what does assignment by gift mean

What is “Assignment of Income” Under the Tax Law?

Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another.

Specifically, the assignment of income doctrine holds that a taxpayer who earns income from services that the taxpayer performs or property that the taxpayer owns generally cannot avoid liability for tax on that income by assigning it to another person or entity. The doctrine is frequently applied to assignments to creditors, controlled entities, family trusts and charities.

A taxpayer cannot, for tax purposes, assign income that has already accrued from property the taxpayer owns. This aspect of the assignment of income doctrine is often applied to interest, dividends, rents, royalties, and trust income. And, under the same rationale, an assignment of an interest in a lottery ticket is effective only if it occurs before the ticket is ascertained to be a winning ticket.

However, a taxpayer can shift liability for capital gains on property not yet sold by making a bona fide gift of the underlying property. In that case, the donee of a gift of securities takes the “carryover” basis of the donor.  

For example, shares now valued at $50 gifted to a donee in which the donor has a tax basis of $10, would yield a taxable gain to the donee of its eventual sale price less the $10 carryover basis. The donor escapes income tax on any of the appreciation.

For guidance on this issue, please contact our professionals at 315.242.1120 or [email protected] .

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• Estate Administration

Giving up your inheritance: Assignments vs disclaimers

On Behalf of The Probate House L.C. | Apr 27, 2019 | Estate Administration |

You’ve inherited part of a family member’s estate. Maybe they designated you as a beneficiary in their will. Perhaps they died without a will (“intestate”) and you are due a portion of the estate under California’s probate laws. What if you don’t want or need the inheritance? You’d prefer that someone else receive it — or at least a portion of it? Maybe you have a sibling who has greater need for the money (or property) than you do.

You can make what’s called an “assignment.” You assign (transfer) all or part of your interest in the estate to someone else. This is not just an informal transfer. There are legal steps that need to be taken since the assignment contradicts what the decedent designated or what the law requires based on familial relationship.

There are also tax implications for both the person who makes the assignment (the assignor) and the person who receives it (the assignee). The assignment has to be filed with the probate court before the distribution can be made to the assignee.

Note that inheritances from a trust typically cannot be assigned to someone else. Most trusts prohibit assigning an undistributed trust inheritance. This is often done to prevent creditors from being able to claim assets in a trust.

An assignment should not be confused with a disclaimer. A disclaimer is when someone refuses an inheritance. If you want to disclaim an inheritance, you don’t have any direct say in what happens to it. Legally, the assets involved are treated as though the person designated to inherit them predeceased the person whose estate is being settled. That means it could go to the next person in the line of succession, such as the children of the person who disclaims the inheritance.

There are legal restrictions on disclaiming an inheritance. There are time constraints, for example. Further, you can’t have received any benefit from the inheritance (like income from a property) before you disclaim it. Unlike an assignment, an inheritance from a trust can be disclaimed.

Whether you want to make an assignment or a disclaimer, it’s essential to take the appropriate legal steps. Trying to do it informally can create legal issues for the estate and everyone involved. Discuss your intentions with an estate planning attorney who can help you follow the proper legal procedures.

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The Gift of Real Estate: What You Need to Know

Making a home into a gift involves a gift deed. The gift deed legally transfers the title of the property from you, the grantor or donor, to another person or entity. This type of conveyance may be used to convey property as a gift from one family member to another, or to donate property to a nonprofit.

A mere promise to convey the property at some point in the future does not constitute a legally sound gift. A properly drafted deed makes a gift outright—a conveyance for no consideration. In other words, the giver makes the gift unequivocally, with no compensation expected, and no strings attached.

The Components of a Gift Deed

Your effective gift deed must have several traits and components:

• It is created to make an immediate transfer of the owner’s interest in the property, and an actual delivery of the property. 
• By the deed’s explicit declaration, no consideration is necessary or expected.
• The deed is signed by the grantor (giver).
• The grantor’s full name and marital status appear on the deed.
• The recipient’s full name, marital status, and actual street address appear on the deed.
• Vesting language, as indicated by state law, describes how your recipient holds title. For example, the main ways of holding residential property in your state may be tenancy by entirety, tenancy in common, or joint tenancy.
• A full and accurate legal description of the property appears.
• Restrictions applicable to the use of the property appear.

