What is an inter vivos gift?
An inter vivos gift is one that is made while you are still alive. It is a great way to reduce your taxable estate – if you no longer own the property when you die, it can’t be taxed (though it may be subject to tax if it is made during the 2 years before your death). These gifts also avoid probate and allow your beneficiaries to enjoy the property much sooner. TIP: For cash gifts, remember that the first $11,000, or $22,000 if it is a joint gift from you and your spouse, will be tax-free.
