Slowe Down Essay

Submitted By mwooten4
Words: 468
Pages: 2

Issue: Whether Slowe Down is acting on the best interest of Mark Down by transferring $300,000 of Marks assets to his children for Medicaid assistance for Mark. In short, whether the gift-giving power in a statutory short form power of attorney is limited to the authority or if the best interest requirement remains
Rule: Considering the Matter of George J. Ferrara case of 2006 Section 5-1502M illustrates that the gift giving authority to make gifts outright or to a trust for the sole benefit of one or more person only if it reasonably deem to be in the best interest of the principal.
Application: The resolution or this depends on if Slowe’s actions will cause some type of burden to Mark in anyway or acted in his best interest. What we need to consider is the case of Matter of Ferrara 2006 NY Slip. On June 10, 1999 decedent George J. Ferrara, a retired stockbroker who was residing in Florida at the time, executed a will in which he made no provision for any family members or for any individual person because it was his intensions to leave his entire estate to charity, with the sole beneficiary being the Salvation Army, the fund would be called the George J. Ferrara Memorial Fund. In December 1999 he was hospitalized and named Dominick Ferrara his power of attorney. After just a few weeks Dominick started transferring funds that equaled up to $820,000.00 to himself and put most of the funds in stock and bonds. In this case Dominick did not satisfy his duties under the General Obligations Law to make makes gifts in the decedent best interest. Now in our case with Slowe and Mark Down, is different for a few reasons one being that Mark named Slowe his power of attorney a couple of…