Donative Transfers Introduction

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Donative Transfers Introduction

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Donative Transfers Introduction. Basic Idea. True owner Transfers property intentionally Gratuitously (no consideration) To person who then becomes the true owner. Overview of Donative Transfers. 1. Inter Vivos Gifts Donor alive when gift made. Overview of Donative Transfers. - PowerPoint PPT Presentation

Transcript of Donative Transfers Introduction

Page 1: Donative Transfers Introduction

Donative Transfers

Introduction

Page 2: Donative Transfers Introduction

Basic Idea

True owner

Transfers property intentionally

Gratuitously (no consideration)

To person who then becomes the true owner

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Overview of Donative Transfers1. Inter Vivos Gifts

Donor alive when gift made.

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Overview of Donative Transfers1. Inter Vivos Gifts

Donor alive when gift made.

2. Gifts Causa Mortis Donor alive when gift made but

made in contemplation of death.

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Overview of Donative Transfers 1. Inter Vivos Gifts

Donor alive when gift made.

2. Gifts Causa Mortis Donor alive when gift made but made in

contemplation of death.

3. At Death Gifts Intestate succession Testate succession (will) Non-probate transfers (contracts, survivorship

rights, etc.)

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Policies behind requiring formalities

Formalities needed; otherwise, transfer typically ineffective. Why?

1. ____________________

2. ____________________

3. ____________________

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Inter Vivos Gifts

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Summary of inter vivos gift elements1. Present donative intent

2. Delivery

3. Acceptance

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1. Present Donative IntentVoluntary

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1. Present Donative IntentVoluntaryNo consideration or

compensation

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1. Present Donative IntentVoluntaryNo consideration or

compensationPresently effective

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1. Present Donative IntentVoluntaryNo consideration or

compensationPresently effective Irrevocable

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1. Present Donative IntentVoluntaryNo consideration or

compensationPresently effective Irrevocable

Evidence of present donative intent:______________________________________

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2. Delivery

1. Physical delivery of property from donor to donee

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2. Delivery

2. Delivery of property to a third party, who is not under donor’s control, with irrevocable instructions to deliver to donee

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2. Delivery

3. Constructive Delivery Donor transfers to donee the means

of obtaining possession and control of the property.

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2. Delivery

4. Symbolic Delivery

Deed of gift forStatue of Liberty

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In re Cohn

Sumatra

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In re Cohn

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In re Cohn

American Sumatra Tobacco Company is now Altadis USA, Inc.

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In re Cohn

West End, N. J., Sept. 20, 1911.

I give this day to my wife, Sara K. Cohn, as a present for her (46th) forty-sixth birthday (500) five hundred shares of American Sumatra Tobacco Company common stock.

/s/ Leopold Cohn

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Inter Vivos Gifts[continued]

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Gruen v. Gruen

Schloss Kammer Am Attersee II Gustav Klimt

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Gruen v. Gruen

Attersee in western Austria on the border with Germany

Spire seenin painting

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Gruen v. Gruen

Donor splits temporal ownership.

Donor [dad] retains life estate. “stick” of present possession

Donee [son] receives remainder interest. “stick” of future possession

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3. Acceptance

Presumed if gift is beneficial to donee.


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