(1) Unless a person required to transfer money or personal property to a minor knows that a conservator has been appointed or that a proceeding for appointment of a conservator of the estate of the minor is pending, the person may do so, as to an amount or value not exceeding ten thousand dollars a year or the then current annual gift tax exclusion as stated in the internal revenue code, whichever is greater, by transferring it to:
A person who has the care and custody of the minor and with whom the minor resides;
A guardian of the minor;
A custodian under the "Colorado Uniform Transfers to Minors Act", article 50 of title11, C.R.S., or a custodial trustee under the "Colorado Uniform Custodial Trust Act", article 1.5 of this title; or
A financial institution as a deposit in an interest-bearing account or certificate in thesole name of the minor and giving notice of the deposit to the minor.
A person who transfers money or property in compliance with this section is notresponsible for its proper application.
A guardian or other person who receives money or property for a minor under paragraph (a) of subsection (1) of this section or subsection (2) of this section may only apply it to the support, care, education, health, and welfare of the minor, and may not derive a personal financial benefit except for reimbursement for necessary expenses. Any excess must be preserved for the future support, care, education, health, and welfare of the minor, and any balance must be transferred to the minor upon emancipation or attaining majority with an accounting of all income and disbursements.
Source: L. 2000: Entire part R&RE, p. 1780, § 1, effective January 1, 2001 (see § 15-17103).
Editor's note: This section is similar to former § 15-14-103 as it existed prior to 2001. 15-14-105. Delegation of power by parent or guardian. A parent or guardian of a minor or incapacitated person, by a power of attorney, may delegate to another person, for a period not exceeding twelve months, any power regarding care, custody, or property of the minor or ward, except the power to consent to marriage or adoption.
Source: L. 2000: Entire part R&RE, p. 1780, § 1, effective January 1, 2001 (see § 15-17103).
Editor's note: This section is similar to former § 15-14-104 as it existed prior to 2001.