THE DIGIORGIO LAW FIRM, PLLC ESTATE PLANNING NEWSLETTER
Volume 4, Issue 2 April 15, 2021
The DiGiorgio Law Firm, PLLC specializes in providing estate planning and elder law services to our clients, their families and their family-owned businesses.
The legal services offered by DiGiorgio Law Firm, PLLC include
Wills and Trusts, Estate and Tax Planning, IRS Audits and Appeals, Long Term Care Planning, Medicaid Eligibility Planning, Medicaid Recertification and Appeals, Probate Administration, Elder Law, Special Needs Planning, Guardianship Applications, Asset Protection Planning, Business Entity Formation, Business Succession Planning, Buy-Sell Agreements, and Real Estate Closings.
In this issue of the DiGiorgio Law Firm, PLLC Estate Planning Newsletter we highlight the new Power of Attorney Law that goes into effect on June 13, 2021.
Powers of Attorney signed on or after June 13, 2021 must “Substantially Conform” to the language of the New York Statutory Short Form Power of Attorney;
“Statutory Gifts Rider” eliminated: Gifts of up to $5,000 per year may now be made without modification;
Additional gifts for tax and long-term care planning purposes may be made with modifications;
Signature must be witnessed by 2 disinterested parties. This requirement is helpful as it makes it more likely the Power of Attorney will be accepted in other states such as Florida;
No third-party doing business in New York State may refuse to honor a properly drafted and executed NY Statutory Short Form Power of Attorney without reasonable cause;
A bank or other institution that fails to honor a New York Statutory Short Form Power of Attorney without reasonable cause, may be compelled to do so and may be required to pay court costs and attorney’s fees;
Properly drafted Powers of Attorney duly executed before June 13, 2021 will continue to be valid, but the best practice for those concerned with having the ongoing ability to do any kind of tax, estate or long-term care planning after incapacity would be to update their Powers of Attorney to conform to the new law.
Some Quick Bits of 2020 Tax Info for Our Clients
The deadline for filing your 2020 Income Tax return has been extended to May 17, 2021 due to the ongoing pandemic.
Those who are unable to meet this deadline should file an IRS Form 4868 application for an automatic extension of time to file. This will extend your filing deadline to October 15,2021.
The deadline for making tax year 2020 contributions to Traditional and Roth IRAs has also been extended to May 17,2021.
Please give a warm welcome to Melissa Arcuri who recently joined the Di Giorgio Law Firm as an Administrative Assistant and Paralegal!
To learn more about the new Power of Attorney or other steps you can take to protect assets for yourself and your loved ones call us to schedule a consultation today.
Have you updated your estate plan lately? Keep up with the changing times and let us provide you with a free 30-minute consultation to review your current estate plan to see if it has kept up with changes in the law and your lifestyle.
FREE 30 MINUTE WORKSHOPS OFFERED TO OUR CLINETS IN 2021! Check back for details!