Powers of Appointment — New York
New York has amended § 10-7.1 of the Estates, Powers and Trusts Law to provide that property covered by a power of appointment that may be exercised by the donee for his or her support, maintenance, health and education and may not otherwise be exercised in favor of the donee, the donee’s estate or creditors, or creditors of the donee’s estate is not subject to the payment of the claims of the creditors of the donee, the donee`s estate, or the expenses of administering the estate of the donee.
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