A deed that does not meet the legal criteria is revocable. In contrast, a properly created gift is irrevocable after acceptance. (An intended recipient can  refuse to accept a deed .) Once your gift is lawfully delivered and accepted, it may not be contested by your family members.

To be sure your deed measures up to the statutory requirements in your state, view available deed forms, including gift deed forms , on  Deeds.com.

Giving Your Home to Someone: Financial Planning Ramifications

A number of tax considerations apply to gifts of real property: 

• You must pay the gift tax to the Internal Revenue Service. You must also pay any applicable state gift tax. The federal gift tax applies to real estate conveyances between individuals for no consideration, or token consideration.
• Unless the gift goes to your spouse, the transfer of a home property incurs gift and inheritance taxes payable to the Internal Revenue Service by filing Form 709. As the IRS explains, if the recipient ever decides to sell the gift, the recipient’s cost basis will be the same as the cost basis you originally paid for the house. Therefore, if you give a house to a child, that child will one day pay taxes on the (typically steep) capital gains—reflecting taxes due for appreciation of the property value. This means your child will not later qualify to claim the stepped-up cost basis that beneficiaries of wills enjoy to offset capital gains.
• The recipient of your gift need not declare it as income.
• If the property earns income after the conveyance , the recipient will owe state and federal income taxes.

If you own your home as part of a joint tenancy, a tenancy by the entirety, or as community property with the right of survivorship, the gift must be authorized by all grantors’ signatures. Spouses must release marital rights with their signatures—even spouses with no interest in the property described in your gift deed.

Alternatives to Conveying Property by a Gift Deed

There are several benefits to selecting popular alternatives to the gift deed. Here are some prominent categories. (You can find more examples and descriptions here .)

The Revocable Trust

This is a living trust—a document setting forth how your property will be managed—which you can dissolve or amend as you see fit. Such trusts serve to keep assets from going through probate, where they can be contested. Note that your home will continue to be part of your taxable estate.

When you die or become unable to control the trust, a successor trustee steps into your place. You may name a corporate, unbiased trustee.

An advantage to conveying your home at death through a revocable trust, rather than making a gift of the home within your lifetime, is the stepped-up tax basis. This can spare the recipient significant capital gains taxes.

The Irrevocable Trust

With an irrevocable trust, you direct a trustee to manage the trust for a certain outcome. Then, assets, income, and tax returns are shifted to a trustee’s management and control. 

Trust assets will pass to your chosen beneficiary upon your death. 

The advantage? An irrevocable trust bypasses probate and estate tax. The drawback? This type of trust creates restrictions on selling, refinancing, and having access to the equity of your home while you are alive. 

The Transfer on Death Deed

Some states now allow transfer on death deeds for real estate, to convey home ownership after your death. If your state allows it, you may fill out an Affidavit of Death form, sign it with a notary, and thereby convey your home to the beneficiary of your choice.

A transfer on death contains no warranty to protect recipients from claims after they receive the property. Should you have any loans or agreements on the property, these obligations will pass, after your death, to the recipient.

Finishing Up the Gift: Recording the Deed  

Record your gift deed in the county where the property is located. The recorder’s office can tell you which materials to append to your filing, the amount of the fee, and accepted payment types. Some states ( North Carolina , for example) require the recording of a gift deed within two years, or the gift is void.

Please note that this article is intended as general information for our readers. It is not a substitute for an attorney’s case-specific advice. Contact a lawyer if you have case-specific questions about gift deeds. Should you have questions concerning state or federal tax law, consult your tax specialist.

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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

• THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
• THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
• The testimonium : this shows that all the parties are involved in the execution of the deed.
• Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution.  It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
• Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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Deed of Gift

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A Deed of Gift is a legal document that formalizes the transfer of ownership of a property or asset from one party to another as a gift based on related rules. It is a crucial legal instrument that ensures the proper transfer of ownership and protects the interests of both parties involved in the transaction. Now, we will provide you with an overview of all you need to know about the Deed of Gift, its purpose, and the legal implications associated with it.

Importance of Deeds of Gift

The importance of a Deed of Gift cannot be overstated. It serves as proof of transfer of ownership and protects the interests of both parties involved in the transaction. It also helps to avoid disputes and conflicts that may arise in the future due to ownership issues. Here are more reasons why deeds of gift are important.

