Power Of Attorney - Authorization For Certain Gift Transactions printable pdf download

Power of Attorney, NY Statutory Gifts Rider

Effective 09/12/2010

POWER OF ATTORNEY

NEW YORK STATUTORY GIFTS RIDER

AUTHORIZATION FOR CERTAIN GIFT TRANSACTIONS

CAUTION TO THE PRINCIPAL:

This OPTIONAL rider allows you to authorize your agent to make gifts in excess of an annual

total of $500.00 for all gifts described in (I) of the Grant of Authority section of the Statutory

Short Form Power of Attorney (under Personal and Family Maintenance), or certain other gift

transactions during your lifetime. You do not have to execute this rider if you only you’re your

agent to make gifts described in (I) of the Grant of Authority section of the Statutory Short Form

Power of Attorney and you initialed “(I)” on that section of that form. Granting any of the

following authority to your agent gives your agent the authority to take actions which could

significantly reduce your property or change how your property is distributed at your death.

“Certain Gift Transactions” are described in section 5-1514 of the General Obligations Law. This

Gifts Rider does not require your agent to exercise granted authority, but when he or she

exercises this authority, he or she must act according to any instructions you provide, or

otherwise in your best interest.

This Gifts Rider and the Power of Attorney it supplements must be read together as a single

instrument.

Before signing this document authorizing your agent to make gifts, you should seek legal

advice to ensure that your intentions are clearly and properly expressed.

(a) GRANT OF LIMITED AUTHORITY TO MAKE GIFTS:

Granting gifting authority to your agent gives your agent the authority to take actions which could

significantly reduce your property. If you wish to allow your agent to make gifts to himself or herself,

you must separately grant that authority in subdivision (c) below.

To grant your agent the gifting authority provided below, initial the bracket to the left of the authority.

(

) I grant authority to my agent to make gifts to my spouse, children and more remote

descendants, and parents, not to exceed, for each donee, the annual federal gift tax

exclusion amount pursuant to the Internal Revenue Code. For gifts to my children

and more remote descendants, and parents, the maximum amount of the gift to each

donee shall not exceed twice the gift tax exclusion amount, if my spouse agrees to

split gift treatment pursuant to the Internal Revenue Code.

This authority must be exercised pursuant to my instructions, or otherwise for purposes which the agent

reasonably deems to be in my best interest.

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Power Of Attorney - Authorization For Certain Gift Transactions