Highlights of New Power of Attorney Legislation

Governor Cuomo has signed legislation that will significantly change New York legislation regarding powers of attorney.  The legislation, Chapter 323 of the 2020 Session Laws, will be effective 180 days from yesterday, December 15.  The signing was accompanied by an agreement to amend the legislation (principally, to require that two disinterested witnesses sign the power in addition to the notarization).  It is anticipated that the amendment will be enacted prior to the effective date of Chapter 323.

Continue reading
367 Hits

New York Temporarily Allows Remote Witnessing of Wills and Other Documents in Response to COVID-19 Pandemic

With the current COVID-19 pandemic, questions have arisen regarding how people can safely execute Wills and other documents that require witnesses.  Yesterday, by Executive Order 202.14, Governor Cuomo expressly authorized Wills, Trusts, Health Care Proxies, and Statutory Gifts Riders for Powers of Attorney to be witnessed remotely by virtual means.  The Executive Order is in effect until May 7, 2020.  Before this Executive Order, New York generally did not allow remote witnessing.

Continue reading
3831 Hits

Update on Gifting: The Clawback Law Has Been Extended to January 1, 2026

As we wrote here earlier this year, Governor Cuomo proposed to extend the “clawback law,” which had expired on January 1, 2019, in his fiscal year 2020 Executive Budget.  As a reminder, the clawback law pulled the value of all taxable gifts made within three years of a New York resident taxpayer’s death back into the New York resident taxpayer’s estate for New York estate tax purposes.

Continue reading
1748 Hits

IRS’s Proposed Estate Tax “Clawback” Regulations

In November 2017, the IRS released proposed regulations clarifying the estate tax treatment of large lifetime gifts made now, while the federal estate and gift tax exemption is temporarily increased thanks to the Tax Cuts and Jobs Act of 2017.  These proposed regulations, if they go into effect as drafted, provide an opportunity for wealthy taxpayers to lock in the temporarily increased exemption by making large lifetime gifts.

Continue reading
2370 Hits

Current State of the Estate Tax: Sen. Elizabeth Warren’s Presidential Run and Tax Reform 2.0

In light of Sen. Elizabeth Warren’s (D-Mass) New Year’s Eve announcement that she is running for President, thus kicking off not only the new year, but also apparently the formal beginning of the Presidential campaign season, we thought it timely to consider the most recent estate tax proposal of Sen. Warren, and how it compares to the current state of the estate tax.   

Continue reading
959 Hits


This website presents only general information not intended as legal advice. Although we encourage calls, letters and emails from prospective clients, please keep in mind that merely contacting Harter Secrest & Emery LLP (HSE) does not establish an attorney-client relationship between us. Confidential information should not be sent to HSE until you have been notified in writing by HSE that a formal attorney-client relationship has been established. Information sent to us before then may not be treated as confidential by HSE or the court.

I have read this and agree     Cancel

Our website uses cookies. By continuing to use our site, you agree to our use of cookies in accordance with our Privacy Policy.