Flashcards in Gifts/inheritance/gov. grant Deck (7)
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)
a. (Will) A gift intended to be effective at the owner’s death; must satisfy statute of wills
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
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.
1.Usually must be in writing. Everyone has right to transfer property to anyone
1.Gov. can give you a property interest.