§ 564-E:217 — Gifts

(a) In this section, "gift" includes, without limitation, a gift for the benefit of a person, including without limitation, a gift to a trust, a gift to an account under the Uniform Transfers to Minors Act, and a gift to a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code section 529, 26 U.S.C. section 529, as amended.
(b) 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 or, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including, without limitation:
(1) evidence of the principal's intent;
(2) the principal's personal history of making or joining in the making of lifetime gifts;
(3) the principal's estate plan;
(4) the principal's foreseeable obligations and maintenance needs and the impact of the proposed gift on the principal's housing options, access to care and services, and general welfare;
(5) the income, gift, estate or inheritance tax consequences of the transaction;
(6) whether the proposed gift creates a foreseeable risk that the principal will be deprived of sufficient assets to cover his or her needs during any period of Medicaid ineligibility that would result from the proposed gift; and
(7) whether the proposed gift is likely to result in premature or unnecessary nursing home placement or institutionalization of the principal, or compromise the principal's access to care or services in the least restrictive setting in which his or her needs can be met.

Legislative History

2017, 178:1, eff. Jan. 1, 2018. 2021, 206:2, Pt. VI, Sec. 6, eff. July 1, 2021.