Date: October 4, 2012
Re: Mark bulge
Relevant Facts
Our client, Mark Down (Mark), we did a Will for him that pass waters all of his assets to his children. He also
executed a power of lawyer, giving his son, Slowe, the power to handle all of his monetary assets.
Marks health is starting to deteriorate and although hes lighten healthy, Slowe is worried that Mark may
need Medicaid assistance sometime in the future. Therefore, he wants to try to sequestrate Marks assets (a
$300,000 brokerage account) from his name and give his assets to his children.
Issue Presented
The issue in this case is under sore York state law, is there a limit on what a psyche can do as power of
attorney as it pertains to financial and estate planning. It is matter whether Slowe can remove Marks
assets and distribute to himself and the other beneficiaries prior to Marks wipeout by gifting to ensure
minimization of income for Medicaid assistance.
Applicable law of nature
In the Matter of Ferrara, 7 N.Y.3d 244 (N.Y. 2006), the decedent had willed his estate to the Salvation
Army. He became ill, and had his brother and his nephew appointed as power of attorney. Later, the
nephew drew up a new petty from DPOA where he was given unlimited gifting ability and had it signed
by the decedent.
The nephew because gifted to himself over $800,000 over the next three weeks, at which
time, the decedent died. The Salvation Army sued for the money. The court cited the following statutes:
N.Y. Gen. Oblig. Law § 5-1502 [M], Permits an attorney-in-fact to give gifts to family members not to
exceed the aggregate of $ 10,000 to each person in any year. However, under N.Y. Gen. Oblig. Law § 51503 the statutory on the spur of the moment form was augmented to remove the $10,000 limitation, an attorney-in-fact had to
make gifts in the principals trump interest, which was interpreted by N.Y. Gen. Oblig. Law § 5-1502, gifts
to carry out the principals financial, estate, or tax plans.
The court stated this exception which...If you want to endure a full essay, order it on our website: Orderessay
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