Estate of Sylvia P. Goldman, Deceased, Marsha Goldberg and Linda Tanenbaum, Co-executrices - Page 15

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           construction", we conclude that a New York court would invalidate                          
           the transfers in the present case.  The court would apply the                              
           rule set out in Semmler v. Naples, supra, and invalidate                                   
           purported gifts by the attorney-in-fact absent explicit authority                          
           in the power of attorney instrument.  The power of attorney in                             
           the present case did not explicitly or implicitly authorize                                
           Marsha to make gifts of decedent's funds.  Thus, no valid gifts                            
           were made and decedent retained the right to the funds.  We                                
           further conclude that the New York Court of Appeals would be                               
           particularly reluctant to imply broad authority in Citibank's                              
           standard two-page fill-in-the-blanks form.                                                 
                 Petitioner argues that a New York court might ratify the                             
           gifts because they benefit the estate by reducing its Federal                              
           estate tax liability.  It bases its argument on Matter of Cohen,                           
           an unreported Surrogate's Court opinion.  The court stated:                                

                    To the extent the petition seeks the ratification of                              
                 various gifts amounting to sums far in excess of the                                 
                 annual exclusion made by the attorney-in-fact on behalf                              
                 of Rose J. Cohen during the years 1985 through 1993,                                 
                 the relief requested is denied.  The power of attorney                               
                 heretofore described was executed in statutory short                                 
                 form and contains no expressed power for gift giving.                                
                 In these circumstances, the power of attorney conferred                              
                 no such authority upon the attorney-in-fact and those                                
                 gifts were accordingly unauthorized and their                                        
                 ratification is denied (Moglia v. Moglia, 114 AD2d                                   
                 347).  * * *  [N.Y. Law J., August 17, 1993, at 26.]                                 
                 This language is subject to varying interpretations.                                 
           Petitioner contends that the court in Matter of Cohen ratified                             
           the gifts to the extent they did not exceed the annual exclusion                           

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