Effective June 13, 2021, there will be a new short form power of attorney document available for your consideration.
In the past many financial institutions did not accept the document because it did not “strictly“ comply with the statute. The new standard is “substantial” compliance, and the statute sets up A procedural mechanism and time limitations for financial institutions to respond to the submission of the document for use.
The new form power of attorney no longer contains a statutory gift rider, but gifting can be accomplished by use of the modification section of the document.
We invite you to come in to discuss the new power of attorney document and all relevant planning tools used to protect your assets against the cost of long-term care. Call us to schedule a free attorney consultation at 718.477.7700.