The Critical Importance of a Power of Attorney for Incapacitated Individuals

Ronald A. Fatoullah, JD, Elizabeth Forspan, JD, Jeffrey P. Gorak, JD, and Sidney Kess, JD, LLM, CPA

In BriefIllness and injury can happen to anyone at any time, though they are more common for older persons. In the worst case they can lead to the incapacitation of the stricken individual. The authors demonstrate how, in such circumstances, establishing a power of attorney in advance can lead to far better outcomes than going through a guardianship proceeding. They discuss the statutory requirements and potential modifications to such arrangements, as well as their pertinence to tax and gifting matters, particularly under New York law.