Nebraska § 30-4040 Gifts

Nebraska Statutes

§ 30-4040 — Gifts

Nebraska § 30-4040

Ch. 30Decedents' Estates; Protection of Persons and Property

This text of Nebraska § 30-4040 (Gifts) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 30-4040 (2026).

Text

(1)For purposes of this section, a gift for the benefit of a person includes a gift to a trust, an account under the Nebraska Uniform Transfers to Minors Act and a tuition savings account or prepaid tuition plan as defined under section 529 of the Internal Revenue Code, 26 U.S.C. 529.

(2)Subject to section 30-4024 and 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 250

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(1) For purposes of this section, a gift
for the benefit of a person includes a gift to a trust, an account under the
Nebraska Uniform Transfers to Minors Act and a tuition savings account or
prepaid tuition plan as defined under section 529 of the Internal Revenue
Code, 26 U.S.C. 529.
(2) Subject to section 30-4024 and 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.

Legislative History

Source: Laws 2012, LB1113, § 40. Cross References: Nebraska Uniform Transfers to Minors Act, see section 43-2701. Annotations: The Nebraska Uniform Power of Attorney Act limits gifts made via a general grant of authority. In re Estate of Adelung, 306 Neb. 646, 947 N.W.2d 269 (2020).