Advanced English Dialogue for Business – Gift inter vivos

Listen to a Business English Dialogue about Gift inter vivos

Kenneth: Hi Elena, have you ever heard of a gift inter vivos?

Elena: No, what does it mean?

Kenneth: It’s a legal term for a gift given by one person to another during their lifetime, rather than through a will or inheritance after death.

Elena: Oh, so it’s like giving a gift while you’re still alive?

Kenneth: Exactly. It’s often used in estate planning to transfer assets to loved ones and reduce the size of the giver’s estate for tax purposes.

Elena: I see. So, what are some common types of gifts inter vivos?

Kenneth: Cash, stocks, real estate, and valuable personal property are some examples of assets that can be given as gifts inter vivos.

Elena: That’s interesting. So, are there any tax implications for giving gifts inter vivos?

Kenneth: Yes, in some cases, the giver may be subject to gift tax if the value of the gift exceeds certain limits set by the IRS.

Elena: I see. So, it’s important to be aware of the tax consequences when making gifts inter vivos?

Kenneth: Absolutely. It’s wise to consult with a tax advisor or estate planning attorney to understand the implications and plan accordingly.

Elena: Thanks for explaining, Kenneth. Gift inter vivos seems like a useful tool for estate planning.

Kenneth: No problem, Elena. It can be an effective way to transfer wealth and assets to loved ones while minimizing tax liabilities.