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Simple English definitions for legal terms
lifetime gift
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A quick definition of lifetime gift:
Term: Lifetime Gift
Definition: A lifetime gift is a present given to someone while the giver is still alive. It is also called an inter vivos gift. This is different from a gift given after the giver has passed away, which is called a testamentary gift.
A more thorough explanation:
Definition: A gift given during a person's lifetime. See inter vivos gift under gift.
- Giving your child a car for their 18th birthday is a lifetime gift.
- Donating money to a charity while you are still alive is also a lifetime gift.
These examples illustrate that a lifetime gift is a gift given while the giver is still alive. It can be given to a family member, friend, or even a charity. It is different from a gift given in a will, which is given after the giver has passed away.