Gift transactions
Sec. 9. (a) Language conferring general authority with respect to
gift transactions means the principal authorizes the attorney in fact
to do the following:
(1) Make gifts to organizations, charitable or otherwise, to
which the principal has made gifts, and satisfy pledges made to
organizations by the principal.
(2) Make gifts on behalf of the principal to the principal's
spouse, children, and other descendants or the spouse of a child
or other descendant, either outright or in trust, for purposes the
attorney in fact considers to be in the best interest of the
principal, including the minimization of income, estate,
inheritance, or gift taxes. The attorney in fact or a person that
the attorney in fact has a legal obligation to support may not be
the recipient of gifts in one (1) year that total more than the
amount allowed as an exclusion from gifts under Section 2503
of the Internal Revenue Code.
(3) Prepare, execute, consent to on behalf of the principal, and
file a return, report, declaration, or other document required by
the laws of the United States, a state, a subdivision of a state, or
a foreign government that the attorney in fact considers
desirable or necessary with respect to a gift made under the
authority of this section.
(4) Execute, acknowledge, seal, and deliver a deed, an
assignment, an agreement, an authorization, a check, or other
instrument the attorney in fact considers useful to accomplish
a purpose permitted under this section.
(5) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a gift
transaction, or intervene in a related action or proceeding.
(6) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(7) Perform any other acts the attorney in fact considers
desirable or necessary to complete a gift on behalf of the
principal.
(b) The powers described in this section are exercisable equally
with respect to a gift of property in which the principal is interested
at the time of the giving of the power of attorney or becomes
interested in after that time, whether conducted in Indiana or in
another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005,
SEC.50.
Last modified: May 27, 2006