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This power of attorney includes the following specific powers:
a. Buy and Sell. To buy, sell, mortgage, give options, or otherwise deal in any way in any real or personal property on such terms as my agent considers proper, including the power to buy United States Treasury Bonds that may be redeemed at par for the payment of federal estate tax and to sell or transfer treasury securities. b. Collect and Manage. To collect, hold, maintain, improve, invest, lease, or otherwise manage any or all of my real or personal property. c. Business and Banking. To conduct and participate in any lawful business activity, which includes the right to continue, reorganize, merge, consolidate, recapitalize, close, liquidate, sell, or dissolve any business and to vote stock, including the exercise of any stock options and the carrying out of any buy-sell agreement, and to receive and endorse checks and other negotiable paper, deposit and withdraw funds (by check or withdrawal slip) in or from any bank, savings and loan, or other institution. d. Life Insurance. To exercise incidents of ownership, other than to change the beneficiary, with respect to policies of life insurance, except policies insuring the life of my agent. e. Government Benefits. To make application to any governmental agency for any benefit or government obligation to which I may be entitled. f. Legal Proceedings. To engage in any administrative or legal proceedings or in any litigation in connection with the premises, including litigation to enforce this power of attorney. g. Borrow. To borrow money, execute promissory notes, and secure the obligation by mortgage or pledge of assets. h. Act as Agent. To act as my agent or proxy in respect to any stocks, bonds, shares, or other investments, rights, or interests. i. Delegation of Authority. To engage and dismiss agents, counsel, and employees and to appoint and remove at pleasure any substitute for my agent, in connection with any matter, on such terms as my agent shall think fit. j. Tax Returns. To prepare, execute, and file income and other tax returns, and other governmental reports and documents, and to represent me in all matters before the Internal Revenue Service and, in connection with any matter or controversy with the Internal Revenue Service, to execute IRS Form 2848 (or substitute), authorizing my agent or another to act on my behalf with respect to a particular tax or taxes for the years indicated. k. Transfers in Trust. To transfer any interest I may have in real or personal property to the trustee of any trust I have created for my benefit. l. Safe-Deposit Boxes. To have access to any safe-deposit box registered in my name alone or jointly with others. m. Disclaimers. To disclaim property, interests in property, or powers to which I may become entitled. n. Gifts. To make gifts from my assets when authorized by an order of a court having jurisdiction over my assets that finds that the gift is within the scope of my desires (expressed in a prior gift program, in my estate plan, or otherwise) and that it does not jeopardize my economic security.
Restrictions on Agent's Powers:
Regardless of the above statements, my agent shall not exercise any powers that would cause my assets to be taxable to my agent or in my agent's estate for any income, estate, or inheritance tax. Obligations and Liabilities:
Third parties may rely on the representation of my agent as to all matters relating to any power granted to my agent, and no person who may act in reliance on the representations of my agent or the authority granted to my agent shall incur any liability to me or my estate as a result of permitting my agent to exercise any power. For the purpose of inducing third parties to rely on this power of attorney, I warrant that if this power of attorney is revoked by me or otherwise terminated, I will indemnify and save the third party harmless from any loss suffered or liability incurred by the third party in good-faith reliance on the authority of my agent prior to the third party's actual knowledge of revocation or termination of this power of attorney, whether such termination is by operation of law or otherwise. back to Powers of Fiduciaries |