As a Buffalo Elder Law Attorney, I am often asked what is the power of attorney statutory gift rider. This rider has been around since 2009 with the major changes in the powers of attorney. The basic power of attorney now authorizes the agent to make gifts of only $500 per year. If you wish to authorize your agent to make gifts of more than $500 per year, for instance for estate planning or Medicaid planning, then you need to sign the statutory gift rider, which needs to be witnessed by two people.
Would you like to use your NY statutory power of attorney gift rider? If so, contact the experienced Buffalo Elder Law Attorney Robert Friedman.
This educational legal blog was brought to you by Robert Friedman, an experienced Buffalo Elder Law Attorney.
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