Gifts Under Power of Attorney

  1. Law
  2. Tennessee Code
  3. Guardianship
  4. Power of Attorney
  5. Uniform Durable Power of Attorney Act
  6. Gifts Under Power of Attorney

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  1. If any power of attorney or other writing:
    1. Authorizes an attorney-in-fact or other agent to do, execute or perform any act that the principal might or could do; or
    2. Evidences the principal's intent to give the attorney-in-fact or agent full power to handle the principal's affairs or to deal with the principal's property;

      then the attorney-in-fact or agent shall have the power and authority to make gifts, in any amount, of any of the principal's property, to any individuals, or to organizations described in §§ 170(c) and 2522(a) of the Internal Revenue Code (26 U.S.C. §§ 170 and 2522), or corresponding future provisions of the federal tax law, or both, in accordance with the principal's personal history of making or joining in the making of lifetime gifts. This section shall not in any way limit the right or power of any principal, by express words in the power of attorney or other writing, to authorize, or limit the authority of, any attorney-in-fact or other agent to make gifts of the principal's property.

  2. If subsection (a) does not apply, an attorney-in-fact or other agent acting under a durable general power of attorney or other writing may petition a court of the principal's domicile for authority to make gifts of the principal's property to the extent not inconsistent with the express terms of the power of attorney or other writing. The court shall determine the amounts, recipients and proportions of any gifts of the principal's property after considering all relevant factors including, without limitation:
    1. The value and nature of the assets of the principal's estate;
    2. The principal's foreseeable obligations and maintenance needs;
    3. The principal's existing estate plan; and
    4. The gift and estate tax effects of the gifts.
  3. This section is declaratory of existing law in this state; provided, that this section shall not be construed as authorizing the refund of any taxes imposed by title 67, chapter 8.


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