Can a guardian/conservator give gifts on behalf of the elderly parent?
Once a guardian/conservator has been appointed for the elderly parent, is the guardian permitted to give gifts on behalf of the elderly parent, say to grandchildren or children?
I would like to know the answer to this question also. I am the guardian of a relative who is fairly well off and has grandchildren that would like to attend some trade schools. Is it ok to gift to them, since they will eventually inherit all of it later.
When I was looking at the issue here it had to do with whether the elder was aware of what was going on (ie the conservator just following the elders wishes re the grandchildren), whether it was consistant with their pre-conservator behavior, and whether the elder could afford to be giving things away (billionaire giving $100k to grandkids not a problem, elder with only $500k assets giving that much....uh oh!). If you aren't allowed to "give" the money, you MIGHT be able to do it as a no-interest loan to the grandkids, to be repaid out of their inheritance. Tax-wise it may be better to gift in smaller annual amounts. Check the taxablity of tuition/college expenses too - gifts for educational expenses may be tax-exempt.
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