Gifts made under power of attorney were not subject to estate tax

Article Abstract:

The authors discuss IRS Technical Advice Memorandum 199944005 where the IRS found that completed gifts resulted from a decedent's daughter's exercise of a power of attorney by making gifts to trusts which giving was not specifically authorized in the grant of the power. The IRS considered Texas law, the decedent's intent and practice, and the small gift size.

Texas, Influence

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P/A must explicitly grant right to make gifts

Article Abstract:

The authors discuss the Federal Claims Court case of Estate of Swanson where the attorney-in-fact's gifts were void and included in the decedent's estate because the California power of attorney law required a writing.

Tax Administration, States, Statute of frauds

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Gift giving allowed under power of attorney

Article Abstract:

The authors discuss the US Tax Court's memo on Estate of Pruitt, in which the court gifts were valid when made under the power of attorney.

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