Maryland Statutory Form - Limited Power Of Attorney Template Page 15
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20(___) Prepare, sign, and file federal, state, local, and foreign income, gift,
payroll, property, Federal Insurance Contributions Act, and other tax returns, claims
for refunds, requests for extension of time, petitions regarding tax matters, and
other tax–related documents, including receipts, offers, waivers, consents, including
consents and agreements under Internal Revenue Code Section 2032A, 26 U.S.C. §
2032A, closing agreements, and other powers of attorney required by the Internal
Revenue Service or other taxing authority with respect to a tax year on which the
statute of limitations has not run and the following 25 tax years
(___) Pay taxes due, collect refunds, post bonds, receive confidential
information, and contest deficiencies determined by the Internal Revenue Service or
other taxing authority
(___) Exercise elections available to the principal under federal, state, local,
or foreign tax law
(___) Act for the principal in all tax matters for all periods before the Internal
Revenue Service, or other taxing authority
(___) All of the above
N.
Gifts (including gifts 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. § 529) – With respect to
this subject, I authorize my agent to:
(___) Make outright to, or for the benefit of, a person, a gift of part or all
of the principal’s property, including by the exercise of a presently exercisable general
power of appointment held by the principal, in an amount for each 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. § 2503(b), 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. § 2513, in an amount for
each donee not to exceed twice the annual federal gift tax exclusion limit
(___) Consent, pursuant to Internal Revenue Code Section 2513, 26 U.S.C.
§ 2513, to the splitting of a gift made by the principal’s spouse in an amount for each
donee not to exceed the aggregate annual gift tax exclusions for both spouses
(NOTE: An agent may only make a gift of the principal’s property 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:
(1)
The value and nature of the principal’s property;
(2)
The principal’s foreseeable obligations and need for maintenance;
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