Dictionary of Law
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gift in contemplation of death :: legal definition


Gift in contemplation of death - n. (called a gift causa mortis by lawyers showing off their Latin), a gift of personal property (not real estate) by a person expecting to die soon due to ill health or age. Federal tax law will recognize this reason for a gift if the giver dies within three years of the gift. Treating the gift as made in contemplation of death has the benefit of including the gift in the value of the estate, rather than making the gift subject to a separate federal gift tax charged the giver. If the giver gets over an apparently mortal illness, the gift is treated like any other gift for tax purposes.

See also: gift tax unified estate and gift tax and Related Law Terms ↓


Related Law Terms

administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
advancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death
after-acquired title :: n. title to property acquired after the owner atte ... ed title goes automatically to Sam.
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate
contemplation of death :: n. the anticipation of death in a relatively short ... e also: unified estate and gift tax
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
estate tax :: n. generally a federal tax on the transfer of a de ... commonly called an inheritance tax.
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital.
Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars.
guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward
head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family."
income tax :: n. a tax on an individual's net income, after dedu ... al government. See also: income tax
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other.
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
person :: n. 1) a human being. 2) a corporation treated as h ... amages. See also: corporation party
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
slander :: n. oral defamation, in which someone tells one or ... . See also: defamation fair comment
special administrator :: n. a person appointed by the court in a probate pr ... or administrator. See also: probate
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax
transfer in contemplation of death :: n. giving property under the belief of the giver t ... lso: gift in contemplation of death
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
unified estate and gift tax :: n. in federal estate taxes, the value of the estat ... turn. See also: estate tax gift tax
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - G

gag order :: n. a judge's order prohibiting the attorneys and t ... st day in office, January 22, 1993.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
garnishee :: n. a person or entity, quite often a bank or emplo ... ourt. See also: garnish garnishment
garnishment :: n. the entire process of petitioning for and getti ... heriff. See also: garnish garnishee
gender bias :: n. unequal treatment in employment opportunity (su ... statutes. See also: discrimination
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
general counsel :: n. the chief attorney for a corporation, who is pa ... e counsel." See also: house counsel
general damages :: n. monetary recovery (money won) in a lawsuit for ... s exemplary damages special damages
general denial :: n. a statement in an answer to a lawsuit or claim ... anguage. See also: answer complaint
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
general plan :: n. a plan of a city, county or area which establis ... uture development. See also: zoning
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift :: n. the voluntary transfer of property (including m ... ift tax unified estate and gift tax
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
gift tax :: n. federal tax on large gifts. Gifts to members of ... ance in gift tax planning is vital.
go bail :: v. slang for putting up the bail money to get an a ... arrest or pending trial or appeal.
good cause :: n. a legally sufficient reason for a ruling or oth ... od cause shown, the court orders:."
good faith :: n. honest intent to act without taking an unfair a ... plied to all kinds of transactions.
Good Samaritan rule :: n. from a Biblical story, if a volunteer comes to ... a lawsuit for millions of dollars.
good title :: n. ownership of real property which is totally fre ... or deed of trust on the property).