The primary importance of a Deed of Gift is that it formalizes the transfer of ownership of a property or asset as a gift from one party to another. Without a Deed of Gift, the transfer of ownership may not be legally binding and enforceable. The document serves as proof of the transfer of ownership and is an essential legal instrument in the event of any dispute that may arise in the future.

A Deed of Gift is designed to protect the interests of both parties involved in the transaction. It ensures that the donor is giving the gift voluntarily and without any coercion or undue influence. It also ensures that the recipient is accepting the gift willingly and without any obligation or condition attached to it. The Deed of Gift is a legally binding document that clearly outlines the terms and conditions of the gift and protects the interests of both parties involved.

A Deed of Gift can also be used to ensure tax benefits for the donor. In many countries, gifts made to charitable organizations are tax-deductible, and a Deed of Gift can be used to prove that the gift was made as a charitable donation. Similarly, gifts made to family members or friends may also be exempt from gift taxes, and a Deed of Gift can be used to prove that the gift was made as a genuine gift and not as a loan or payment for services.

A Deed of Gift can also be used to avoid the probate process. Probate is a legal process that is required to transfer the ownership of a property or asset after the death of the owner. However, if the ownership of the property or asset has already been transferred through a Deed of Gift, then the property or asset does not need to go through probate. This can save a lot of time and money for the parties involved.

Legal Requirements for a Deed of Gift

To be legally binding and enforceable, a Deed of Gift must contain certain essential elements that include:

• The donor and recipient’s names and addresses
• A clear description of the property or asset being gifted.
• The date of the gift.
• The intention of the donor to make a gift without any obligation or condition attached to it.
• The gift acceptance by the recipient.
• The signatures of both parties and any witnesses.

It is important to note that a Deed of Gift must be signed and witnessed by two independent witnesses who are not related to either the donor or the recipient. The witnesses must be present when the document is signed and must sign the document themselves as proof of their presence.

Muhammad Yar L.

Essential Elements of a Deed of Gift

A Deed of Gift should contain certain essential elements to ensure that it is legally binding and enforceable. These elements include:

• Identification of the Parties Involved: The Deed of Gift should clearly identify the parties involved, including the donor (the person giving the gift) and the donee (the person receiving the gift).
• Description of the Gift: The Deed of Gift should provide a detailed description of the gift, including its nature, value, and condition.
• Consideration: While a gift is generally considered to be a transfer of ownership without consideration, it is still necessary to mention that there is no consideration involved in the transaction.
• Delivery of the Gift: The Deed of Gift should specify how the gift will be delivered to the donee, and when the transfer of ownership will take place.

Legal Implications of a Deed of Gift

A Deed of Gift has several legal implications, and it is important to understand them before entering into such an agreement. Some of the legal implications of a Deed of Gift include:

• Transfer of Ownership: A Deed of Gift results in the transfer of ownership of the gift from the donor to the donee. This means that the donor no longer has any rights or control over the gift.
• Tax Implications: Depending on the nature and value of the gift, there may be tax implications involved. It is important to consult a tax expert to understand the tax implications of a Deed of Gift.
• Acceptance of the Gift: The donee must accept the gift for the transfer of ownership to be complete. If the donee does not accept the gift, the transfer of ownership will not take place.
• Disputes: A Deed of Gift can help to avoid disputes and conflicts that may arise in the future due to ownership issues. However, if a dispute does arise, it is important to seek legal advice to resolve the matter.

How to Create a Deed of Gift

Creating a Deed of Gift is a simple process that can be done with the help of a legal expert. The steps involved in creating a Deed of Gift are as follows:

• Consult a Legal Expert. It is important to consult a legal expert to understand the legal implications of a Deed of Gift and to ensure that the document is legally binding and enforceable.
• Identify the Parties Involved. The donor and the donee should be identified in the Deed of Gift.
• Describe the Gift. The Deed of Gift should contain a detailed description of the gift, including its nature, value, and condition.
• Emphasize the Absence of Consideration. Even though a gift is generally considered to be a transfer of ownership without consideration, it is still necessary to mention that there is no consideration involved in the transaction.
• Specify Delivery of the Gift. The Deed of Gift should specify how the gift will be delivered to the donee, and when the transfer of ownership will take place.

