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|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.
I know what this means, just not what the common legal term is in English. Can anyone help?
|English translation:Accelerated inheritance|
This would be the term to describe the action Mrs.F took to transfer the property to her son. See below link
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predetermined line of succession
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.
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transfer in contemplation of death
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.
Note added at 2003-06-27 17:10:52 (GMT)
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.\"
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