(November 2, 2009, Forbes.com)
Recently, Carlyn McCaffrey, chair of Trusts & Estates at Weil Gotshal and Manges was quoted by Forbes.com. The article, entitled “New York Law Creates Estate-Planning Trap” deals with the effects of a new financial powers law in NY state. The law states that a new power automatically revokes old powers. According to McCaffrey, “it will cause problems.” She suggests adding a statement on any new limited purpose power saying that the new doesn’t cancel the old.
The piece was written by Ashlea Ebeling, and appears on October 10, 2009. It is available
here.