Question

Despite his efforts to transfer all of his property out of his estate during his life, Gordon died on January 16th. His family provided the following information about Gordon's assets:

a) What legal term describes the process of transferring property out of an estate during one's lifetime?

b) On what date did Gordon pass away?

c) What action did Gordon take to minimize the inclusion of his property in his estate?

d) How might Gordon's family be affected by the information provided about his assets?

Answer 1

The legal term for transferring property out of an estate during one's lifetime is gift inter vivos. Gordon likely established a trust to minimize the inclusion of his property in his estate. His family may benefit from reduced estate taxes and receive more assets.

Step-by-step explanation:

The legal term that describes the process of transferring property out of an estate during one's lifetime is gift inter vivos, which means a gift between the living. This can be done through various legal instruments such as trusts or gift deeds. It allows the individual to remove the property from their estate, potentially reducing the estate taxes that would be owed upon their death.

Gordon passed away on January 16th, as mentioned in the question.

To minimize the inclusion of his property in his estate, Gordon likely took the action of establishing a trust. By placing his assets in a trust, he could transfer legal ownership and control of the assets to the trust, making them no longer a part of his personal estate.

Gordon's family may be affected by the information provided about his assets because if he successfully transferred most or all of his property out of his estate, it would reduce the amount of assets subject to estate taxes. This could potentially result in a smaller tax burden for his family and more assets passing directly to them.