A Power of Attorney is a powerful legal document that allows for someone you trust to handle your financial affairs if you become incapacitated and unable to make decisions for yourself. A Power of Attorney is a very useful estate planning tool as it allows your agent to act on your behalf if you cannot do so personally. You can decide which financial powers you wish to give to your agent — who may be your husband, wife, son, daughter, friend or other responsible person. Some powers that you may grant to your agent may include your agent handling real estate property, bank accounts and tax matters on your behalf.
In addition to a Statutory New York Power of Attorney, you also have the option to execute a separate Statutory Gifts Rider (SGR). This rider allows for your agent (or attorney in fact) to gift some of your assets if it was in your “best interests” to include a plan to protect your assets against the costs of nursing home care in the foreseeable future.
Please call Smolarek Law Offices at (716) 771-1601 to schedule a consultation to discuss if a Power of Attorney is right for you. Conveniently located in Elma, New York, our experienced attorneys serve clients throughout the Buffalo area and Western New York. We look forward to speaking with you.