Utah Code 75-9-217. Gifts
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(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 (1983/1986), and a tuition savings account or prepaid tuition plan as defined under Section 529, Internal Revenue Code.
Terms Used In Utah Code 75-9-217
- Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, an individual authorized to make decisions concerning another's health care, and an individual authorized to make decisions for another under a natural death act. See Utah Code 75-1-201 v2
- Donee: The recipient of a gift.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- 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 or an organization. See Utah Code 75-1-201 v2
- 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
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Statute: A law passed by a legislature.
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2(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:(2)(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), Internal Revenue Code, 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, Internal Revenue Code, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and(2)(b) consent, pursuant to Section 2513, Internal Revenue Code, 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:(3)(a) the value and nature of the principal’s property;(3)(b) the principal’s foreseeable obligations and need for maintenance;(3)(c) minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes;(3)(d) eligibility for a benefit, program, or assistance under a statute or regulation; and(3)(e) the principal’s personal history of making or joining in making gifts.