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Author Question: Who are the parties in a gift transaction? What distinguishes a gift from an inheritance? What ... (Read 123 times)

Mr. Wonderful

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on: Aug 3, 2018
Who are the parties in a gift transaction? What distinguishes a gift from an inheritance?
 
  What will be an ideal response?

Question 2

Is inheriting property the same as receiving it from a provision contained in a will? Why or why not?
 
  What will be an ideal response?


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Joc

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Reply #1 on: Aug 3, 2018
Answer to Question 1

The parties to a gift are the donor, who is the person making the gift, and the donee who is the recipient of the gift. A gift is an affirmative act taken by the donor. A gift can occur during the lifetime or at someone's death. A provision in a Will represents a gift. An inheritance requires no action but rather occurs by operation of law.

Answer to Question 2

No. Inheritance occurs by operation of law. A Will is a document which creates a gift of property that occurs when the decedent dies.


Mr. Wonderful

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Reply 2 on: Aug 3, 2018
Thanks for the timely response, appreciate it

bdobbins

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Reply 3 on: Yesterday
Excellent

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