Legal Definitions - lifetime gift

Definition: A gift given during a person's lifetime. See inter vivos gift under gift.

• Giving your child a car for their 18th birthday is a lifetime gift.
• Donating money to a charity while you are still alive is also a lifetime gift.

These examples illustrate that a lifetime gift is a gift given while the giver is still alive. It can be given to a family member, friend, or even a charity. It is different from a gift given in a will, which is given after the giver has passed away.