A power of attorney is a legal document that allows you to appoint someone to act on your behalf in financial and legal matters. You may need a power of attorney if you are unable to manage your own affairs due to illness, injury, disability, or absence. A power of attorney can give you peace of mind and ensure that your wishes are followed.

New Power of Attorney Law

In New York, there is a statutory short form power of attorney that you can use to create a valid and enforceable document. This form has been updated in 2021 to make it easier and more flexible for you to use. Here are some of the main features and benefits of the new power of attorney law in New York:

• You don’t have to use the exact wording of the statutory form, as long as your document substantially conforms to it. This means you can customize your power of attorney to suit your needs and preferences, as long as you don’t change the meaning or intent of the form.
• You can include gifting provisions in the modifications section of the form, instead of having to execute a separate statutory gifts rider. This simplifies the process and allows you to authorize your agent to make gifts on your behalf, such as for estate planning or tax purposes.

• You can sign your power of attorney by yourself or by directing another person to sign for you in your presence. This makes it easier for you to execute your document if you have physical limitations or difficulties with writing.
• Your power of attorney must be signed by two witnesses who are not named as agents or beneficiaries of gifts. One of the witnesses can also be the notary public who acknowledges your signature. This adds an extra layer of protection and verification for your document.
• Your power of attorney will automatically include all the powers listed in the statutory form, unless you cross out any powers that you don’t want to grant. You can also add any additional powers or limitations in the modifications section. This gives you more control and flexibility over what your agent can and cannot do on your behalf.
• Your power of attorney will take effect immediately upon signing, unless you specify otherwise in the modifications section. You can also make your power of attorney durable, which means it will remain valid even if you become incapacitated. This ensures that your agent can act for you when you need it most.
• Your power of attorney can be revoked by you at any time, as long as you are mentally competent. You can revoke your document by notifying your agent and any third parties who rely on it, such as banks or government agencies. You can also revoke your document by executing a new power of attorney that states that it revokes any previous ones.
• Your agent must act in your best interest and in accordance with your reasonable expectations. Your agent must also keep records of all transactions and decisions made on your behalf, and provide them to you or anyone else that you authorize. Your agent can be held liable for any misconduct or negligence that causes harm to you or your property.

If you want to create a power of attorney in New York, you can use the statutory short form provided by the state. The FALCONE LAW FIRM can help you if you have any questions or concerns about your power of attorney, especially if it involves complex or sensitive matters.

A power of attorney is an important tool that can help you plan for the future and protect your interests. By using the new statutory short form in New York, you can create a power of attorney that is simple, flexible, and effective.

Falcone Law Firm is proud to announce we are Lead Counsel Verified! Contact us today to find out more.

It is not uncommon for people to give their spouses power of attorney when developing an estate plan in the event of their death or incapacity. A power of attorney is a very powerful document that gives the agent the ability to gift your assets and to sign your name on documents. However, if you should get divorced, you obviously do not want your spouse to still have this power. The question then becomes whether the divorce itself will automatically revoke a power of attorney, or if there are extra legal steps you need to take to do this yourself.

In most places around the country, a divorce does not automatically revoke an attorney-in-fact designation. The only exceptions are for power of attorney documents made in the following states: Alabama, California, Colorado, Illinois, Indiana, Kansas, Minnesota, Mississippi, Ohio, Pennsylvania, Texas, Washington, and Wisconsin.

For more information on handling power of attorney and other estate planning documents after your divorce, meet with an experienced Estate Planning attorney at the Falcone Law Firm.

Significant Increases to Medicaid Resource Limits in 2023

There’s good news for seniors who are either on Medicaid Community or Nursing home Care for 2023 or who might need those services in 2023.

Social Security Income (SSI) beneficiaries will receive an 8.7 percent annual cost of living adjustment in 2023.

Income Levels for Medicaid Will Change

Medicaid recipients with an income spend-down will also receive notice in the coming weeks of significant changes to the 2023 Medicaid income and resource limits. The Income limit for a single individual on Community (Home Care) will go up from $934 in 2022, up to $1,563 in 2023.

Some of the common questions asked about the amount of assets you are allowed for 2023 are as follows:

Q: How much can I keep in my name if I am on Nursing Home or Community Medicaid or will apply in 2023?
A: The resource level for an SSI-related individual will increase from $16,800 ($24,600 for a couple) to $28,133.00 for an individual ($37,902 for a couple) effective January 1, 2023.

Q: What if I am working and need Medicaid?
A: You may be eligible for the Medicaid Buy-In program for Working People with Disabilities. The Resource levels for that program will also increase on January 1, 2023. Currently there is a fixed level of income of $20,000 for individuals and $30,000 for a couple. It will increase to $28,133.00 for an individual ($37,902 for a couple) effective January 1, 2023.

Effective date: The new income and resource levels are effective for January 1, 2023, and apply to new applications and requests for an increase in coverage on or after January 1, 2023.

This is great news for people with disabilities or older adults who are just over the current threshold! This increase will reduce the number of Medicaid recipients who have excess income.

