14:39
@BigStrongBug: i saw that bug, they buggin!!!
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LSDefine
Simple English definitions for legal terms
inter vivos gift
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A quick definition of inter vivos gift:
An inter vivos gift is when someone gives something to another person without expecting anything in return. It can be something like money or a toy. The person giving the gift cannot take it back once they have given it. This is different from a gift in a will, which is given after someone has died. A gift can also be given to a group of people, like all the grandchildren in a family. Once the gift is given, it belongs to the person who received it and they can use it however they want.A more thorough explanation:
An inter vivos gift is a voluntary transfer of property from one person to another without compensation during the donor's lifetime. It is also known as a lifetime gift or absolute gift. The intention of the donor is to irrevocably surrender control over the property. The recipient must accept the gift, and the donor must deliver it to the recipient.
Examples of inter vivos gifts include:
- A parent giving a car to their child as a birthday present
- A friend giving a piece of jewelry to another friend as a token of appreciation
- A grandparent giving money to their grandchild to help pay for college
These examples illustrate the definition of an inter vivos gift because they involve a voluntary transfer of property without compensation during the donor's lifetime. The intention of the donor is to give up control over the property, and the recipient accepts the gift.