244.55(1)(c)
(c) A deemed individual retirement account under section
408 (q) of the Internal Revenue Code.
244.55(1)(d)
(d) An annuity or mutual fund custodial account under section
403 (b) of the Internal Revenue Code.
244.55(1)(e)
(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under section
401 (a) of the Internal Revenue Code.
244.55(1)(f)
(f) A plan under section
457 (b) of the Internal Revenue Code.
244.55(1)(g)
(g) A nonqualified deferred compensation plan under section
409A of the Internal Revenue Code.
244.55(2)
(2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to do all of the following:
244.55(2)(a)
(a) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan.
244.55(2)(b)
(b) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another.
244.55(2)(c)
(c) Establish a retirement plan in the principal's name.
244.55(2)(e)
(e) Exercise investment powers available under a retirement plan.
244.55(2)(f)
(f) Borrow from, sell assets to, or purchase assets from a retirement plan.
244.55 History
History: 2009 a. 319.
244.56
244.56
Taxes. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to do all of the following:
244.56(1)
(1) 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 any other tax-related documents, including receipts, offers, waivers, consents, including consents and agreements under 2032A of the Internal Revenue Code, closing agreements, and any power of attorney required by the Internal Revenue Service or other taxing authority with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years.
244.56(2)
(2) Pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority.
244.56(3)
(3) Exercise any election available to the principal under federal, state, local, or foreign tax law.
244.56(4)
(4) Act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority.
244.56 History
History: 2009 a. 319.
244.57(1)(1) In this section, a gift "for the benefit of" a person includes a gift to a trust, an account under
ss. 54.854 to
54.898, and a tuition savings account or prepaid tuition plan as defined under section
529 of the Internal Revenue Code.
244.57(2)
(2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent to do all of the following:
244.57(2)(a)
(a) Make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under section
2503 (b) of the Internal Revenue Code, 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 under section
2513 of the Internal Revenue Code, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit.
244.57(2)(b)
(b) Consent, under section
2513 of the Internal Revenue Code, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.
244.57(2)(c)
(c) 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 and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including all of the following:
244.57(2)(c)2.
2. The principal's foreseeable obligations and need for maintenance.
244.57(2)(c)3.
3. Minimization of taxes, including income, estate, inheritance, generation skipping transfer, and gift taxes.
244.57(2)(c)4.
4. Eligibility for a benefit, a program, or assistance under a statute, rule, or regulation.
244.57(2)(c)5.
5. The principal's personal history of making or joining in making gifts.
244.57 History
History: 2009 a. 319.
244.61
244.61
Statutory Form Power of Attorney for Finances and Property. A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter. An appendix shall be attached to this form that includes the text of
ss. 244.44 to
244.56. The appendix is for definitions only. The agent has powers only regarding the subjects initialed on the form.
WISCONSIN STATUTORY FORM
POWER OF ATTORNEY
FOR FINANCES AND PROPERTY
IMPORTANT INFORMATION
THIS POWER OF ATTORNEY AUTHORIZES ANOTHER PERSON (YOUR AGENT) TO MAKE DECISIONS CONCERNING YOUR PROPERTY FOR YOU (THE PRINCIPAL). YOUR AGENT WILL BE ABLE TO MAKE DECISIONS AND ACT WITH RESPECT TO YOUR PROPERTY (INCLUDING YOUR MONEY) WHETHER OR NOT YOU ARE ABLE TO ACT FOR YOURSELF. THE MEANING OF AUTHORITY OVER SUBJECTS LISTED ON THIS FORM IS EXPLAINED IN THE UNIFORM POWER OF ATTORNEY FOR FINANCES AND PROPERTY ACT IN CHAPTER
244 OF THE WISCONSIN STATUTES.
THIS POWER OF ATTORNEY DOES NOT AUTHORIZE THE AGENT TO MAKE HEALTH-CARE DECISIONS FOR YOU.
YOU SHOULD SELECT SOMEONE YOU TRUST TO SERVE AS YOUR AGENT. UNLESS YOU SPECIFY OTHERWISE, GENERALLY THE AGENT'S AUTHORITY WILL CONTINUE UNTIL YOU DIE OR REVOKE THE POWER OF ATTORNEY OR THE AGENT RESIGNS OR IS UNABLE TO ACT FOR YOU.
