Jan 28, 2007 13:59
17 yrs ago
7 viewers *
English term
Poland
lifetime gift
English
Law/Patents
Law: Contract(s)
cohabitation agreement
Another term from the cohabitation agreement:
,, Nothing contained in this agreement shall preclude either party from voluntarily making **lifetime gifts** to the other or from voluntary making provision for the other by will, codicil, trust or otherwise. Such voluntary provision shall not be construed as a waiver of any provision of this agreement or as evidence that there is or was any agreement or understanding between the parties otherwise than is specifically contained in this agreement.
If A makes a lifetime gift to B, B will have the ownership of the thing given as long as B is alive??
Do I get it right?
or does ‘’lifetime’’mean sth different?
,, Nothing contained in this agreement shall preclude either party from voluntarily making **lifetime gifts** to the other or from voluntary making provision for the other by will, codicil, trust or otherwise. Such voluntary provision shall not be construed as a waiver of any provision of this agreement or as evidence that there is or was any agreement or understanding between the parties otherwise than is specifically contained in this agreement.
If A makes a lifetime gift to B, B will have the ownership of the thing given as long as B is alive??
Do I get it right?
or does ‘’lifetime’’mean sth different?
Responses
| 4 +10 | gift made during life rather than at death |
David Knowles
|
| 4 +1 | see explanation below |
Paula Vaz-Carreiro
|
Responses
+10
29 mins
David Knowles
Native in English
&
English
Specializes in field
Specialist in Civil Law & Contracts
Native in: English 
Works in: Russian to English, English, Ukrainian to English
Related KudoZ points
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16
Selected
gift made during life rather than at death
Let us assume that A makes a "lifetime gift" to B.
The first point is that this is a gift, and cannot be recalled on the death of either A or B. The alternative is a "lifetime interest" in something, such as a house, which may be available for the use of the spouse for as long as he or she lives, but which then reverts to the children.
The second point is that such gifts are often made to avoid inheritance taxes. If A intends to give something to B on A's death, it may make sense to give it to B during A's life. Different jurisdictions have different rules, but in the UK, the gift is free of inheritance tax if A survives for seven years after the gift, and I think the tax reduces gradually over the period.
The first point is that this is a gift, and cannot be recalled on the death of either A or B. The alternative is a "lifetime interest" in something, such as a house, which may be available for the use of the spouse for as long as he or she lives, but which then reverts to the children.
The second point is that such gifts are often made to avoid inheritance taxes. If A intends to give something to B on A's death, it may make sense to give it to B during A's life. Different jurisdictions have different rules, but in the UK, the gift is free of inheritance tax if A survives for seven years after the gift, and I think the tax reduces gradually over the period.
4 KudoZ points awarded for this answer.
Comment: "Thank you very much for your help!"
+1
4 mins
Paula Vaz-Carreiro
Native in English
&
English
Benchmark Translations
Native in: Portuguese 
, English
Works in: Portuguese, English to Portuguese, Portuguese to English, and 1 more.
see explanation below
I think it refers to the lifetime of A. A can make gifts to B during his/her lifetime.
HTH
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Note added at 8 mins (2007-01-28 14:07:17 GMT)
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A can make gifts to B during his/her lifetime or in their will - which would be things B would only receive after the end of A's lifetime. This is what I think it means.
HTH
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Note added at 8 mins (2007-01-28 14:07:17 GMT)
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A can make gifts to B during his/her lifetime or in their will - which would be things B would only receive after the end of A's lifetime. This is what I think it means.
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