New Estate Tax Changes

Due to the struggling economy, lawmakers in Washington, D.C. have proposed changes to the estate tax laws. The proposal outlines that in 2011,anything over 1 million dollars is now taxed 55%, in accordance with pre-2001 numbers. For the 2010 tax year, the estate and generation skipping transfer taxes are repealed. In the same year, the gift tax rate will fall to 35%.

New York's New Power of Attorney Law

New York State has passed a new power of attorney law that greatly alters the old one. Only one form is now needed, with a second form required for Major Gifting called a Statutory Major Gift Rider (SMGR).

The term "attorney-in-fact" has also now been replaced by "agent" because specific fiduciary responsibilities have been outlined which require the agent to act in the best interests of the principal.

The law also dictates that this new form is "durable" thus meaning that it is not effected by future incapacity. This new law is meant to simplify the power of attorney process, and will hopefully serve to do so.

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