Key Terms for Deed of Gift

• Transfer of Ownership: A Deed of Gift formalizes the transfer of ownership of a property or asset from one party to another as a gift.
• Protection of Interests: A Deed of Gift protects the interests of both parties involved in the transaction and ensures that the gift is given voluntarily and without any obligation or condition attached to it.
• Tax Benefits: A Deed of Gift can be used to ensure tax benefits for the donor, especially for charitable donations.
• Avoids Probate: A Deed of Gift can help avoid the probate process, saving time and money for the parties involved.
• Legal Requirements: A Deed of Gift must contain essential elements such as clear description of the property or asset, date of the gift, signatures of both parties and witnesses, and intention to make a gift without any obligation or condition attached to it.

Final Thoughts on Deed of Gift

A Deed of Gift is an important legal document that formalizes the transfer of ownership of a property or asset as a gift from one party to another. It is a crucial legal instrument that ensures the proper transfer of ownership and protects the interests of both parties involved in the transaction. The Deed of Gift should contain certain essential elements to ensure that it is legally binding and enforceable.

It is important to understand the legal implications of a Deed of Gift before entering into such an agreement. Creating a Deed of Gift is a simple process that can be done with the help of a legal expert. It can be used to transfer a wide range of assets, including real estate, personal property , money, intellectual property , and securities.

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Meet some of our Deed of Gift Lawyers

General practitioner since 2005, general practice; civil disputes, torts.... logo Call us: (410) 878-7006 Menu Services Maryland Mobile Last Will & Testament Services All Maryland Legal Services Susan C. Trimble Attorney at Law WHAT WE ARE ABOUT Susan C. Trimble, is an established attorney in the Maryland area. Her work is infused with commitment to her community and family. is tailored to your wants and needs. Here you will find an approachable, personable and conscientious advocate. EDUCATION: Juris Doctorate (JD). University of Baltimore School of Law, Baltimore, Maryland, USA. 2006. Bachelor of Science (BS), English Literature. Towson University, 1989. Associate in Claims, (AIC) certification. Fraud Claims Law Associate, (FCLS) certification.

I have been practicing law since 2018. I used to be a litigator at a nationwide practice before going in-house at a fintech company. I have experience drafting NDAs, SaaS contracts, service agreements, and stock purchase agreements.

Jared Fields is an experienced business lawyer and litigator with experience in diverse industries and practice areas. Prior to launching his own practice, he served as the chief legal officer for a group of privately-owned companies, including a real estate development group, construction companies, multiple franchisees, and a professional soccer team. As a result, he is experienced in real estate transactions, commercial agreements of varying degrees of sophistication, employment matters, and litigation, as well as general business legal advice. He was also an in-house attorney for a renewable energy company, where he was responsible for litigation, investigations, enforcement actions, and related securities filing disclosures. Mr. Fields also spent many years as a litigator in private practice, representing clients in matters ranging from securities litigation, to breach of contract, to cases involving real estate and financial services. Mr. Fields has particular experience in legal matters that may involve complex financial, accounting, valuation, and other quantitative issues.

My name is Deborah Schwab, and I am an experienced attorney with a background in real estate, contract negotiation, and corporate governance. Currently, I am a transactional counsel with Priscott Legal, LLC, the partner law firm of Ontra.ai. In this remote role, I represent private equity and VC firms and negotiate a high volume of non-disclosure agreements, joinders, and other legal contracts. Prior to this, I served as legal counsel for PennTex Ventures, LLC, where I was responsible for negotiating, drafting, and reviewing contracts and agreements for sales and acquisition of real estate, lease negotiation, and resolving issues involving ancillary transactions. As the first in-house counsel for PTV, I was responsible for all legal and compliance matters and managed outside legal counsel. Before joining PennTex Ventures, I worked as real estate counsel for 84 Lumber & Nemacolin Woodlands, Inc., where I acquired eleven properties with a portfolio value in excess of $15 million. Prior to this, I spent several years as an attorney and supervisor at CNX/Consol Energy, where I worked as a title attorney, trained and managed a team of title attorneys/analysts, conducted due diligence for large land transactions, and identified business/legal risk exposure for multi-state projects. I received my Juris Doctor from Duquesne University and hold a Post Baccalaureate Paralegal Certificate from the same institution. Additionally, I earned a Bachelor of Arts from the University of Pittsburgh. I am also a court-appointed special advocate working as a volunteer with children who are in the foster care system. Thank you for taking the time to view my profile. I am always open to new opportunities and would be happy to connect with you.

