- 21 - restrict conveyances to those for consideration and contained a broad grant of authority to the attorney-in-fact to do whatever the principal could do if personally present. After distinguishing several decisions interpreting powers of attorney decided under New Jersey law, we concluded that the specific language in the power of attorney, which authorized the attorney- in-fact to convey property without any apparent restriction, “could authorize gifts in appropriate circumstances.” Id. We examined the facts and circumstances surrounding the execution of the power of attorney and the making of the gifts, noting that the decedent “historically gave gifts to her children” and had expressed her intention to give them gifts in the year the disputed gifts were made, and we concluded that the attorney-in- fact “acted on behalf of decedent, continuing her usual affairs.” Id. Based upon our review of the language of the power of attorney and the evidence of the decedent’s intent, we held that the power of attorney authorized gifts. See id.; see also Estate of Neff v. Commissioner, T.C. Memo. 1997-186 (applying Oklahoma law, we concluded that Oklahoma had not adopted a flat prohibition against attorneys-in-fact making gifts to themselves or to third parties absent express written authorization, and that the durable power of attorney at issue included the impliedPage: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Next
Last modified: May 25, 2011