Georgia § 10-6B-56 - Gifts.

§ 10-6B-56. Gifts.

As used in this Code section, the term: "For the benefit of" means a gift to a trust, an account under the Uniform Transfers to Minors Act, a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, in effect on February 1, 2018, or an ABLE account as defined under Internal Revenue Code Section 529A, 26 U.S.C. Section 529A, in effect on February 1, 2018. "Gift splitting" means the election to have a gift treated as made one-half by the transferor and one-half by the spouse pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, in effect on February 1, 2018. "Section 2503(b) amount" means the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), in effect on February 1, 2018, indexed for future years under the provisions in effect on February 1, 2018. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts shall authorize the agent only to: Make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in the following amounts, without regard to whether the federal gift tax exclusion applies to the gift; If the principal is not married or is legally separated at the time of the gift, in an amount per donee not to exceed the Section 2503(b) amount; or If the principal is married and not legally separated at the time of the gift, in an amount per donee not to exceed twice the Section 2503(b) amount; and Consent to gift splitting if the principal has a spouse for purposes of gift splitting. An agent may make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including: The value and nature of the principal's property; The principal's foreseeable obligations and need for maintenance; Minimization of taxes, including income, estate, inheritance, generation-skipping transfer, and gift taxes; Eligibility for a benefit, a program, or assistance under a law or regulation; and The principal's personal history of making or joining in making gifts. (Code 1981, § 10-6B-56 , enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 520, § 18/HB 897.) The 2018 amendment, effective July 1, 2018, substituted the present provisions of subsection (a) for the former provisions, which read: "As used in this Code section, the term a gift 'for the benefit of' a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, in effect on February 1, 2017."; substituted the present provisions of paragraph (b)(1) for the former provisions, which read: "Make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C. Section 2503(b), in effect on February 1, 2017, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, in effect on February 1, 2017, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and"; and substituted the present provisions of paragraph (b)(2) for the former provisions, which read: "Consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C. Section 2513, in effect on February 1, 2017, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses." Code Commission notes. - Pursuant to Code Section 28-9-5, in 2018, "a" was deleted following "means a", a comma was deleted following "Section 529, in effect on February 1," and a comma was added following "2018" in paragraph (a)(1).