Education: Georgetown Law (83), Yale (75- BA in Economics), Hotchkiss School (1970). Practice areas have included commercial litigation, individual litigation, and securities litigation and arbitration.

V. Yvette S.

I am a highly skilled attorney, fluent in English and Spanish with 20 years of legal experience and 8 additional years of real estate, project finance, banking, financial, securities, and start-up company experience. I worked 6 years with 2 international law firms and handled extremely complex work for all types of clients, 3 years with a Federal Government Regulator, and 5 years in various compliance management positions at national and international financial institutions. I am licensed in New York and North Carolina. I will handle federal litigation on a non-contingency basis. I also practice Appellate Advocacy for constitutional, employment, consumer, and corporate laws. I am skilled in many different NY and NC laws. I have successfully represented clients with state and federal regulatory investigations. I can help you with the FDA, SEC, OCC, CFPB, FDIC, FR and certain state regulators.

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I have been practicing law for almost 23 years.

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Gifts of Partnership Interests

• Partnership & LLC Taxation
• Taxation of Estates & Trusts

The gift of a partnership interest generally does not result in the recognition of gain or loss by the donor or the donee. A gift is, however, subject to gift tax unless the gift qualifies for the annual gift tax exclusion or reduces the donor's lifetime gift tax applicable exclusion amount. (Since the lifetime gift tax exclusion for 2016 is $5.45 million, most gifts will not be taxable.) Practitioners should note that if the general partner has unfettered discretion to make or withhold distributions, any gift of an interest in the partnership may be treated as a gift of a future interest not qualifying for the annual gift tax exclusion (TAM 9751003).

If gift tax is imposed, it is calculated on the fair market value (FMV) of the gifted property less the amount of debt from which the donor is relieved. In the context of a gift of a partnership interest, the FMV involved is the FMV of the donor's interest in partnership property, and the debt involved is the donor's share of partnership liabilities. If the debt relief exceeds the donor's basis in his partnership interest, the debt relief is treated as an amount realized in a deemed sale transaction, and the donor must recognize gain (Regs. Sec. 1. 1001 - 2 (a)). Gain recognition usually occurs when the partner has a negative tax basis capital account. Some of this gain may be ordinary, depending on whether the hot asset rules of Sec. 751 apply. Any capital gain on the deemed sale may be short - term or long - term under the applicable rules.

Example: J is a partner in I Investments Partnership. His tax basis capital account is $(100,000), and his share of the partnership's liabilities is $150,000. The FMV of his interest in partnership assets is $200,000. J approaches his practitioner about gifting the partnership interest to his son, R . J' s tax consequences are shown in the exhibit below .

A partner acquiring an interest by gift generally has a basis equal to the donor's basis plus, in some instances, a portion of the gift tax paid (Secs. 742 and 1015). The increase is equal to the gift tax paid on the net appreciation of the transferred interest, but the basis may not exceed the interest's FMV (Sec. 1015(d); Regs. Sec. 1. 1015 - 5 (a)). Net appreciation is the amount by which the FMV of the transferred interest immediately before the gift exceeds the donor's basis. Accordingly, the donee increases the basis by the following amount: (Net appreciation ÷ FMV of gift) × gift tax paid.

If the donor recognizes gain on the transaction, as in the example, the amount of the gain is added to the donor's basis in his interest for determining the donee's basis. The donee then has a basis equal to the amount realized (the amount of debt relief) in the deemed sale (Regs. Sec. 1. 1015 - 4 (a)). However, if the FMV of an interest is less than the partner's basis at the time of the gift, for purposes of determining the donee's loss on a subsequent disposition, the donee's basis in the interest is the FMV of the partnership interest at the time of the gift (Sec. 1015(a)).

If the donor partner recognizes a gain on the deemed sale of an interest in a partnership and the partnership made a Sec. 754 election, the partnership should adjust the basis of its assets to reflect the gain.

Any transfer of an interest in a partnership to a family member is subject to the family partnership rules of Sec. 704(e). Because partnerships can be used to shift income and property appreciation from higher - bracket , older - generation taxpayers to lower - bracket children and grandchildren, these rules are designed to enforce two principles. One is that income produced by capital should be taxed to the true owner of that capital. The other is that income derived from services should be taxed to the person performing the services. If these principles are circumvented, the IRS may reallocate income between partners or may even determine that one or more of the partners are not partners at all, at least for income tax purposes.

