Gifts/inheritance/gov. grant Flashcards Preview

Acquisition of Property > Gifts/inheritance/gov. grant > Flashcards

Flashcards in Gifts/inheritance/gov. grant Deck (7)
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1

What is a gift? 3 elements?

a.Intent to make a present gift
b.Delivery to donee (actual, constructive, symbolic). Can be in writing
c.Acceptance (assumed if beneficial)

2

Testamentary Gift

a. (Will) A gift intended to be effective at the owner’s death; must satisfy statute of wills

3

Gift Causa Mortis? When is it revocable?

- only conditional gift that is usually considered valid because there is present intent.
-present intervivos gift made by the owner in contemplation of impending death due to present illness or inury; must satisfy three elements
REVOCABLE BY 3 EVENTS:
i. Recovers from illness
ii. Any affirmative act clearly indicating revocation of gift
iii. Donee dies before donor

4

Conditional Gift/ Future Gifts?

Promises to make gift in future not binding. Traditionally not allowed.
-Gift occurs only when actual condition takes place. Modern trend is to follow intent of donor.

5

Inheritance

1.Usually must be in writing. Everyone has right to transfer property to anyone

6

Government Grant

1.Gov. can give you a property interest.

7

Purchase/Exchange (personal)

1.Freedom to buy, sell, exchange, transfer, property w/ anyone you choose. Free to determine price. Free to contract for whatever.