Montana Code 72-31-352. Gifts
72-31-352. Gifts. (1) In this section, a gift “for the benefit of” a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, Title 72, chapter 26, and a tuition savings account or prepaid tuition plan under section 529 of the Internal Revenue Code, 26 U.S.C. § 529.
Terms Used In Montana Code 72-31-352
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Montana Code 72-31-302
- Donee: The recipient of a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Montana Code 72-31-302
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Montana Code 72-31-302
- Principal: means an individual who grants authority to an agent in a power of attorney. See Montana Code 72-31-302
- Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein. See Montana Code 72-31-302
- Statute: A law passed by a legislature.
(2)Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent only to:
(a)make outright to or for the benefit of a person, a gift of any of the principal‘s property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under section 2503(b) of the Internal Revenue Code, 26 U.S.C. § 2503(b), without regard to whether the federal gift tax exclusion applies to the gift, or if the principal’s spouse agrees to consent to a split gift pursuant to section 2513 of the Internal Revenue Code, 26 U.S.C. § 2513, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
(b)consent, pursuant to section 2513 of the Internal Revenue Code, 26 U.S.C. § 2513, to the splitting of a gift made by the principal’s spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
(3)An agent may make a gift of the principal’s property only as the agent determines is consistent with the principal’s objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal’s best interest based on all relevant factors, including:
(a)the value and nature of the principal’s property;
(b)the principal’s foreseeable obligations and need for maintenance;
(c)minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes;
(d)eligibility for a benefit, a program, or assistance under a statute or regulation; and
(e)the principal’s personal history of making or joining in making gifts.