Gift Inter Vivos

DEFINITION of 'Gift Inter Vivos'

A gift given during the life of the grantor. Following a gift inter vivos, the grantor no longer has any rights to the property, and can not get it back without the permission of the party it was gifted to.

BREAKING DOWN 'Gift Inter Vivos'

This type of gift has two major benefits. The first is that since the gift was given prior to death, it is not considered part of the estate and is therefore not subject to probate taxes. Also, if given as a donation to a charitable foundation, the gifter can use the value amount as a tax credit on his/her tax return.

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RELATED FAQS
  1. How does the gifting process work with a deed transfer?

    My parents own a home that they would like to "gift" to my husband and me. The house is in my parents name and ... Read Answer >>
  2. If a parent transferred a house deed to their three adult children, do they need ...

    Currently, only the parents Read Answer >>
  3. Justin and Britney, multi-millionaires, want to make the maximum gift of cash to ...

    The correct answer is c. A donor of money and/or gifts may give up to $12,000 to as many different recipients as they desire ... Read Answer >>
  4. Who will pay taxes on my grandmother's home?

    I don't own a home, but I have the power of attorney for my grandmother who will be going into a nursing home. I've ... Read Answer >>
  5. Can I give stock as a gift?

    Stocks, bonds or any other securities can be transferred as gifts. Giving the gift of stock also has benefits for the giver. ... Read Answer >>
  6. How should I report my quitclaim deed?

    I live in Louisiana. My daughter and the rest of my family live in New Jersey. Two years ago, they didn't have enough ... Read Answer >>
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