Author Question: Who are the parties in a gift transaction? What distinguishes a gift from an inheritance? What ... (Read 127 times)

Mr. Wonderful · **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?

Joc · **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.