JUNE 2021 • LONGISLANDPRESS.COM 37
Custom Computer Specialists
Right People. Right Results.®
Technology That Works For You
For over 40 years, Custom Computer
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communities. Whether you are changing
your existing environment, rolling out a new
system or contemplating a new technology,
our IT experts will help you navigate
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Solutions:
• IT Consulting
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• Assessments
• IT Staffing
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Technologies:
• Data Center
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We proudly serve the following markets:
Education (K-12) & Higher Education State and Local Government
Healthcare Corporate
If you would like more information about our
technology services and solutions, please
contact us directly by calling (800) 598-8989 or
emailing us at info@customtech.com.
POWER OF YOUR ATTORNEY
THE NEW POWER OF ATTORNEY:
WHAT YOU NEED TO
KNOW FOR JUNE 13TH
BY JENNIFER CONA, ESQ.,
CONA ELDER LAW
As we reflect on the lessons
learned during the pandemic, one
thing is certain: the unexpected
and unthinkable can happen to
any one of us at any time. People
of all ages are rushing to get their
estate planning affairs in order. A
Power of Attorney is a critical legal
component of any estate plan.
New York State passed legislation
simplifying the Power of Attorney
document effective June 13, 2021.
Here’s what you need to know:
What is a Power of Attorney?
A Power of Attorney is a legal
document that allows you to
name a trusted person to handle
financial transactions and make
financial decisions for you, such
as paying bills, handling banking,
insurance, real estate transactions
and asset transfers, even if you
become incapacitated.
What Changed?
The new law simplified the Power
of Attorney (POA) legal document
and its execution. For example, the
Statutory Gifts Rider has been
eliminated. In addition, the basic
statutory gifting amount has been
increased from $500 to $5,000.
Execution of the POA has been
streamlined. Importantly, banks
and other financial institutions
can no longer reject your POA
out-of-hand or require their own
document, a problem encountered
by countless clients. Under the
new law, financial institutions
must accept or reject your POA
within 10 days of submission. If
your POA is rejected, the financial
institution must provide you with
a valid reason in writing. Further,
an institution which unreasonably
refuses to accept a POA can be
sued and you can be awarded
damages and attorney fees.
Does Everyone Need a New
Power of Attorney?
No. If your Power of Attorney
(POA) was properly executed
and in compliance with the law
at the time it
was signed, you
do not need a new
POA. However, the new POA
has extra protections for clients,
as noted above, so you should
consider when to update. If your
POA is more than two years old,
or if other circumstances have
changed in your life or in your
agent’s or beneficiaries’ lives,
such as retirement or retirement
planning, changes in health
condition or care needs, births,
deaths, divorces, marriages, etc.,
it is a good time to review your
estate planning documents to
make this and any other necessary
updates.
Virtual Access/Document Vault:
Cona Elder Law offers a virtual
document vault so you can
securely store your important
estate planning documents for online
access anywhere at any time.
Contact us to receive a customized
trust, estate and elder law plan.
Join us for Power of Attorney
Day! Receive a New Power of
Attorney in One Visit!
When: Friday, June 18th: 9:00 AM
– 5:00 PM & Saturday, June 19th:
9:00 AM – 3:00 PM
Where: Cona Elder Law: 225
Broadhollow Road, Suite 200
Melville
Call: Janet at 631.390.5000
Visit: www.conaelderlaw.com for
more information.
Jennifer B. Cona, Esq. is the Founder
of Cona Elder Law, an awardwinning
law firm concentrating in
the areas of elder law, estate planning,
estate administration and litigation,
and health care law. Visit www.
conaelderlaw.com.
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