Gift Transactions Under the Statutory Short Form Power of Attorney

published in: Power of Attorney Form

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PDF File Gift Transactions Under the Statutory Short Form Power of Attorney. Your client calls and asks your advice. He says his recently incapacitated father gave him a Statutory Short Form Durable Power of Attorney a few years ago, asking him to serve as the attorney-in-fact. The “all powers” section (item N) was checked under Part First and the authorization to transfer property to the attorney-in-fact, Part Third, was checked. The client asks ” Can I make a gift to myself and my children of my father’s property using the power of attorney?” You review the statute and the client’s power of attorney, and advise the client that yes, in fact, he or she can; but the amount of each gift is limited to $10,000 per year per recipient. Is your advice correct?

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