Gifts/inheritance/gov. grant

Question 1

What is a gift? 3 elements?

Answer 1

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

Question 2

Testamentary Gift

Answer 2

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

Question 3

Gift Causa Mortis? When is it revocable?

Answer 3

• 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

Question 4

Conditional Gift/ Future Gifts?

Answer 4

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.

Question 5

Inheritance

Answer 5

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

Question 6

Government Grant

Answer 6

1.Gov. can give you a property interest.

Question 7

Purchase/Exchange (personal)

Answer 7

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