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New 2021 Power of Attorney (POA) Effective June 13, 2021

New Power of Attorney Form Required in New York Effective June 13, 2021

On December 15, 2020, Governor Cuomo signed into law changes to the New York Power of Attorney (“POA”) law, which will took effect on June 13, 2021.  A new POA form must be used as of that date.  However, POA’s that were executed prior to June 13, 2021 in accordance with the then applicable law, will not be impacted and the agency granted may continued to be relied upon.  All POA’s drafted or executed after June 13, must “substantially conform” to the new POA law. 

The major changes to the POA law are: (1) the new POA does not have to follow the exact format proposed by the new statute, rather a “substantial” conformity suffices; (2) there is no longer a requirement to have a separate Statutory Gifts Rider (“SGR”) signed contemporaneously with the POA in order for the Agent to be permitted to make gifts;  (gift giving capability is usually the most significant aspect of the POA as it permits the Agent to plan for tax savings as well as Medicaid eligibility); (3) penalties for the unreasonable denial of institutions or individuals to accept the POA (finally!); and (4) and safe harbors for third parties acting in good faith. The changes to the POA law also greatly expand an Agent’s authority regarding health care and health care finances.  The POA law is Section 5-1513 of the General Obligations Law and can be located at: https://www.nysenate.gov/legislation/laws/GOB/5-1513
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траст без передачи или титула ничего не стоит! — The Importance of Funding a Trust

 

Траст может быть прекрасно создан и предназначен для защиты ваших активов от кредиторов. Однако, если вы на самом деле не переименуете собственность и не «профинансируете» траст, этот инструмент будет так же полезен, как туалетная бумага … Continue reading “траст без передачи или титула ничего не стоит! — The Importance of Funding a Trust”

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New York Spousal Elective Share – It’s Not Easy to Disinherit a Spouse

Under New York law, you have the right to 1/3 of your deceased spouse’s property even if the Will says you get nothing. It’s not easy to disinterest a spouse but with good estate planning, including prenuptial agreements it can be achieved. Make sure your estate is planned to avoid unintended consequences even if you already have a prenup.