§ 4047.
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/vt/title-14/chapter-127/4047A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4047. Gifts
(a)For purposes of this section, “gift” includes a gift for the benefit of a person, including a gift to a trust, an account under chapter 115 of this title (Vermont Uniform Transfers to Minors Act), and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code § 529, 26 U.S.C. § 529, as amended.
(b)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 or, if unknown, as the agent determines is consistent with the principal’s best interests based on all relevant factors, including:
(1)evidence of the principal’s intent;
(2)the principal’s personal history of making or joining in the making of lifetime gifts;
(3)the principal’s estate plan;
(4)the principal’s foreseeable obligations and maintenance needs and the impact of the proposed gift on the principal’s housing options, access to care and services, and general welfare;
(5)the income, gift, estate, or inheritance tax consequences of the transaction; and
(6)whether the proposed gift creates a foreseeable risk that the principal will be deprived of sufficient assets to cover the principal’s needs during any period of Medicaid ineligibility that would result from the proposed gift.
(c)[Repealed.] (Added 2023, No. 60, § 1, eff. July 1, 2023; amended 2023, No. 161 (Adj. Sess.), § 15, eff. June 6, 2024.)