QUESTION
Can a financial power of attorney gift money on their behalf if not clearly stated in the power of attorney?
Asked on Oct 13th, 2015 on Estate Planning - Michigan
More details to this question:
I am POA for my mother. She has Alzheimer's, and I have been managing her finances. I'd like to do a bit of planning and gift some money. Her POA is from MI and it does not state "gifting" specifically, as long as I follow my fiduciary responsibility (and not gift myself), can this legally be done? I contacted her attorney and she was very vague regarding this.
1 ANSWER
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Gifting is very iffy if there is no specific power, especially if the anticipations of other heirs are involved or if it would strip the estate seeking governmental assistance. Seek counsel.
Answered on Oct 15th, 2015 at 5:32 PM