Warning: Gifts of partnership interests to family members are frequently valued at a discounted amount because of discounts for lack of marketability or minority discounts. Practitioners should be aware of IRS examination and litigation activities when structuring the gift of a family partnership interest.

The substitution of an assignee partner with full rights to participate in management may require the unanimous consent of the nontransferring partners under state law or the terms of the partnership agreement. Consequently, an individual receiving a gift of a partnership interest may have no right to participate in the partnership's management until that consent is obtained.

This case study has been adapted from PPC's Tax Planning Guide—Partnerships , 29th Edition, by William D. Klein, Sara S. McMurrian, Linda A. Markwood, Cynthia Zatopek, Sheila A. Owen, and M. Andrew Vance, published by Thomson Reuters/Tax & Accounting, Carrollton, Texas, 2015 (800-431-9025; tax.thomsonreuters.com ).

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This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

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Absolute Assignment of Life Insurance Policies

An absolute assignment transfers all ownership rights of a life insurance policy.

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•   1. What Is the Assignment of Insurance Benefits?
•   2. What Is a Life Insurance Assignment?
•   3. Does Life Insurance Count Towards the Two Million for Federal Estate Tax?

An absolute assignment of a life insurance policy involves transferring all rights and ownership decisions to another party. You could have one of several reasons for wanting to do this; for example, using the policy as collateral for a loan, or making a donation to your favorite charity at death. Making an absolute assignment is relatively simple as long as your life insurance policy allows it.

How Transfer of Ownership Works

Absolute assignment is akin to a transfer of ownership, in that you are giving all ownership rights to another party. Although you remain the insured under the contract, the new party can change the beneficiary (usually to itself), it can make decisions about investment options of a whole-life policy, and it can take any other action that does not jeopardize the policy's in-force status. You remain responsible for the premium payments, and you could be in breach of the assignment provisions if you don't pay them.

Collateral Loan Bank Assignment

Absolute assignment of life insurance is often done when a person applies for a loan. If the bank is concerned that the loan might not be repaid if you died, if might require a life policy with an absolute assignment to the bank. The bank names itself the beneficiary of the policy up to the amount of the loan balance. Any residual death benefit would go to your named beneficiary.

Financing a Charitable Gift

Another use of absolute assignment is to make a charitable gift. This approach is gaining in popularity.

Life insurance is often purchased to finance a charitable donation by the estate of a deceased individual. One drawback to this approach is that the entire gift goes through the estate and might incur probate delays and fees.

The use of an absolute assignment streamlines the process, as the charity can name itself the beneficiary of the policy. The charity can issue you a tax receipt for every premium, which you can deduct as a charitable contribution.

Absolute Assignment Legal Considerations

Insurance companies freely provide assignment forms that are straightforward and easy to fill out. Once an assignment is complete, a copy of the form should be filed with the insurance company.

The life insurance company may withhold part of its payout to any beneficiary -- including a newly designated one -- if a premium hasn't been fully paid, or because of other indebtedness. That might have legal ramifications for you and the assignee, in which the insurance company will take no part.

• Standard Life Insurance Co. of New York: Absolute Assignment Form
• Waypoint Partners: Assigning Your Life Insurance Policy
• Collateral Assignment Agreement

Philippe Lanctot started writing for business trade publications in 1990. He has contributed copy for the "Canadian Insurance Journal" and has been the co-author of text for life insurance company marketing guides. He holds a Bachelor of Science in mathematics from the University of Montreal with a minor in English.

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Assignment is a legal definition that refers to the transfer of rights, property, or other benefits between two parties. The party allocating the rights is known as the “assignor”, while the one receiving them is called the “assignee”. The other original party to the contract is known as the “ obligor ”.

A burden, duty, or detriment cannot be transferred as an assignment without the agreement of the assignee . Furthermore, the assignment can be carried out as a gift, or it may be paid for with a contractual consideration .

Keep reading to learn how this important legal term is used both in contract and property law and to see relevant examples.

