Legal Question in Wills and Trusts in Arizona
power of attorney gifting money
My mom is in the hospital and not expected to live. I have Power of Attorney, she has no will and no estate planning. Is it legal to gift 12000 dollars to six different people and then have them gift it back to me? I would put all the money into a new bank account in my name and let it sit there if my mom lives I could just gift it back to her if she does not then it would be protected from probate. Would this work and is it legal?
2 Answers from Attorneys
Re: power of attorney gifting money
The advice you received to do what you propose was poor.
See an estate attorney immediately. A beneficiary designation, a Will, a P.O.D. status on an account, a trust, or other techniques are all preferable. You do not state enough facts about your mother's estate or heirs to give a proper opinion. Many issues are not addressed.
We offer free, no obligation consultations to help people. Call 480.835.1500. More details need to be addressed to provide professional advice in this situation.
Best regards,
James D. Jenkins
Re: power of attorney gifting money
No. First, you would need the power to gift set out in the POA. Then, these gifts would be self-serving and have legal and tax implications. It is best to contact a CPA and an attorney and take care of the end of life planning in the proper way. Keep in mind that when your mother dies, the power expires with her.
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