(1888PressRelease)
April 02, 2009 - The new law affects both the content and execution of the Power of Attorney form. Some of the major changes include:
• The agent must sign and date the Power of Attorney and that signature must be acknowledged by both the principal and the agent.
• A “prudent person standard of care” is provided that has statutorily defined responsibilities. Responsibilities include record keeping (with receipts) and a requirement for the agent to make records available within 15 days of a written request by a monitor, co-agent, certain governmental entities, a court evaluator, a guardian, or a representative of the principal’s estate.
• In order for the agent to have the authority to make gifts, the principal must initial a provision granting gift-making authority plus the execution of a "statutory major gifts rider" which must be acknowledged and have two witnesses.
According to Mr. Krooks, the program is a must for all estate planning practitioners. The new law will go into effect on September 1, 2009.
The program begins at 8:30 am. on March 31. A brown bag breakfast will also be served at Marcum & Kleigman offices in New York, located at 655 Third Avenue, 16th floor.
Bernard A. Krooks is a founding partner of the law firm Littman Krooks LLP with offices in New York City, White Plains and Fishkill. Mr. Krooks is President of the Special Needs Alliance (SNA), a national network of attorneys dedicated to assisting families with special needs planning. Mr. Krooks is past Chair of the Elder Law Section of the NYSBA, Chair of its Legal Education Committee, and past Editor-in-Chief of the Elder Law Attorney, the newsletter of the NYSBA Elder Law Section.
New York Elder Law and Estate Planning Firm, Littman Krooks, has substantial experience in estate planning and Power of Attorney law as well as corporate and securities law, litigation and arbitration, real estate law and finance and New York elder law. For more information, visit www.littmankrooks.com.
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