Utah Code 75A-2-217. Gifts
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(1) As used in this section, “for the benefit of” includes a gift to a trust, an account under Chapter 8, Uniform Transfers to Minors Act , and a tuition savings account or prepaid tuition plan as defined under Section 529, Internal Revenue Code.
Terms Used In Utah Code 75A-2-217
- Agent: includes an original agent, coagent, successor agent, and person to which an agent's authority is delegated. See Utah Code 75A-2-102
- Donee: The recipient of a gift.
- Estate: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-2-102 - 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 Utah Code 75A-2-102
- 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 Utah Code 75A-2-102
- Presently exercisable general power of appointment: includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. See Utah Code 75A-2-102
- Principal: means an individual who grants authority to an agent in a power of attorney. See Utah Code 75A-2-102
- 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 Utah Code 75A-2-102
- Statute: A law passed by a legislature.
- Trust: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-2-102
(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.