Make sure your aging parent’s power of attorney is up to date. If your parents’ POA predates 2010, it is time that they sign a new one! George H. Gray / Friday, November 04, 2016 0 1986 Article rating: No rating A power of attorney (a “POA”) is widely used for financial and estate planning purposes and for avoiding the expense of guardianship in the event incapacity of the person granting the power (called a “principal”). The POA grants to another person (called an “agent”) broad authority to access the principal’s personal financial information; to sell or dispose of the principal’s property; to change ownership of the principal’s accounts and property; and to change beneficiary designations on life insurance and retirement accounts. Read more
Top Five Actions Needed to Protect the Future of an Aging Parent. It is inevitable that in the life cycle of every family children will be called upon to assist parents to manage their affairs. George H. Gray / Monday, October 31, 2016 0 1278 Article rating: No rating It is inevitable that in the life cycle of every family children will be called upon to assist parents to manage their affairs. Whether it is diminished physical mobility or diminished mental capacity, most often children are called upon (willingly or otherwise) to become involved with the life of their parents. Typically it is chores and errands! Read more
New York’s Fiduciary Access to Digital Assets Act George H. Gray / Thursday, October 20, 2016 0 3137 Article rating: No rating On September 29, 2016, a bill was signed into law by Governor Cuomo adding Article 13-A to the New York Estates Powers and Trust Law (the “EPTL”). This legislation is the New York version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law. Read more
New York now allows beloved pets to be buried with their owners. New York recently enacted into law a bill which allows the cremated remains of a pet to be buried with their owner. George H. Gray / Thursday, October 13, 2016 0 1166 Article rating: No rating Now, there is one issue you can remove from the list of concerns related to planning for the future of your elderly parents. New York recently enacted into law a bill which allows the cremated remains of a pet to be buried with their owner in a cemetery meant for people. Religious cemeteries are exempt, and cemeteries are not obligated to accept animals. Read more
Proposed Changes to ABLE Accounts are moving through Congress. Later this year, persons with a disability will be allowed to establish a savings account. George H. Gray / Wednesday, October 12, 2016 0 1638 Article rating: No rating Later this year, persons with a disability will be allowed to establish a savings account called an “Achieving Better Life Experience,” or ABLE Account. These accounts will allow a person with a disability to set aside up to $14,000 per year to be used for the purpose of meeting the “qualified disability expenses.” Read more