A. In this section, a gift "for the benefit of" a person includes a gift toa trust, a custodial trust under the Uniform Custodial Trust Act (§ 55-34.1et seq.), an account under the Uniform Transfers to Minors Act (§ 31-37 etseq.), and a tuition savings account or prepaid tuition plan as defined underInternal Revenue Code 26 U.S.C. § 529, as amended.
B. Unless the power of attorney otherwise provides, language in a power ofattorney granting general authority with respect to gifts authorizes theagent only to:
1. Make outright to, or for the benefit of, a person, a gift of any of theprincipal's property, including by the exercise of a presently exercisablegeneral power of appointment held by the principal, in an amount per doneenot to exceed the annual dollar limits of the federal gift tax exclusionunder Internal Revenue Code 26 U.S.C. § 2503(b), as amended, without regardto whether the federal gift tax exclusion applies to the gift, or if theprincipal's spouse agrees to consent to a split gift pursuant to InternalRevenue Code 26 U.S.C. § 2513, as amended, in an amount per donee not toexceed twice the annual federal gift tax exclusion limit; and
2. Consent, pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended,to the splitting of a gift made by the principal's spouse in an amount perdonee not to exceed the aggregate annual gift tax exclusions for both spouses.
C. An agent may make a gift of the principal's property only as the agentdetermines is consistent with the principal's objectives if actually known bythe agent and, if unknown, as the agent determines is consistent with theprincipal's best interest based on all relevant factors, including:
1. The value and nature of the principal's property;
2. The principal's foreseeable obligations and need for maintenance;
3. Minimization of taxes, including income, estate, inheritance,generation-skipping transfer, and gift taxes;
4. Eligibility for a benefit, a program, or assistance under a statute orregulation; and
5. The principal's personal history of making or joining in making gifts.
A. In this section, a gift "for the benefit of" a person includes a gift toa trust, a custodial trust under the Uniform Custodial Trust Act (§ 55-34.1et seq.), an account under the Uniform Transfers to Minors Act (§ 31-37 etseq.), and a tuition savings account or prepaid tuition plan as defined underInternal Revenue Code 26 U.S.C. § 529, as amended.
B. Unless the power of attorney otherwise provides, language in a power ofattorney granting general authority with respect to gifts authorizes theagent only to:
1. Make outright to, or for the benefit of, a person, a gift of any of theprincipal's property, including by the exercise of a presently exercisablegeneral power of appointment held by the principal, in an amount per doneenot to exceed the annual dollar limits of the federal gift tax exclusionunder Internal Revenue Code 26 U.S.C. § 2503(b), as amended, without regardto whether the federal gift tax exclusion applies to the gift, or if theprincipal's spouse agrees to consent to a split gift pursuant to InternalRevenue Code 26 U.S.C. § 2513, as amended, in an amount per donee not toexceed twice the annual federal gift tax exclusion limit; and
2. Consent, pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended,to the splitting of a gift made by the principal's spouse in an amount perdonee not to exceed the aggregate annual gift tax exclusions for both spouses.
C. An agent may make a gift of the principal's property only as the agentdetermines is consistent with the principal's objectives if actually known bythe agent and, if unknown, as the agent determines is consistent with theprincipal's best interest based on all relevant factors, including:
1. The value and nature of the principal's property;
2. The principal's foreseeable obligations and need for maintenance;
3. Minimization of taxes, including income, estate, inheritance,generation-skipping transfer, and gift taxes;
4. Eligibility for a benefit, a program, or assistance under a statute orregulation; and
5. The principal's personal history of making or joining in making gifts.
A. In this section, a gift "for the benefit of" a person includes a gift toa trust, a custodial trust under the Uniform Custodial Trust Act (§ 55-34.1et seq.), an account under the Uniform Transfers to Minors Act (§ 31-37 etseq.), and a tuition savings account or prepaid tuition plan as defined underInternal Revenue Code 26 U.S.C. § 529, as amended.
B. Unless the power of attorney otherwise provides, language in a power ofattorney granting general authority with respect to gifts authorizes theagent only to:
1. Make outright to, or for the benefit of, a person, a gift of any of theprincipal's property, including by the exercise of a presently exercisablegeneral power of appointment held by the principal, in an amount per doneenot to exceed the annual dollar limits of the federal gift tax exclusionunder Internal Revenue Code 26 U.S.C. § 2503(b), as amended, without regardto whether the federal gift tax exclusion applies to the gift, or if theprincipal's spouse agrees to consent to a split gift pursuant to InternalRevenue Code 26 U.S.C. § 2513, as amended, in an amount per donee not toexceed twice the annual federal gift tax exclusion limit; and
2. Consent, pursuant to Internal Revenue Code 26 U.S.C. § 2513, as amended,to the splitting of a gift made by the principal's spouse in an amount perdonee not to exceed the aggregate annual gift tax exclusions for both spouses.
C. An agent may make a gift of the principal's property only as the agentdetermines is consistent with the principal's objectives if actually known bythe agent and, if unknown, as the agent determines is consistent with theprincipal's best interest based on all relevant factors, including:
1. The value and nature of the principal's property;
2. The principal's foreseeable obligations and need for maintenance;
3. Minimization of taxes, including income, estate, inheritance,generation-skipping transfer, and gift taxes;
4. Eligibility for a benefit, a program, or assistance under a statute orregulation; and
5. The principal's personal history of making or joining in making gifts.
