[Caption. See § 3 of the Introduction in this manual.]
Application for Authority to Make [Annual] Tax-Motivated Gifts
[Name of applicant], Applicant, guardian of the estate of [name of ward], Ward, an incapacitated person, files this Application for Authority to Make [Annual] Tax-Motivated Gifts under section 1162.001 of the Texas Estates Code and shows in support:
1.Applicant’s annual account is presently on file and pending approval by this Court. Ward’s estate presently consists of property with a total value of approximately $[amount]. Ward’s income for [year] was approximately $[amount], and [his/her] expenses totaled approximately $[amount]. [Include the following if the value of the personal property is significant: Ward’s personal property consists of [describe property] valued at $[amount].]
2.Applicant anticipates increased income and decreased expenses from Ward’s estate during the upcoming accounting period. As a result, the value of Ward’s gross estate at [his/her] death will cause the accrual of a substantial estate-tax liability. Applicant believes that it is in the best interests of Ward and Ward’s estate to establish a plan to make certain tax-motivated gifts of [specify] from Ward’s estate. In addition, [due to Ward’s deteriorating physical and mental condition,] Ward is unlikely to ever need, use, or enjoy all of Ward’s property, and if property is given during Ward’s life the federal estate tax liability can be reduced.
3.Specifically, the gifts that Applicant believes would be advantageous to give include the items listed on Exhibit [exhibit number/letter] attached to this application.
4.Applicant believes that the tax benefit to be derived from the establishment of a gift-giving plan, when coupled with the savings on the cost of maintaining and caring for the property, is good cause for the making of such gifts.
5.The [devisees/beneficiaries] under Ward’s [will/trust/[specify other instrument]] are as follows: [list name, address, and relationship for each].
6.Applicant proposes to make these tax-motivated gifts as follows: [specify recipient amount of gift and whether it is a one-time gift or annual gift].
7.During [his/her] lifetime Ward has expressed an interest and willingness to make such gifts.
Applicant requests the authority of this Court to make the tax-motivated gifts described above and all further relief to which Applicant may be entitled.
Respectfully submitted,
[Name]
Attorney for Applicant
State Bar No.:
[Email address]
[Address]
[Telephone]
[Telecopier]
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Attach exhibit(s). |