• Assignment Examples

A common example of assignment within property law can be seen in rental agreements between landlords and tenants. For example, a tenant may be renting from a landlord but wants another party to take over the property . In this scenario, the tenant may be able to choose between assigning the lease to a new tenant or subleasing it.

If assigning it, the new tenant will be given the entire balance of the term, with no reversion to anyone else being possible. In other words, the new tenant would have a legal relationship with the landlord. On the other hand, if subleasing the property, the new tenant would be given a limited term and no legal responsibility towards the property owner, only towards the original tenant.

Another example of assignment can be seen within contract law . Let’s say that a school hires a piano teacher for a monthly employment contract with a salary of $2000 per month. As long as there is consent from all parties, the teacher could assign their contract to another qualified piano instructor.

This would be an assignment both of the piano teacher’s rights to receive $2000 per month, and a delegation of their duty to teach piano lessons. This illustrates the fact that under contract law, assignment always includes a transfer of both rights and duties between the parties. If a breach of contract is made by either party, for example for defective performance, then the new teacher or the school can sue each other accordingly.

• Legal Requirements for Assignment

For an assignment to be legally valid, it must meet certain requirements . If these are not met, a trial court can determine that the transfer of rights did not occur. The legal requirements for assignment are as follows:

• All parties must consent and be legally capable to carry out the assignment.
• The objects, rights, or benefits being transferred must be legal.
• The assignment is not against public policy or illegal.
• Some type of consideration is included if necessary.
• The contract in question must already be in place and doesn’t prohibit assignment.
• If a duty is being transferred, and it requires a rare genius or skill, then it cannot be delegated.
• The assignment doesn’t significantly change the expected outcome of a contract.
• Assignment Steps

To successfully assign a contract, certain steps must be followed to ensure the process is legally valid. The necessary assignment steps are listed below:

• Ensuring there is no anti-assignment clause in the contract.
• Executing the assignment by transferring the obligations and rights to a third party.
• Notifying the obligor of the transfer, which in turn relieves the assignor of any liability.
• Avoiding Assignment

In certain situations, one of the two parties may not want to allow their counterpart to assign the contract. This can be prevented by setting anti-assignment clauses in the original contract. An example of this is making it necessary for prior written consent to be attained from the other parties before the assignment is approved. Nevertheless, an anti-assignment clause cannot be included in an assignment that was issued or ordered by a court.

• Assignment vs. Novation

Novation occurs when a party would like to transfer both the benefits and burden of a contract to another party. This is similar to assignment in the sense that the benefits are transferred, but in this case, the burden is also passed on. When novation is finalized, the original contract is deleted and a new one is created, in which a third party becomes responsible for all the obligations and rights of the original contract.

• Assignment vs. Delegation

Although delegation and assignment are similar in purpose, they are two different concepts. Delegation refers to transferring the obligation to a third party without an assignment contract . While in assignment an entire contract and its rights and benefits can be passed on, in delegation only a particular contractual task or activity is transferred.

Let’s look at an example . Lisa is a homeowner that wants to hire Michael with an independent contractor agreement to remodel her garage. He plans to do all the work himself, but he’s not a painter, so he wants to delegate the painting work to his friend Valentina.

In this example, the contract is between Lisa, the obligor, and Michael, the delegator. Valentina would then be known as a delegatee, she doesn’t assume responsibility for the contract nor does she receive the contractual benefits, which in this case would be monetary compensation. However, Michael may have a separate agreement with Valentina to pay her in return for her work.

It’s also important to note that some duties are so specific in nature that it’s not possible to delegate them. In addition, if a party wants to avoid delegation , it’s recommended to add a clause to prevent the other party from delegating their duties.

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A General Assignment of Assets to one’s Living Trust can help avoid a Probate.

                 Re-titling assets, like stock and bonds, from one’s name into one’s living trust is necessary to avoiding an unnecessary probate of such assets if held outside of the trust.   Sometimes people fail to transfer some or all of their intended trust assets into their trust.   A general assignment of assets to one’s living trust provides an important safeguard. Let’s examine what a general assignment is and how it helps to fund one’s trust and avoid a probate with the help of a Lake County probate attorney:

                A general assignment of assets transfers ownership on a wide variety of assets as the name implies.   An all encompassing general assignment is regularly used by estate planners to transfer all types of financial assets (excluding tax deferred retirement accounts) and personal property (such as the contents of one’s home) into the trust. It is a half-step towards actually re-titling the securities and the financial accounts into the name of the trustee.   Nevertheless, the settlor should still proceed to contact the banks, brokerages, and stock transfer agents (as relevant) to formally transfer legal title into the name of the trustee.   But, in the event that the formal legal title is not transferred prior to death, the general assignment can be used to obtain a court order to transfer legal title into the trust.

