Posthumous gift

Annapurna Ramanathan (Querist) 08 February 2015 This query is : Resolved
Can a property on my name be posthumously "Gifted" to my children, living in the USA? Can I write a Will using the term "Gift" instead of "Bequeath/ Inheritance"?

The intention is that Gift does not attract much tax as Inheritance in the USA.

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prabhakar singh (Expert) 08 February 2015
Gift is a transaction depending on consent of donor and donee both and ownership passes
on at once to donee after his acceptance of gift, so as are sales,it is also called transfer inter vivos.

A deed is judged by entire contents and not by few words used therein.

Guest (Expert) 08 February 2015
A "Settlement Deed" would be a Better Option.Consult your Auditors.

Guest (Expert) 08 February 2015
I suppose, you are assuming the term, "posthumous" with some wrong notion, if you suppose yourself to be the giver of a gift after your own death.

Moreover, neither a non-existing deceased person can give any gift, nor a deceased taker would be able to take a gift posthumously.

Still further, a gift indicates towards a present voluntary event that happens in the life time of a giver and a taker with his due acceptance, while a will happens to operate only in future that too after the death of a person possessing some property, i.e., a voluntary posthumous disposition of property for and on behalf of a will maker.