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Gray & Feldman Legal Blog

 

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!

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Power of AttorneyA 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.

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.

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5 Things you need to know to protect your aging parentsIt 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! 

New York’s Fiduciary Access to Digital Assets Act

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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.

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.

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NY Burial Law Changes for Pet OwnersNow, 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.

Proposed Changes to ABLE Accounts are moving through Congress.

Later this year, persons with a disability will be allowed to establish a savings account.

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ABLE Accounts are coming.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.”
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