* § 5-1514. Certain gift transactions; formal requirements; statutory
form. 1. If the principal intends to authorize the agent to make gifts
other than gifts authorized by subdivision fourteen of section 5-1502I
of this title, the principal must expressly grant such authority either
in a statutory gifts rider to a statutory short form power of attorney
or in a non-statutory power of attorney executed pursuant to the
requirements of paragraph (b) of subdivision nine of this section.

2. The principal may authorize the agent to make gifts to the
principal's spouse, children and more remote descendents, and parents,
not to exceed, for each donee, the annual federal gift tax exclusion
amount pursuant to the Internal Revenue Code. For gifts to the
principal's children and more remote descendants, and parents, the
maximum amount of the gift to each donee shall not exceed twice the gift
tax exclusion amount, if the principal's spouse agrees to split gift
treatment pursuant to the Internal Revenue Code.

3. The principal may also authorize the agent to:

(a) make gifts up to a specified dollar amount, or unlimited in
amount;

(b) make gifts to any person or persons;

(c) make gifts in any of the following ways:

(1) opening, modifying or terminating a deposit account in the name of
the principal and other joint tenants;

(2) opening, modifying or terminating any other joint account in the
name of the principal and other joint tenants;

(3) opening, modifying or terminating a bank account in trust form as
described in section 7-5.1 of the estates, powers and trusts law, and
designate or change the beneficiary or beneficiaries of such account;

(4) opening, modifying or terminating a transfer on death account as
described in part four of article thirteen of the estates, powers and
trusts law, and designate or change the beneficiary or beneficiaries of
such account;

(5) changing the beneficiary or beneficiaries of any contract of
insurance on the life of the principal or annuity contract for the
benefit of the principal;

(6) procuring new, different or additional contracts of insurance on
the life of the principal or annuity contracts for the benefit of the
principal and designate the beneficiary or beneficiaries of any such
contract;

(7) designating or changing the beneficiary or beneficiaries of any
type of retirement benefit or plan;

(8) creating, amending, revoking or terminating an inter vivos trust;
and

(9) opening, modifying or terminating other property interests or
rights of survivorship, and designate or change the beneficiary or
beneficiaries therein.

A gift to an individual authorized by this subdivision may be made
outright, by exercise or release of a presently exercisable general or
special power of appointment held by the principal, to a trust
established or created for such individual, to a Uniform Transfers to
Minors Act account for such individual (regardless of who is the
custodian), or to a tuition savings account or prepaid tuition plan as
defined under section 529 of the Internal Revenue Code for the benefit
of such individual (without regard to who is the account owner or
responsible individual for such account).

4. An agent may not:

(a) exercise any authority described in subdivision two or three of
this section unless such authority is expressly granted in a statutory
gifts rider to a statutory short form power of attorney or in a
non-statutory power of attorney executed pursuant to the requirements of
paragraph (b) of subdivision nine of this section;

(b) make a gift to himself or herself or create in himself or herself
an interest in the principal's property pursuant to any grant of
authority described in subdivision two or three of this section unless
such authority is expressly granted in a statutory gifts rider to a
statutory short form power of attorney or in a non-statutory power of
attorney executed pursuant to the requirements of paragraph (b) of
subdivision nine of this section.

5. Any authority granted to an agent pursuant to subdivision two or
three or paragraph (b) of subdivision four of this section must be
exercised according to any instructions in this document or in any other
writing provided by the principal regarding the exercise of any
authority, or otherwise for purposes which the agent reasonably deems to
be in the best interest of the principal, specifically including
financial, estate, or tax planning, including minimization of income,
estate, inheritance, generation-skipping transfer or gift taxes.

