Wow! August is about to start -- and I'm taking a 2-week vacation! (Yea for me!) In the middle of the month, I'm going to fly to San Francisco for a 1-day meeting, stay there for a few days, take the train to LA and stay there for a few days, take the train to Albuquerque and stay there for a few days and then take the train back to NY. Have I ever mentioned that I love trains? I'll have a sleeper for all but the San Francisco to LA part and plan to eat, read, (yes, probably do some work), and veg. Can't wait!
BTW -- because of my vacation, I'm taking August off from my radio show and will start again on September 1st. In the meantime, you can listen to past Age Wise Living radio programs through my website. Just click on the "Barbara's Radio Show" tab on my website.
On September 1st, those who obtain a power of attorney in New York State will have a dramatically revised document that includes more safeguards for the principal but is also more complex and costly. Even though a majority of people who get the AgeWiseLiving newsletter live outside NY State, I'm putting this article, written by Jennifer Cona, managing partner of the elder law and estates division of the leading law firm Genser Dubow Genser & Cona based in Melville, LI (www.genserlaw.com) in my newsletter because other states may soon follow. Please read on -- and take action while you still have an option.
Until next week . . . and a new month.
Barbara Named "Leader in Elder Care"
Remember a few weeks ago I told you that I was honored to have been named a Leader In Elder Care? I also said that I would let you know when the interview was up on their website. Well...it's up!! To listen, please go to www.leadersineldercare.com.
AS AN ELDERCARE PROVIDER . . .
If you found something that told you WHAT to do and HOW to do it, you'd buy it . . . right?
Well . . . . That's what The Ultimate Caregiver's Success System
is all about!
The Ultimate Caregiver's Success System includes The Ultimate Caregiver's Success GUIDE which has checklists, examples . . . all kinds of information -- that makes the process easy to understand and more importantly, easy to be successful. In addition, the System includes 8 CDs -- 6 seminars, 1 CD of all the forms in the book, and 1 CD with my rolodex of resources.
Please go to THE ULTIMATE CAREGIVERS SUCCESS SYSTEM and see what I'm so excited about!
ARTICLE: "New Power of Attorney Law for New York: More Safeguards but More Costly and Stringent
With an increased number of baby boomers and seniors both living longer and becoming incapacitated due to Alzheimer's, strokes and other disabilities, the need for a power of attorney is on the rise. Prior to a problem occurring, an agent, usually a trusted family member, is appointed by the principal to handle their financial affairs if they are unable to do so for themselves.
The agent has the authority to handle banking, investments, real estate transactions, pay bills and make monetary gifts. Those who don’t have a Power of Attorney (POA) will be at the mercy of a state appointed guardian.
On September 1st, those who obtain a power of attorney in New York will have a dramatically revised document that includes more safeguards for the principal but is also more complex and costly. One reason for the new laws is due to several cases where family members were found to misuse the person’s funds for their own benefit and not take care of the principal he/she represented. Other states may soon follow the revised New York POA as a model.
However, the new power of attorney in New York may not be suitable for everyone. There really is no one-size fits all instrument as everyone has different situations. New York residents now have a choice of obtaining a POA under the existing laws or getting the revised document – but only until September 1st.
For those who live in other states, it is advisable to learn more about the changes in New York. Perhaps some of the new provisions are beneficial to include in their POA.
If you already have a Power of Attorney, consult with a qualified elder law attorney to be sure you understand all the powers you have authorized and are in compliance with the law. Also consider adding powers that may offer further protection for your estate. When an elder law attorney drafts a POA, you get the benefit of that expertise, including additional important powers not set forth in the statutory form to carry out your estate, long term care planning and asset protection goals.
The changes to the POA in New York include:
- Agent and principal both must sign and date the document before a notary public
- Gift giving and asset transfers now require a Statutory Major Gifts Rider specifying the amounts of assets, recipients and types of assets the agent may gift. The Rider must be executed in same manner as a Will.
- Detailed instructions and defined responsibilities to the agent including record keeping and receipts of transactions
- Appointment of a monitor to oversee the agent
- Special court proceeding to challenge the validity of a power of attorney, remove an agent, compel a bank to accept the POA and more.
Jennifer is the managing partner of the elder law and estates division of the leading law firm Genser Dubow Genser & Cona based in Melville, LI. She has been featured in numerous publications and has appeared as a guest on television and radio programs. For more information on Jennifer Cona and GDGC, visit their website at: www.genserlaw.com or call 631-390-5000.
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