Gifts are an important tool for many estate plans. Your agent can make gifts on your behalf, subject to guidelines that you set forth in your power of attorney.
For example, you may wish to permit your agent to make “annual federal gift tax exclusion” gifts (currently up to $13,000 in value per recipient per year) on your behalf to your children and grandchildren. It is important that your power of attorney be drafted so that you are not exposed to unintended estate tax consequences.
If you or a family member need assistance with power of attorney me at (716) 542-5444.