A gift is an act of giving something to another person without expecting anything in return. It can be an object such as a toy or money. There are various types of gifts, including those given while the person is alive (inter vivos gift) or through a will (testamentary gift). Some gifts are intended to assist others, such as charitable gifts to nonprofit organisations. A completed gift occurs when the giver relinquishes control over the item they gave. A split gift is when two individuals share the gift. Additionally, a gift can be given in anticipation of the giver’s death (gift causa mortis).
An inter vivos gift refers to the voluntary transfer of property from one person to another without compensation during the donor’s lifetime. This type of gift involves personal property that is given to the recipient with the intention of permanently relinquishing control over it. For instance, a father giving his son a car as a birthday present or a grandmother gifting her granddaughter a piece of jewelry for graduation are both examples of inter vivos gifts. In both cases, the donor willingly transfers the property without expecting anything in return. The gift is made while the donor is still alive and is handed over to the recipient with the intention of permanently giving up control. Once the gift is given, the donor cannot retract it, making it an inter vivos gift.
A gift inter vivos refers to a gift made during the lifetime of the donor, as opposed to a gift made through a will after the donor’s death.
Yes, for a gift inter vivos to be valid, it must meet certain legal requirements, such as the donor’s intention to make an immediate transfer of ownership, acceptance by the recipient, and delivery of the gift.
In general, a gift inter vivos cannot be revoked or canceled once it has been completed and the ownership has been transferred to the recipient. However, there may be certain circumstances where revocation is possible, such as fraud or undue influence.
Yes, depending on the value of the gift, there may be gift tax implications. It is important to consult with a tax professional to understand the specific tax consequences of a gift inter vivos.
While a gift inter vivos can help reduce the value of an individual’s estate, it is important to note that there may still be estate tax implications depending on the timing and value of the gift. Consulting with an estate planning attorney is recommended to understand the potential impact on estate taxes.
In certain circumstances, a gift inter vivos can be challenged in court. For example, if there is evidence of fraud, duress, or lack of capacity on the part of the donor, a court may invalidate the gift.
Yes, a gift inter vivos can be made to a minor. However, in most cases, a guardian or trustee will need to be appointed to manage the gift until the minor reaches the age of majority.
Yes, a gift inter vivos can be made conditional, meaning that certain requirements or conditions must be met for the gift to be valid. However, the conditions must be reasonable and not against public policy.
Yes, a gift inter vivos can be made jointly with another person. This is often done through joint ownership or joint bank accounts, where both parties have equal rights to the gifted property.
Yes, a gift inter vivos can be used to transfer real estate. However, it is important to comply with all legal requirements, such as proper documentation and recording the transfer with the appropriate government authorities.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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