§ 3-9-217 — Gifts

(a) Unless the power of attorney otherwise provides,
language in a power of attorney granting general authority with
respect to gifts authorizes the agent to:
(i) 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 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 in an
amount per donee not to exceed twice the annual federal gift tax
exclusion limit;
(ii) Consent, pursuant to section 2513 of the
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.
(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 and, if unknown, as
the agent determines is consistent with the principal's best
interest based on all relevant factors, including:
(i) The value and nature of the principal's property;
(ii) The principal's foreseeable obligations and need
for maintenance of the property;
(iii) Minimization of taxes, including income,
estate, inheritance, generation skipping transfer and gift
taxes;
(iv) Eligibility for a benefit, program or assistance
under a statute or regulation;
(v) The principal's personal history of making or
joining in making gifts.
(c) As used in this section, a gift "for the benefit of" a
person includes a gift to a trust, an account under the federal
Uniform Transfers to Minors Act and a tuition savings account or
prepaid tuition plan as defined under section 529 of the
Internal Revenue Code.