YOUR AGENT IS ENTITLED TO REASONABLE COMPENSATION UNLESS YOU STATE OTHERWISE IN THE SPECIAL INSTRUCTIONS.
THIS FORM PROVIDES FOR DESIGNATION OF ONE AGENT. IF YOU WISH TO NAME MORE THAN ONE AGENT YOU MAY NAME A COAGENT IN THE SPECIAL INSTRUCTIONS. COAGENTS ARE NOT REQUIRED TO ACT TOGETHER UNLESS YOU INCLUDE THAT REQUIREMENT IN THE SPECIAL INSTRUCTIONS.
IF YOUR AGENT IS UNABLE OR UNWILLING TO ACT FOR YOU, YOUR POWER OF ATTORNEY WILL END UNLESS YOU HAVE NAMED A SUCCESSOR AGENT. YOU MAY ALSO NAME A 2ND SUCCESSOR AGENT.
THIS POWER OF ATTORNEY BECOMES EFFECTIVE IMMEDIATELY UNLESS YOU STATE OTHERWISE IN THE SPECIAL INSTRUCTIONS. THIS POWER OF ATTORNEY DOES NOT REVOKE ANY POWER OF ATTORNEY EXECUTED PREVIOUSLY UNLESS YOU SO PROVIDE IN THE SPECIAL INSTRUCTIONS.
IF YOU REVOKE THIS POWER OF ATTORNEY, YOU SHOULD NOTIFY YOUR AGENT AND ANY OTHER PERSON TO WHOM YOU HAVE GIVEN A COPY. IF YOUR AGENT IS YOUR SPOUSE OR DOMESTIC PARTNER AND YOUR MARRIAGE IS ANNULLED OR YOU ARE DIVORCED OR LEGALLY SEPARATED OR THE DOMESTIC PARTNERSHIP IS TERMINATED AFTER SIGNING THIS DOCUMENT, THE DOCUMENT IS INVALID.
IF YOU HAVE QUESTIONS ABOUT THE POWER OF ATTORNEY OR THE AUTHORITY YOU ARE GRANTING TO YOUR AGENT, YOU SHOULD SEEK LEGAL ADVICE BEFORE SIGNING THIS FORM.
DESIGNATION OF AGENT
I .... (name of principal) name the following person as my agent:
Name of agent: ....
Agent's address: ....
Agent's telephone number: ....
DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)
If my agent is unable or unwilling to act for me, I name as my successor agent:
Name of successor agent: ....
Successor agent's address: ....
Successor agent's telephone number: ....
If my successor agent is unable or unwilling to act for me, I name as my 2nd successor agent:
Name of 2nd successor agent: ....
Second successor agent's address: ....
Second successor agent's telephone number: ....
GRANT OF GENERAL AUTHORITY
I grant my agent and any successor agent general authority to act for me with respect to the following subjects as defined in the Uniform Power of Attorney for Finances and Property Act in chapter 244 of the Wisconsin statutes:
INITIAL each subject you want to include in the agent's general authority.
.... Real property
.... Tangible personal property
.... Stocks and bonds
.... Commodities and options
.... Banks and other financial institutions
.... Operation of entity or business
.... Insurance and annuities
.... Estates, trusts, and other beneficial interests
.... Claims and litigation
.... Personal and family maintenance
.... Benefits from governmental programs or civil or military service
.... Retirement plans
.... Taxes
LIMITATION ON AGENT'S AUTHORITY
An agent who is not my spouse or domestic partner MAY NOT use my property to benefit the agent or a person to whom the agent owes an obligation of support unless I have included that authority in the special instructions.
SPECIAL INSTRUCTIONS (OPTIONAL)
You may give special instructions in the following space ....
EFFECTIVE DATE
This power of attorney is effective immediately unless I have stated otherwise in the special instructions.
NOMINATION OF GUARDIAN (OPTIONAL)
If it becomes necessary for a court to appoint a guardian of my estate or guardian of my person, I nominate the following person(s) for appointment:
Name of nominee for guardian of my estate: ....
Nominee's address: ....
Nominee's telephone number: ....
Name of nominee for guardian of my person: ....
Nominee's address: ....
Nominee's telephone number: ....
RELIANCE ON THIS POWER OF
ATTORNEY FOR FINANCES AND PROPERTY
Any person, including my agent, may rely upon the validity of this power of attorney or a copy of it unless that person knows that the power of attorney has been terminated or is invalid.
