50 THE QUEENS COURIER • QUEENS BUSINESS • NOVEMBER 8, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
queens business
The Elder Law Minute TM
Planning for Incapacity
BY RONALD FATOULLAH, ESQ. AND
JAMES A. E. ASQUITH, ESQ.
Many people understand the importance
of developing a comprehensive
estate plan for the purpose of administering
their assets on their death, but
far fewer understand the equally if not
greater need to plan for the possibility
of incapacity. Two of the most important
tools that will allow another individual
to make health care decisions and
fi nancial decisions for an incapacitated
person are a health care proxy and a
power of attorney.
A health care proxy is an instrument
in which you (the principal) appoint
another person of your own choosing
(the agent) to make medical decisions
for you in the event that your treating
physician determines you no longer
have capacity to direct your own care. A
health care proxy must be signed by the
principal in the presence of two witnesses
in order to take eff ect. Under New
York law, only one person at a time may
serve as a health care agent.
A power of attorney is an instrument
in which you (the principal) appoint
another individual of your own choosing
(the agent) to make fi nancial decisions
for you. It is important to note
that a power of attorney does not
grant your agent carte blanche powers.
In order for your agent to be granted
the requisite authority to engage in
Medicaid planning for example, additional
language needs to be added and
ELDER LAW
the principal will also need to execute
a statutory gift s rider. Unlike a health
care proxy, a principal can name multiple
agents to act concurrently. Th ese
agents can either have the authority to
act separately or together. A power of
attorney must be signed by both the
principal and the agent in the presence
of a notary public in order to take eff ect.
It is important to note that the principal
and agent do not need to sign at
the same time. A statutory gift s rider,
which grants an agent the power to
make gift s on behalf of the principal
and is attached to the power of attorney,
must be signed by the principal in
the presence of a notary public and two
witnesses.
When choosing their agents, clients
oft en appoint a spouse or a child
because they are the people that clients
trust the most. However, in the
case of larger families, issues can arise
when one child is chosen to act instead
of another. Th e child who is not chosen
can harbor bad feelings and distrust,
either towards the parent who saw
fi t not to appoint him or with the sibling
that was chosen in his/her stead. Th is is
especially likely if there is a history of
discord between siblings. In such circumstances,
it is important to consider
the following:
1. Th e principal is under no obligation
to disclose to his children information
about his fi nances or his estate
planning and the child has no right
to demand access to such information
from the agent.
2. An agent under a power of attorney
does not have the right to prevent other
family members from being able to visit
the principal.
3. During capacity, the principal can
revoke his power of attorney at any
time. Th is is done by notifying the
agent and any third parties to whom the
power of attorney has been presented in
writing. Th e writing must be signed by
the principal in the presence of a notary
public.
4. In the event the principal is incapacitated
and a concerned family member
has good cause to believe that an
agent is not acting in the principal’s best
interests, the family member can seek
the intervention of the court, usually in
the context of a guardianship proceeding,
to revoke the power of attorney and
appoint a guardian.
5. Th e authority of the agent ends
on the death of the principal. In New
York, aft er the death of the principal,
a proceeding must be commenced in
Surrogate’s Court to appoint an administrator
or executor to administer the
deceased individual’s estate.
Certain steps can be taken to avoid
family disputes. For example, even
though you are under no obligation
to discuss your estate planning with
your children, doing so may help them
understand your choices. Your reasoning
could be as simple as geographic
proximity or particular knowledge
or expertise and may have nothing to
do with the character of one child over
another. In the case of a power of attorney,
it may be prudent to name all of
your children as your agents with the
authority to act separately. If neither
option is appropriate, you can consider
appointing someone who is not a family
member, such as a close friend or professional
fi duciary. To determine the
best approach for your individual circumstances,
you should consult with an
experienced elder law attorney.
Ronald A. Fatoullah, Esq. is the founder
of Ronald Fatoullah & Associates,
a law fi rm that concentrates in elder
law, estate planning, Medicaid planning,
guardianships, estate administration,
trusts, wills, and real estate.
James A. E. Asquith is an attorney
with the fi rm. Th e law fi rm can be
reached at 718-261-1700, 516-466-
4422, or toll-free at 1-877-ELDER-LAW
or 1-877-ESTATES. Mr. Fatoullah is
also a partner with Advice Period, a
wealth management fi rm that provides
a continuum of fi nancial and investment
advice for individuals and businesses,
and he can be reached at 424-
256-7273.
RONALD FATOULLAH
ESQ, CELA*
editorial
Employment Matters: Are You Ready for a Career Change?
Dear Mindy, I want to
make a shift in my career
and am not sure how to
begin this journey. I don’t
see any growth potential in
my current job but feel that
I have lots of experience that
could get me a better opportunity.
How do I begin?
Shift ing Gears
Dear Shift ing, Your situation
is challenging, but
by no means unique. Many
people realize that the skills
they have mastered could be
transferrable to other, more
rewarding career paths. If you
feel you might be in this situation, follow
these simple guidelines:
1. Strengths – Make a list of your
strengths that include skills you have
acquired, talents you possess, expertise
you have developed and
areas that you are passionate
about. In addition, think
about areas you would like
to develop.
2. Research – Before you
decide to change jobs do
as much research as possible
about various types of
industries and career paths.
Speak with your contacts to
see what opportunities are
available in their organizations.
Research the job boards
to see what positions interest
you. Take a few courses relevant
to your desired industry
to add to your knowledge base.
3. Financial considerations –
Sometimes shifting careers might
require a step down from your current
salary level. Make sure that your fi nances
can support a reduction and consider
if the risks outweigh the potential
rewards.
4. Networking – If you haven’t networked
in a while, now is the time to get
in the habit of creating important professional
relationships. Meeting people in
various industries will give you insight and
connections for your future career path.
5. Resume development – Read your
resume as if you were a hiring manager
in the new industry. How do your skills
match the job descriptions of positions
you would like to have? Fine tune your
resume and cover letter to focus on your
transferable skills to convince a hiring
manager to consider your application.
6. Be Confi dent – Practice answering
the question: “Why do you think you are
qualifi ed for this position?” Focus on the
fact that while you are new to the industry,
you have solved the same type of
problems, used similar technology and/
or successfully managed people at the
same level as the new position.
Understanding your strengths and
considering how to develop and transfer
your skills to another industry will
put you in a good position to achieve
your career goals.
Mindy Stern, SPHR, SHRM-SCP,
ACC is a career coach, author, speaker,
trusted HR advisor and president
of AIM Resource Group Inc. If you are
ready to make a meaningful impact
on your career call for a free 30 minutes
strategy session. Visit the website
at www.aimresourcegroup.com to see
our on-line skill development courses or
call 718-217-1074 to get results! Do you
want your questions answered in this
column? Send requests to mstern@aimresourcegroup.
com .
EMPLOYMENT
MATTERS
MINDY STERN
SPHR, SHRM-SCP,
link
link
/www.aimresourcegroup.com
link