6. Construction of the provisions of the statutory gifts rider. (a)
In a statutory gifts rider to a statutory short form power of attorney,
the language "I grant authority to my agent to make gifts to my spouse,
children and more remote descendants, and parents, not to exceed, for
each donee, the annual federal gift tax exclusion amount pursuant to the
Internal Revenue Code. For gifts to my children and more remote
descendants, and parents, the maximum amount of the gift to each donee
shall not exceed twice the gift tax exclusion amount, if my spouse
agrees to split gift treatment pursuant to the Internal Revenue Code"
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. Gifts to a donee
shall not exceed in any calendar year the amount of the federal gift tax
exclusion available to the principal under section 2503(b) of the
Internal Revenue Code. Gifts may be made outright or by exercise or
release of a presently exercisable general power or special power of
appointment held by the principal, to a trust established or created for
such individual (provided that gifts to such trust qualify for the
federal gift tax exclusion under section 2503(b) or (c) of the Internal
Revenue Code), to a Uniform Transfers to Minors Act account for such
individual (regardless of who is the custodian), to a tuition savings
account or prepaid tuition plan as defined under section 529 of the
Internal Revenue Code for the benefit of such individual (without regard
to who is the account owner of or responsible person for such account);

(2) To make gifts up to twice the annual federal gift tax exclusion
amount on behalf of both the principal and the principal's spouse, to
the principal's children and other descendants, and parents, if the
principal's spouse consents to the splitting of such gifts pursuant to
section 2513 of the Internal Revenue Code;

(3) To consent, pursuant to Section 2513(a) of the 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); and

(4) To satisfy pledges made to organizations, whether charitable or
otherwise, by the principal.

(b) Any authority granted to an agent under a statutory gifts rider to
a statutory short form power of attorney must be construed to mean that
the principal authorizes the agent:

(1) 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;

(2) 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;

(3) To prosecute, defend, submit to alternative dispute resolution,
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;

(4) 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 authorities described in this section, and for the keeping of needed
records thereof; and

(5) 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.

(c) The authority explicitly authorized in this section shall be
construed to include any like authority authorized in any other section
of this title. Accordingly, such like authorities as are authorized in
any other section of this title may not be exercised by the agent unless
they are expressly granted to the agent in the statutory gifts rider or
in a non-statutory power of attorney executed pursuant to the
requirements of paragraph (b) of subdivision nine of this section.

(d) The statutory gifts rider may be modified pursuant to section
5-1503 of this title to contain additional provisions authorizing the
agent to make any or all of the transactions specified in subdivision
three of this section.

7. All authority described in this section 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
this state or elsewhere.

8. If, after naming the spouse as a permissible recipient of gifting,
the principal's marriage is terminated by divorce or annulment, as
defined in subparagraph two of paragraph (f) of section 5-1.4 of the
estates, powers and trusts law, the divorce or annulment revokes the
authority to gift to the former spouse, unless the statutory gifts rider
or the non-statutory power of attorney executed pursuant to the
requirements of paragraph (b) of subdivision nine of this section
expressly provides otherwise. If the authority to gift to the former
spouse is revoked solely by this subdivision, it shall be revived by the
principal's remarriage to the former spouse.

9. To be valid, a statutory gifts rider to a statutory short form
power of attorney must:

(a) Be typed or printed using letters which are legible or of clear
type no less than twelve point in size, or, if in writing, a reasonable
equivalent thereof.

(b) Be signed and dated by a principal with capacity, with the
signature of the principal duly acknowledged in the manner prescribed
for the acknowledgment of a conveyance of real property, and witnessed
by two persons who are not named in the instrument as permissible
recipients of gifts, in the manner described in subparagraph two of
paragraph (a) of section 3-2.1 of the estates, powers and trusts law.
The person who takes the acknowledgment, under this paragraph, may also
serve as one of the witnesses.

(c) Be accompanied by a statutory short form power of attorney in
which the authority (SGR) is initialed by the principal.

(d) Be executed simultaneously with the statutory short form power of
attorney and in the manner provided in this section.

