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  3. Law: Contract(s)

lifetime gift

English translation: gift made during life rather than at death

13:59 Jan 28, 2007
English language (monolingual) [PRO]
Law/Patents - Law: Contract(s) / cohabitation agreement
English term or phrase: lifetime gift
Another term from the cohabitation agreement:

,, Nothing contained in this agreement shall preclude either party from voluntarily making **lifetime gifts** to the other or from voluntary making provision for the other by will, codicil, trust or otherwise. Such voluntary provision shall not be construed as a waiver of any provision of this agreement or as evidence that there is or was any agreement or understanding between the parties otherwise than is specifically contained in this agreement.



If A makes a lifetime gift to B, B will have the ownership of the thing given as long as B is alive??

Do I get it right?
or does ‘’lifetime’’mean sth different?
Grzegorz Mysiński
Poland
Local time: 15:25
Selected answer:gift made during life rather than at death
Explanation:
Let us assume that A makes a "lifetime gift" to B.

The first point is that this is a gift, and cannot be recalled on the death of either A or B. The alternative is a "lifetime interest" in something, such as a house, which may be available for the use of the spouse for as long as he or she lives, but which then reverts to the children.

The second point is that such gifts are often made to avoid inheritance taxes. If A intends to give something to B on A's death, it may make sense to give it to B during A's life. Different jurisdictions have different rules, but in the UK, the gift is free of inheritance tax if A survives for seven years after the gift, and I think the tax reduces gradually over the period.
Selected response from:

David Knowles
Local time: 14:25
Grading comment
Thank you very much for your help!
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +10gift made during life rather than at death
David Knowles
4 +1see explanation below
Paula Vaz-Carreiro


  

Answers


4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
see explanation below


Explanation:
I think it refers to the lifetime of A. A can make gifts to B during his/her lifetime.

HTH

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Note added at 8 mins (2007-01-28 14:07:17 GMT)
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A can make gifts to B during his/her lifetime or in their will - which would be things B would only receive after the end of A's lifetime. This is what I think it means.

Paula Vaz-Carreiro
Native speaker of: Native in PortuguesePortuguese, Native in EnglishEnglish

Peer comments on this answer (and responses from the answerer)
agree  Alexander Demyanov
1 hr
  -> Thanks Alexander
Login to enter a peer comment (or grade)

29 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +10
gift made during life rather than at death


Explanation:
Let us assume that A makes a "lifetime gift" to B.

The first point is that this is a gift, and cannot be recalled on the death of either A or B. The alternative is a "lifetime interest" in something, such as a house, which may be available for the use of the spouse for as long as he or she lives, but which then reverts to the children.

The second point is that such gifts are often made to avoid inheritance taxes. If A intends to give something to B on A's death, it may make sense to give it to B during A's life. Different jurisdictions have different rules, but in the UK, the gift is free of inheritance tax if A survives for seven years after the gift, and I think the tax reduces gradually over the period.

David Knowles
Local time: 14:25
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Grading comment
Thank you very much for your help!

Peer comments on this answer (and responses from the answerer)
agree  Alexander Demyanov: Gift made during (A's) lifetime rather than through a will. The purpose is to avoid inheritance taxes. http://www.newyorklife.com/cda/0,3254,11407,00.html
37 mins
agree  ErichEko ⟹⭐: This makes sense, really!
48 mins
agree  Tatiana Nero (X): it is the same as "inter vivos" gift, a gift given by A during the life of A, to avoid not only inheritance taxes, but also the more stringent requirements to wills as compared to inter vivos gifts, and to avoid probation of the will in surrogate's court.
58 mins
  -> Yes, "inter vivos" is the older term, and in some ways clearer!
agree  kmtext
1 hr
agree  Refugio
1 hr
agree  Aisha Maniar
1 hr
agree  cmwilliams (X)
2 hrs
agree  Alexandra Tussing
12 hrs
agree  Marcella S.
18 hrs
agree  Alfa Trans (X)
1 day 2 hrs
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