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![]() This limitation may effect the ability of the agent to follow the wishes of the principal. Additionally, if the agent is only acting under a general grant of authority and not a spouse, ancestor, or descendant of the principal then the agent may not make gifts to themselves or others that the agent may owe a legal obligation. Most importantly, the agent does not have the power to designate a gift without authorization from the POA.Ī general grant of authority will allow the agent to gift a certain amount, not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Under the new changes, the KRS 457.400 also differentiates between a general grant of authority and an express grant of authority as to an agent’s ability to make gifts of the principal’s property.
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