2006 New York Code - Construction--certain Gift Transactions.

 
    §  5-1502M.  Construction--certain  gift  transactions. In a statutory
  short form power of attorney, the language conferring general  authority
  with  respect  to  "making  gifts to my spouse, children and more remote
  descendants, and parents, not to exceed in the aggregate $10,000 to  any
  person  in  any  year"  must  be  construed  to  mean that the principal
  authorizes the agent:
    1. To make gifts on behalf of the principal to the principal's spouse,
  children and other descendants, and parents, including the agent, either
  outright or to a trust for the sole benefit  of  one  or  more  of  said
  persons,  whether an existing trust or a trust which the agent is hereby
  authorized to create, only for purposes which the agent reasonably deems
  to be in the best interest  of  the  principal,  specifically  including
  minimization   of   income,   estate,  inheritance,  generation-skipping
  transfer or gift taxes, provided that no person may be the recipient  of
  gifts  in any one calendar year which, in the aggregate, exceed $10,000,
  unless the statutory short form power of  attorney  contains  additional
  language  pursuant  to  section  5-1503  of  the general obligations law
  authorizing  gifts  in  excess  of  said  amount  or  gifts   to   other
  beneficiaries;
    2.  To  consent,  pursuant  to  Section  2513(a)  of the United States
  Internal Revenue Code, to the splitting of gifts made by the principal's
  spouse to the principal's children and other descendants in any  amount,
  and  to  the  splitting  of  gifts made by the principal's spouse to any
  other persons in amounts not exceeding the  aggregate  annual  gift  tax
  exclusions  for  both  spouses  under  Section  2503(b) of said Code (or
  cognate provisions of any successor statute);
    3. To satisfy pledges made to  organizations,  whether  charitable  or
  otherwise, by the principal;
    4.  To  prepare,  execute,  consent to on behalf of the principal, and
  file any return, report, declaration, or other document required by  the
  laws  of  the  United  States,  or by any state or political subdivision
  thereof, or by any foreign country  or  political  subdivision  thereof,
  which  the  agent deems to be desirable or necessary with respect to any
  gift made under the authority of this section;
    5. To execute, acknowledge, seal, and deliver  any  deed,  assignment,
  agreement,  trust  agreement,  authorization, check, or other instrument
  which the agent deems useful  for  the  accomplishment  of  any  of  the
  purposes enumerated in this section;
    6.  To prosecute, defend, submit to arbitration, settle and propose or
  accept a compromise with respect to any claim existing in  favor  of  or
  against  the  principal based on or involving any gift transaction or to
  intervene in any related action or proceeding;
    7. To hire, discharge and compensate any attorney, accountant,  expert
  witness,  or  other  assistant  or  assistants when the agent deems that
  action to be desirable for the proper execution by the agent of  any  of
  the  powers  described  in  this  section, and for the keeping of needed
  records thereof; and
    8. In general, and in addition to but not in contravention of all  the
  specific  acts listed in this section, to do any other act or acts which
  the agent deems desirable or necessary to  complete  any  such  gift  on
  behalf of the principal.
    All   powers   described  in  this  section  5-1502M  of  the  general
  obligations law shall be exercisable equally with respect to a  gift  of
  any  property in which the principal is interested at the time the power
  of attorney is given or in which the principal becomes interested  after
  that time, and whether located in the state of New York or elsewhere.
    The  powers  explicitly  authorized  in the provisions of this section
  5-1502M of the  general  obligations  law  shall  not  be  construed  to
  diminish  any like powers authorized in any other section of title 15 of
  article 5 of the general obligations law.  Accordingly, such  powers  as
  are  authorized  in  any  other  section of title 15 of article 5 of the
  general  obligations law shall be construed as if the provisions of this
  section do not exist.