QUESTION
Is a document that I gave the gift to her in my trust with a separate affidavit and a gift tax return form enough proof that I make the gift?
Asked on Aug 23rd, 2015 on Estate Planning - Michigan
More details to this question:
I have a power of attorney that went into effect immediately. I am still mentally competent. My agent is my daughter. I also have a revocable trust. I would like to transfer a gift to her but want to be sure that this doesn't cause any problems in the future because of the fiduciary relationship (principal and agent). Just in case of gift contest, after I have passed away or incompetent. Thank you.
1 ANSWER
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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If the property is from trust assets you have to make the gift from the trust as the current trustee. Whether that can be done is determined by the terms of the trust. I would suggest you see an attorney to make sure it is done correctly to avoid the possible problems you are anticipating may occur. The fact the she has POA presently is not particularly relevant.
Answered on Aug 27th, 2015 at 9:48 AM