{"data":{"id":"us-ok/okla.-stat.-tit.-58-58-3040","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 58, § 58-3040","heading":"Gifts","body":"A. In this section, a gift \"for the benefit of\" a person\n\nincludes a gift to a trust, an account under the Uniform Transfers\n\nto Minors Act (1983/1986), and a tuition savings account or prepaid\n\ntuition plan as defined under Internal Revenue Code Section 529, 26\n\nU.S.C., Section 529, as amended.\n\nB. Unless the power of attorney otherwise provides, language in\n\na power of attorney granting general authority with respect to gifts\n\nauthorizes the agent only to:\n\n1. Make outright to, or for the benefit of, a person, a gift of\n\nany of the principal's property, including by the exercise of a\n\npresently exercisable general power of appointment held by the\n\nprincipal, in an amount per donee not to exceed the annual dollar\n\nlimits of the federal gift tax exclusion under Internal Revenue Code\n\nSection 2503(b), 26 U.S.C., Section 2503(b), as amended, without\n\nregard to whether the federal gift tax exclusion applies to the\n\ngift, or if the principal's spouse agrees to consent to a split gift\n\npursuant to Internal Revenue Code Section 2513, 26 U.S.C., Section\n\n2513, as amended, in an amount per donee not to exceed twice the\n\nannual federal gift tax exclusion limit; and\n\n2. Consent, pursuant to Internal Revenue Code Section 2513, 26\n\nU.S.C., Section 2513, as amended, to the splitting of a gift made by\n\nthe principal's spouse in an amount per donee not to exceed the\n\naggregate annual gift tax exclusions for both spouses.\n\nC. An agent may make a gift of the principal's property only as\n\nthe agent determines is consistent with the principal's objectives\n\nif actually known by the agent and, if unknown, as the agent\n\ndetermines is consistent with the principal's best interest based on\n\nall relevant factors, including:\n\n1. The value and nature of the principal's property;\n\n2. The principal's foreseeable obligations and need for\n\nmaintenance;\n\n3. Minimization of taxes, including income, estate,\n\ninheritance, generation-skipping transfer and gift taxes;\n\n4. Eligibility for a benefit, a program or assistance under a\n\nstatute or regulation; and\n\n5. The principal's personal history of making or joining in\n\nmaking gifts.","path":["OK Code","Title 58"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os58.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e7a598a8e880fd65b3806ab70ef29dd62b8c0ca6498d9ffbf7dffa5fa03f747e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-58-58-3039","next":"us-ok/okla.-stat.-tit.-58-58-3041"},"notice":"GroundRules: Original legal text. Not legal advice."}