My wife and I have are agents under my 86-year-old mother's durable power of attorney. We are her primary caregivers becau...Read more
Whether or not you have the power to gift under the power of attorney depends on what the power of attorney says. Power of attorney forms usually list all the various powers the agent under the power of attorney may carry out. Often powers of attorney limit gifts to the annual gift tax exclusion (currently $14,000 per individual per year). Be sure to carefully read the power of attorney document to see what is allowed before you take any actions. For information about your duties as an agent under a power of attorney, click here.
Medicaid Rules, etc