Earlier this month, the Falcone Law Firm sponsored the Second Annual Joe Winters Memorial Golf Outing. We are proud to have been able to contribute to their noble cause.

Giving Back to Our Community

At the Falcone Law Firm, we understand the importance of giving back to our community. We pride ourselves on supporting causes that impact individuals and families throughout Long Island, and the Winters Center for Autism holds a special place in our hearts.

To learn more about the Winters Center for Autism or to support their cause, please visit https://www.winterscenterforautism.com/ or call (631)635-1169.

It is not easy accepting that your time on Earth is limited, but it is something you should discuss with your loved ones before it is too late. Unfortunately, far too many Americans 55 and over do not complete essential end-of-life planning tasks, which may lead to difficulties with family members and friends when you cannot make decisions for yourself due to your health. In this article, you will learn five essential estate planning steps you should take before you turn 55.

#2 Assign Power of Attorney

When you give someone power of attorney, you grant them certain rights to make informed decisions on your behalf. For example, a financial power of attorney can make financial transactions for you, such as paying your bills or taking out loans. Assigning this to someone before you become incapacitated will make handling your affairs easier. This is especially true for those suffering from degenerative brain diseases like Alzheimer’s or dementia. Failure to plan this early can force your loved ones to go to court for approval, which can waste time and money down the line.

#3 Establish Guardianship for Any Dependents

Whether you have a minor or adult dependent, they will need someone to care for them in your absence. Having legal guardianship in place for them with a trusted person will make your dependent’s life much easier after you pass on. There are a few different options available, such as guardianships for minors or guardianships for dependents with special needs.

#5 Choose an Executor

An executor is someone who will be in charge of carrying out your testament when you die. They can be a close friend, attorney, loved one, or any trusted individual you believe is capable of carrying out that task. Finding someone who can enforce your will is crucial to avoid unnecessary conflict between your beneficiaries or to ensure they will pay off your debts after you’re gone.

Learn More: What is Probate?

Start Planning Early – Our Attorneys Can Help

It may feel overwhelming to start thinking about estate planning. However, the earlier you have everything in order, the more peace of mind you and your loved ones will have once you have passed. So contact us to schedule a consultation with one of our estate planning experts today.

Many people believe having a power of attorney is only essential surrounding life-changing events; however, this is not the case. You do not need to be in poor health or above a certain age to reap the benefits of a properly executed power of attorney. At any age, there are commonplace events that may occur during which having a durable power of attorney can save you from what could have been a stressful situation.

Power of Attorney – An Integral Piece of Estate Planning

At the Falcone Law Firm, our estate planning attorneys are always here to help with the power of attorney process, or any other aspects of estate planning. Contact us today to schedule a consultation.

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A Medicaid asset protection trust is an integral part of proactive estate planning. This article will explain how preparing a Medicaid asset protection trust can help safeguard your financial future.

Medicaid Asset Protection Trusts – Additional Benefits

While the primary purpose of a Medicaid Asset Protection Trust is to shelter your assets from being a countable resource by Medicaid while you are alive and protect them from a Medicaid lien after death,  they serve numerous other purposes.

Medicaid Asset Protection Trusts are fully customizable. Not only do they avoid probate, but they could help the assets pass quickly and privately without court intervention after death.

They will also enable real property in all 50 states to pass to your beneficiaries without the need to hire an attorney in that state to probate the property. This can save you thousands of dollars in legal fees. In addition, the property also maintains any property tax benefits like Senior STAR or veteran exemptions. And you can sell your house anytime you want!

There are also capital gains tax benefits of passing property through a trust.

With a Medicaid Asset Protection Trust, you can also designate assets to a minor to avoid the need for guardianship court action or pass assets into a Special Needs Trust to protect a disabled beneficiary. You can also choose to leave your assets in further trust for one or more of your children. Assets left in this way will insulate that child from creditors, bankruptcy access, and even from claims of estranged spouses in a divorce.

Take Control of Your Financial Future

At the Falcone Law Firm, our estate planning attorneys can aid in preparing your Medicaid asset protection trust, providing you and your loved ones with peace of mind. Contact us today to schedule your consultation.

Having a properly executed healthcare proxy is an integral part of estate planning; the only way to ensure your healthcare proxy is appropriately executed is by having an experienced attorney by your side. At the Falcone Law Firm, our estate planning experts have helped countless individuals and family members throughout New York prepare health care proxies.

Health Care Proxies – Additional Information

It is important to note that the signing of your healthcare proxy must be witnessed by two individuals who are not directly interested in your health. Contact us today and schedule a consultation so we can help you accurately prepare your healthcare proxy.

Special needs trusts help provide the most significant financial support to a person with a developmental disability. This article will discuss the two different types of special needs trusts, providing valuable information.

Protecting Assets for Your Loved Ones

At the Falcone Law Firm, our special needs planning experts can help ensure your loved one receives the financial support they are entitled to. So take your first step toward securing your loved one’s assets, and contact us today to schedule a consultation.