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NEW POWER OF ATTORNEY STATUTE IN NEW YORK! |
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Well, the legislature is at it again with a new Durable Power of Attorney (DPOA) Statute effective September 1, 2009. First, let me dispense with any one fear that a DPOA executed before September 1st is invalid. This is not the case. Thank Goodness for "Grandfathering." Second, should clients revise his or her DPOA to conform with the new statute. This could be helpful. A number of changes have been made highlighted by a Separate Gift Rider which would allow the agent to make gifts as provided for in the DPOA. Executing the DPOA will not be as easy as now the agent must also sign in front of a notary public in order for the document to be effective.
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