What's New? NYS POA Rules Effective June 13th

New York State recently reformed the statutory short form power of attorney for purposes of financial and estate planning, effective June 13, 2021. The changes are designed to simplify the POA form, allow for substantially compliant language as opposed to exact wording, provide safe-harbor provision for good-faith acceptance of an acknowledged POA, and allow sanctions for those who unreasonably refuse to accept a valid POA. In addition, there are also a number of technical amendments.

Learn more in The Gold Book,  New York Power of Attorney section.

What's New? Elimination of Reg D Transfer Limit

The Federal Reserve Board has made a temporary revision to allow savings account holders to make an unlimited number of transfers or withdrawals. Banks may (but are not required to) eliminate the limitation of six transfers or withdrawals per month in order to allow people greater access to their personal savings during the coronavirus pandemic and time of economic uncertainty and widespread unemployment. The change also does not prohibit banks from charging their customers fees for transfers or withdrawals beyond the six transfer limit. 

What's New? ABLE Accounts

IRS recently issued a news release announcing Proposed Regulations that offer guidelines for new state-sponsored ABLE Accounts for People with Disabilities. The Achieving a Better Life Experience (ABLE) Act recognizes the special financial burdens faced by families raising children with disabilities. ABLE accounts are designed to enable people with disabilities and their families to save for and pay for disability-related expenses. It also permits a state to establish and maintain a new type of tax-advantaged savings program (under Section 529A of the Internal Revenue Code) for a qualified disabled person. Read more in The Gold Book, chapter ABLE Accounts.

What's New? Gifts, Giveaways, Premiums and Savings Promotions

Financial institutions are permitted to offer gifts, giveaways, premiums and savings promotions subject to IRS and rules and other limitations. See the new section of The Gold Book for federal and NYS requirements. 

What's New? 2015 inflation adjusted amounts for Health Savings Accounts (HSAs)

For 2015 the annual contribution limits for Health Savings Accounts has been increased (see The Gold Book) and the definition of a high deductible health plan has been changed (see The Gold Book).

Youth Savings Pilot Program

FDIC-insured institutions are invited to apply and participate in the FDIC's Youth Savings Pilot Program.

The program seeks to identify and highlight promising approaches to offering financial education tied to the opening of safe, low-cost savings accounts for school-aged children.

The pilot program is open to institutions currently working with schools or nonprofit organizations that help students open savings accounts in conjunction with financial education programs. Phase two is expected to target new programs that begin during the 2015–16 school year. 

For more information, click here:

https://www.fdic.gov/consumers/banking/youthsavingspilot/

What's New? Military Powers of Attorney

The Gold Book has been updated to include information regarding the requirement of financial institutions to accept military powers of attorney. See Power of Attorney and Military Powers of Attorney in The Gold Book.