Gifting changes required for POA’s in NY

There has been an effort for many years in NY to reform the POA laws to make agents more accountable and reduce the incidents of financial abuse. Governor Patterson signed the bill into law last week and it is effective in less than 30 days!! Agents are now required to sign POA and Principal must sign an addendum to grant gifting powers to agent.

As many residents of New York and Florida travel back and forth it might be important to review your Florida Durable Power of Attorney if your NY based agent intends to make gifts.

The bill is Chapter 644 of 2008 [Assembly bill A6421-B (Weinstein) Senate bill S4996-B (Volker)]
Download NY POA Bill

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