especially if you can’t or won’t pay the price of an exhibitor’s booth.
I met dozens of people who could potentially be sources of developing my practice. I met with loan officers to expand my real estate closings. I met small business owners who need help with determining the smartest business entity to use for them. I met people who either need estate planning because of their family situation or are considering estate planning.
Do I get a booth myself? No, I find much more use of visiting the exhibitors and learning about their businesses. I met one person when we were talking at another person’s booth.
Whether I gain revenue from the show is yet to be determined. Whether I get value from going is an absolute, I do and will continue to do so. Oh yeah, and going cuts way down on my office supply budget with the swag I pick up, which is also a good thing!
Todd Engel
tengel@engelatty.com
www.engelatty.com
posted by Todd Engel on Mar 20
I realize that the story I am about to share may not compare to the swindling that Bernie Madoff executed, but from my perspective it is actually worse. In today’s Syracuse Post Standard, there was an article detailing the scheme conducted by Jerome Feldman involving those must vulnerable: families in need of a transplant.
Allegedly, Feldman concocted a scheme where he would solicit opportunites to obtain a transplant in the Philippines if money was sent to his bank account in DeWitt, NY. The individual awaiting the transplant was instructed to wire $70,000 into Feldman’s bank account. Medical staff would then be available in the Philippines to conduct the transplant, or so Feldman said. The problem was, once the patient flew to the Philippines, no organ was there and the money was gone.
Feldman preyed upon those individuals who are looking for any hope possible for their loved one. I know, I was there; not one of Feldman’s victims, but a family member of a person on a transplant list. My mother was on dialysis for 15 years, before her death in 2006. She started with home dialysis and progressively needed the centers. She did it three times a week, and it prolonged her life. For about 10 years of the dialysis she was on the transplant lists until she became so compromised with additional illnesses that she had to be removed. Every time the phone rang, we hoped it was the transplant center letting us know that a kidney was there. We came close, but never found that perfect match. So, I know firsthand the desire to gain more time through obtaining a new organ.
Feldman’s acts were not acts of kindness. They were not acts of benevolence from one man to another. He was motivated by one thing: greed. Taking advantage of those people who are looking for any hope necessary is in my opinion the lowest form of the low. For the families who are suffering at the hands of Jerome Feldman, I am deeply sorry. For those of us who were families of people either waiting for or receiving transplants, it proves that we must go through the system for the private market organ transplant is fraught with thieves and miscreants who only want to take advantage of the situation.
Jerome Feldman Story
Todd Engel
tengel@engelatty.com
posted by Todd Engel on Feb 16
When I look around my community, I see a totally new and evolving economic paradigm. Sure there are layoffs everywhere. Circuit City closes and there are 30,000 fewer jobs. Magna may close their local plant eliminating what at its height was 8,000 jobs in the automobile industry. Five years ago, who would have ever thought that Lehman Brothers would no longer be in existence? If you ask me, it is a time for opportunity to grow and develop a business.
Globally the economy is shrinking. This is no surprise from picking up the newspapers. However, that offers an opportunity for an enterprising person to open and develop a new business. In my view, the old economy of manufacturing and big business is no longer viable in today’s marketplace. The manufacturing is being accomplished in other countries where the costs of doing business are less. These only makes sense in a capitalistic society, if I can make it cheaper and sell it on the marketplace, then why do I need to pay the overhead, taxes and other costs of manufacturing in this country. So, how are we going to survive and what can a lawyer do to help?
The best way to reinvigorate the economy in times such as the now is to invest in ourselves and be creative. For some, that means thinking outside the box of what they know to look for employment in new areas. For others, it is to examine what their strengths are and to start their own business. My thinking is the small to medium sized businesses are going to drive this economy forward because those are the businesses that are going to roll up their sleeves and move us forward through creative work. What industry that is in is to be determined. However this is an exciting time to be involved in legal representation of small closely held businesses.
How does a lawyer help you? A good business lawyer can help in each facet of business planning. Whether it is setting up a good quality business plan., determining the right entity to begin this venture with, whether it is a solo proprietorship, general partnership, limited liability partnership, or corporation, a lawyer can guide you through the process and help fill out the appropriate documentation. A lawyer will work with you to project financing needs and developing strategies for obtaining startup capital. A lawyer can advise as to the tax implications of owning versus renting your business location and other depreciation techniques. Use a lawyer at the beginning who you trust, and it can be mean money saved down the line.
Todd Engel
engelatty@gmail.com
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posted by Todd Engel on Jan 29
More often than not, people I meet invariably ask me what I do for a living. It is common place to ask that question, because it allows you to learn more about the person you are interacting with. I always answer that I am a lawyer. Never do I say that I am a certain type of lawyer. I let that conversation develop over time.
I then am asked why you became a lawyer. The short quip is that I am genetically predisposed, after being the third generation in my family to practice law. That is a flippant response that really does not touch on the real reason I became a lawyer. I have a desire to help people and the law offers me that opportunity to help my clients achieve their goals and desires.
So, then the question as to what type of law I practice comes up. For the first ten years of my practice, I said I was a general practitioner. I wanted to be that lawyer everyone went to for issues from cradle to grave. I did divorces, I did DWI’s. I did trusts, estates and probate. I even dabbled in Worker’s Compensation. I was everywhere and spread very thin in what expertise in any subject I could provide. I had a choice to make, I could specialize and find my niche or continue to spread myself across all aspects of the law and not truly have a focus for myself or my clients.
I changed that starting this year. I am now focused on wealth development and preservation. Sounds great Todd, but what does that mean? It means that I am focused on establishing and representing small and closely held businesses from their inception through successful operation. It means that I represent individuals in making sure that their assets are protected for the future. It means that I will make sure that the estate planning necessary for individuals meet their needs and the needs of their family. It means that I will make sure that assets survive for children and future generations. I also will work to determine the best ways to make sure any charitable gifts are done in the best manner.
Todd Engel
tengel@engelatty.com
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