10. The use of the following shall be construed as the "Statutory
Gifts Rider" for a statutory short form power of attorney:

"POWER OF ATTORNEY

NEW YORK STATUTORY GIFTS RIDER

AUTHORIZATION FOR CERTAIN GIFT TRANSACTIONS

CAUTION TO THE PRINCIPAL: This OPTIONAL rider allows you to authorize
your agent to make gifts in excess of an annual total of $500 for all
gifts described in (I) of the Grant of Authority section of the
statutory short form Power of Attorney (under personal and family
maintenance), or certain other gift transactions during your lifetime.
You do not have to execute this rider if you only want your agent to
make gifts described in (I) of the Grant of Authority section of the
statutory short form Power of Attorney and you initialed "(I)" on that
section of that form. Granting any of the following authority to your
agent gives your agent the authority to take actions which could
significantly reduce your property or change how your property is
distributed at your death. "Certain gift transactions" are described in
section 5-1514 of the General Obligations Law. This Gifts Rider does not
require your agent to exercise granted authority, but when he or she
exercises this authority, he or she must act according to any
instructions you provide, or otherwise in your best interest.

This Gifts Rider and the Power of Attorney it supplements must be read
together as a single instrument.

Before signing this document authorizing your agent to make gifts, you
should seek legal advice to ensure that your intentions are clearly and
properly expressed.

(a) GRANT OF LIMITED AUTHORITY TO MAKE GIFTS

Granting gifting authority to your agent gives your agent the
authority to take actions which could significantly reduce your
property.

If you wish to allow your agent to make gifts to himself or herself,
you must separately grant that authority in subdivision (c) below.

To grant your agent the gifting authority provided below, initial the
bracket to the left of the authority.

( ) I grant authority to my agent to make gifts to my spouse, children
and more remote descendants, and parents, not to exceed, for each donee,
the annual federal gift tax exclusion amount pursuant to the Internal
Revenue Code. For gifts to my children and more remote descendants, and
parents, the maximum amount of the gift to each donee shall not exceed
twice the gift tax exclusion amount, if my spouse agrees to split gift
treatment pursuant to the Internal Revenue Code.
This authority must be exercised pursuant to my instructions, or
otherwise for purposes which the agent reasonably deems to be in my best
interest.

(b) MODIFICATIONS:

Use this section if you wish to authorize gifts in amounts smaller
than the gift tax exclusion amount, in amounts in excess of the gift tax
exclusion amount, gifts to other beneficiaries, or other gift
transactions.
Granting such authority to your agent gives your agent the authority to
take actions which could significantly reduce your property and/or
change how your property is distributed at your death. If you wish to
authorize your agent to make gifts to himself or herself, you must
separately grant that authority in subdivision (c) below.
( ) I grant the following authority to my agent to make gifts pursuant
to my instructions, or otherwise for purposes which the agent reasonably
deems to be in my best interest:
(c) GRANT OF SPECIFIC AUTHORITY FOR AN AGENT TO MAKE GIFTS TO HIMSELF OR
HERSELF: (OPTIONAL)
If you wish to authorize your agent to make gifts to himself or herself,
you must grant that authority in this section, indicating to which
agent(s) the authorization is granted, and any limitations and
guidelines.
( ) I grant specific authority for the following agent(s) to make the
following gifts to himself or herself:
This authority must be exercised pursuant to my instructions, or
otherwise for purposes which the agent reasonably deems to be in my best
interest.
(d) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify the third party
for any claims that may arise against the third party because of
reliance on this Statutory Gifts Rider.
(e) SIGNATURE OF PRINCIPAL AND ACKNOWLEDGMENT:
In Witness Whereof I have hereunto signed my name on _________________,
20____.
PRINCIPAL signs here:
________________________________
(acknowledgment)
(f) SIGNATURES OF WITNESSES:
By signing as a witness, I acknowledge that the principal signed the
Statutory Gifts Rider in my presence and the presence of the other
witness, or that the principal acknowledged to me that the principal's
signature was affixed by him or her or at his or her direction. I also
acknowledge that the principal has stated that this Statutory Gifts
Rider reflects his or her wishes and that he or she has signed it
voluntarily. I am not named herein as a permissible recipient of gifts.
___________________________ _________________________
Signature of witness 1 Signature of witness 2
___________________________ _________________________
Date Date
___________________________ _________________________
Print name Print name
___________________________ _________________________
Address Address
___________________________ _________________________
City, State, Zip code City, State, Zip code
(g) This document prepared by: ____________________________"

* NB Repealed June 13, 2021