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vorweggenommene Erbfolge

English translation: Accelerated inheritance

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15:22 Jun 27, 2003
German to English translations [PRO]
Law/Patents / Erbrecht
German term or phrase: vorweggenommene Erbfolge
Herr JF ist am 07.08.1993 verstorben. Er wurde aufgrund des gemeinschaftlichen Testaments von seiner Ehefrau, Frau F, allein beerbt.

Frau F hat im Wege der vorweggenommenen Erbfolge die Einzelfirma JF zum 01.01.1994 auf ihren Sohn übertragen. Maßgebend war die Bilanz zum 31.12.1993.

Als Gegenleistung hierzu wurde Frau F eine dauernde Last in Form einer monatlichen Zahlung auf Lebensdauer eingeräumt.
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I know what this means, just not what the common legal term is in English. Can anyone help?
Beth Kantus
United States
Local time: 04:24
English translation:Accelerated inheritance
Explanation:
This would be the term to describe the action Mrs.F took to transfer the property to her son. See below link
Selected response from:

Gisela Greenlee
Local time: 03:24
Grading comment
Thanks to you all for your help!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1Accelerated inheritance
Gisela Greenlee
3 +1transfer in contemplation of deathxxxdesiderata
3 +1predetermined line of succession
Armorel Young
4anticipated inheritance
William Stein
Summary of reference entries provided
lifetime transfer of property
Johanna Timm, PhD

  

Answers


2 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
anticipated inheritance


Explanation:
Global Money Guide Third Quarter 1998
... Use an anticipated inheritance as an opportunity to assess your long-term
financial needs and structure your affairs accordingly. ...
www.rbcprivatebanking.com/Eng3Q98.html - 25k - Cached - Similar pages

Advanced Impact's Product Knowledge Base
... Summary. To show an anticipated inheritance, open the Assets and Liabilities. ... Enter
the anticipated inheritance in the Amount prompt. ...
www.advancedimpact.com/.../ETA/Calc-Implementation/ How%20do%20I%20enter%20an%20expected%20inheritance.htm - 16k - Cached - Similar pages

Biography
... -Small businesses are often forced to divert resources from core operations in order
to pay premiums for life insurance to pay anticipated inheritance taxes;. ...
www.house.gov/abercrombie/tax.estate.03a.htm - 12k - Jun 26, 2003 - Cached - Similar pages

Representative Neil Abercrombie, Hawaii 1st Congressional ...
... Small businesses are often forced to divert resources from core operations in order
to pay premiums for life insurance to pay anticipated inheritance taxes;. ...
www.house.gov/abercrombie/tax.estate01b.htm - 6k - Cached - Similar pages
[ More results from www.house.gov ]



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Note added at 2003-06-27 15:27:49 (GMT)
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I also found \"anticipated succession\", but this is a translation:

WWS | Wirtschaftsprüfer, Steuerberater, Rechtsanwälte ||| ...
... Consultation for regulating ownership succession (MBO, MBI), anticipated succession in the event of owner wills, marriage and succession contracts; ...
www.wws-mg.de/english/taetigkeit/ taetigkeit_2_steuer_e.htm

William Stein
Costa Rica
Local time: 02:24
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1734
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31 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
predetermined line of succession


Explanation:
I'm no lawyer, but "anticipated inheritance" to me implies something coming TO Frau F., whereas the point of Erbfolge is is the direction in which the assets in question go away from her. Literally, Erbfolge is line of succession. I think it needs something stronger than anticipated, too, because that simply means "expected", whereas vorweggenommen is telling us that the procedure is more or less irrevocably laid down.

Armorel Young
Local time: 09:24
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 4633

Peer comments on this answer (and responses from the answerer)
agree  gangels
23 hrs
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
transfer in contemplation of death


Explanation:
The consequences of a transfer or gift of property, "um die Erbfolge vorwegzunehmen", will (likely) be that the property will not escape taxation in decedent's estate. The phrase "transfer in contemplation of death" appears in my edition of Black's Law Dictionary as an entry. It is not an "advancement" since there has been consideration in form of the annuity.

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Note added at 2003-06-27 17:10:52 (GMT)
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From the annotations to statutes in Internal Revenue Code, that use this pharse:
\"1976 - Pub. L. 94-455 substituted provisions covering adjustments for gifts made within 3 years of decedent\'s death for provisions under which transfers by the decedent within 3 years of the decedent\'s death were deemed to have been made in contemplation of death and included in the value of the gross estate.\"

xxxdesiderata
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 205

Peer comments on this answer (and responses from the answerer)
agree  writeaway: I recently translated an entire (ngo) brochure about bequests and this was discussed in great detail
15 hrs
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3 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
Accelerated inheritance


Explanation:
This would be the term to describe the action Mrs.F took to transfer the property to her son. See below link


    Reference: http://www.gift-estate.com/article/bears.htm
Gisela Greenlee
Local time: 03:24
Native speaker of: German
PRO pts in pair: 2073
Grading comment
Thanks to you all for your help!

Peer comments on this answer (and responses from the answerer)
agree  ezbounty@aol.co: makes sense
9 mins
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Reference comments


4670 days
Reference: lifetime transfer of property

Reference information:
BGB 593a Vorweggenommene Erbfolge
English translation "lifetime transfer of property"
http://www.gesetze-im-internet.de/englisch_bgb/englisch_bgb....

"gift inter vivos" is also quite common

Johanna Timm, PhD
Canada
Native speaker of: Native in GermanGerman
PRO pts in pair: 7258
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