Inter vivos gifts

Inter vivos gifts are transfers of property or assets made during a person's lifetime, rather than through a will after their death. These gifts can include money, real estate, or personal items, and are given voluntarily without expecting anything in return. The donor must have the intent to give and the recipient must accept the gift for it to be valid. Inter vivos gifts may have tax implications, so understanding these aspects is important for both the giver and the receiver. This practice is often used to transfer wealth, support family members, or reduce estate taxes.