An intervivos gift is a transfer of property made by a person during their lifetime. The term "intervivos" comes from Latin and means "between the living." This type of gift is different from a testamentary gift, which only takes effect after the donor's death. An intervivos gift is also known as a lifetime gift or absolute gift, as it grants the recipient immediate control over the property.
Intervivos gifts are commonly encountered in various areas of law, including estate planning and property law. They are often used to transfer assets to family members or friends while the donor is still alive. Understanding the legal requirements for making a valid intervivos gift is essential, as it can impact tax implications and the distribution of assets upon death. Users can manage some aspects of this process using legal templates from US Legal Forms, which are drafted by experienced attorneys.
Here are a couple of examples of abatement:
Example 1: A grandmother decides to give her grandson a car as an intervivos gift. She signs over the title and hands the keys to him while she is still alive, making the transfer valid.
Example 2: A person gifts a piece of artwork to a friend during a dinner party. They present the artwork and state their intention to give it, fulfilling the criteria for an intervivos gift.
Examples of state differences (not exhaustive):
| State | Key Differences |
|---|---|
| California | Intervivos gifts may be subject to gift tax if they exceed a certain value. |
| New York | New York has specific rules regarding the documentation of intervivos gifts for tax purposes. |
| Texas | Texas law allows for oral gifts under certain conditions, but documentation is recommended. |
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Intervivos Gift | A gift made during the donor's lifetime. | Takes effect immediately and requires delivery. |
| Testamentary Gift | A gift that takes effect upon the donor's death. | Requires a will and does not transfer control until death. |
| Conditional Gift | A gift that depends on certain conditions being met. | May not take effect if conditions are not fulfilled. |
If you are considering making an intervivos gift, ensure you understand the legal requirements and implications. It may be beneficial to document the gift formally to avoid disputes later. Users can explore US Legal Forms for ready-to-use templates that can simplify this process. If your situation is complex or involves significant assets, consulting a legal professional is advisable.
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An intervivos gift is made during the donor's lifetime, while a testamentary gift takes effect only after the donor's death.