Dear Mr. Di Costanzo: Can I act under my father’s power of attorney after he dies? One of the most important estate planning documents one can prepare is a power of attorney. It allows you to appoint someone else, your agent, to a handle your financial matters. All powers of attorney are durable, meaning that…
On December 15th, 2020, Governor Cuomo signed into law legislation substantially amending the New York General Obligations Law, which is the law that governs powers of attorney in New York. Effective June 13th, 2021, the new law, among other things, modifies the form of a power of attorney. The new form must be used beginning…
Congratulations to everyone headed off to college. My favorite Animal House quote is when Belushi says “seven years of college down the drain”. Although college should be stimulating from both an academic and social perspective, try not to be there for seven years.
As many of you know, I practice as a tax accountant as well as an elder law and estate planning attorney. This blog is an example of the interdisciplinary nature of my practice. On March 11, 2021, President Biden enacted the American Rescue Plan (“ARP”). Oddly, certain provisions of the ARP relate back to 2020…
Dear Mr. Di Costanzo: Can my spouse access our jointly owned safe deposit box after my death? It is common practice in New York for banks to “seal” a safe deposit box upon the death of an owner. Surprisingly, this practice applies even in situations where there are joint owners. Many people who own safe…
