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What Is Gift Inter Vivos? A gift inter vivos, a gift between the living in Latin, is the legal term that refers to a transfer or gift made during the grantor's life. Inter vivos gifts, which include property related to an estate, are not subject to probate taxes since they are not part of the donor's estate at death.
Some examples of inter vivos actions and items in property law include: An inter vivos transfer is a property transfer that is made during a transferor's lifetime. Living trusts are trusts created during the lifetime of a settlor and are revocable before that settlor's death (see: revocable living trusts).
An example of an indirect gift is the sale of an asset to a child for an amount of money that is later determined by the IRS to be less than the asset's fair market value.
The essential elements of an inter vivos gift are: (1) present donative intent (the donor's clear intent to pass title/interest to the property to the recipient); (2) delivery (a surrender of all or some dominion and control by the donor and allowing the donee to have possession, which may take different forms ...