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Maine Revised Statutes Title 18-C. Probate Code § 5-947. Gifts

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Gift. For the purposes of this section, a gift for the benefit of a person includes a gift to a trust, an account under the Maine Uniform Transfers to Minors Act and a tuition savings account or prepaid tuition plan as defined under 26 United States Code, Section 529, as amended.

2. Consistent with principal's objectives. An agent may make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if known by the agent and, if unknown, as the agent determines is consistent with the principal's objectives based on all relevant factors, including:

A. The value and nature of the principal's property;

B. The principal's foreseeable obligations and need for maintenance;

C. Minimization of taxes, including income, estate, inheritance, generation-skipping transfer and gift taxes;

D. Eligibility for a benefit, a program or assistance under a statute, rule or regulation; and

E. The principal's personal history of making or joining in making gifts.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 18-C. Probate Code § 5-947. Gifts - last updated January 01, 2025 | https://codes.findlaw.com/me/title-18-c-probate-code/me-rev-st-tit-18-c-sect-5-947/

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