                In Kucker v. Kucker , (2011), 192 CA 4 th , 90, the Court of Appeal reversed a trial court decision wherein the trial court disallowed a petition to transfer stocks into a trust based on a general assignment of all assets by the settlor to the trustee.   The Court of Appeal agreed with the petitioner that a general assignment of all or substantially all of the settlor’s assets into one’s trust does cause the stocks to be owned by the trustee.   An otherwise unnecessary probate was thus avoided thanks to a general assignment by the settlor.

                Similarly, a declaration of trust by a settlor to hold certain assets listed on a schedule of pledged assets attached to a trust document can likewise be used to accomplish the same result.   Most attorneys use a schedule of initial trust assets and a general assignment to reinforce one-another.   Moreover, unlike the general assignment, the schedule of trust assets will also include the real estate – together with a full legal description — for the same reason.   That is, if a trust transfer deed is not properly executed prior to the settlor’s death, then the schedule of initial trust assets to a declaration of trust can be used to petition the court to transfer legal title into the trust without a probate.

                While the general assignment and the declaration of trust are important safeguards against the failure to formally transfer title to trust assets while the settlor is still alive and competent, such safeguards are just safeguards.   The better course of action is to see that one’s real estate, stocks and bonds, and financial accounts (and other trust assets) are properly titled in the name of the trustee of one’s trust.   After all, filing a court petition entails further expenses and delay in the administration of the trust that can be avoided.   

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Difference Between Assignment and Transfer

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another. 3 min read updated on February 01, 2023

The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.

When used as verbs, assign means to set apart or designate something for a purpose while transfer means to pass or move from one person, place, or thing to someone or someplace else. When used as nouns, assign means the assignee and transfer is the act of removing or conveying something from one person, thing, or place to another. Transfer generally refers to titles whereas assignment is used with obligations and rights.

Definitions of Assignment and Transfer

• Assignment: Assignment is used in real estate law and contracts law. It covers the transfer of rights held by the assignor to the assignee.
• Transfer: To remove or convey from one person or place to someone or somewhere else.

Distinction Between Assignment and Transfer

When distinguishing between assignment and transfer, take licenses, for example. Licenses are contracts that don't allow legal action for infringement. They fall under state law. Therefore, state law will decide whether the license is an obligation or right that can be transferred or assigned legally.

One way to distinguish this example is that an individual contract under an agreement cannot be assigned, like entitlement to grant back royalties . In addition, the contract cannot be transferred. You need to break it down and figure out what the actual issue is — the parties' intent. An additional distinction is when the contract holder is an entity and the business owners want to transfer a portion or all of their stock. This can be seen as an implied transfer of the whole contract. However, it would not likely be an assignment of the rights covered under this agreement.

Difference Between Assign and License

The key difference between assign and license is that with a license, the person who grants permission, known as the licensor, keeps an interest in the product being licensed . In an assignment, the assignor will transfer his or her rights to the product or property being assigned.

Another difference is that assignments must be in writing and a license can be executed without being written. Consider, for example, intellectual property such as patents. Patents can be licensed verbally in some instances, but assignments for patents must be in writing and filed with the United States Patent and Trademark Office .

Assignments grant the assignee full ownership of a product or property. Therefore, an assignment will typically cost more to acquire than a license.

Frequently Asked Questions

Are there ever situations in which a license can be transferred but is not assignable?

• Yes, in the case of allowing an assignment to one of your affiliates, the assignor would still be liable for the performance of the agreement under general assignment law. In this situation, you would not typically permit a transfer, because in a transfer, the person transferring would not maintain any obligations related to performance. Don't rely solely on this general understanding, but still expressly detail your agreement on what a licensee can legally do.

How will transfer and assignment rights affect someone's ability to sublicense?

• In theory, if a licensee has the authority to assign license rights to someone else, you could argue that it also provides the right to sublicense it. The issue here is that with a sublicense, the person sublicensing it keeps a license right, therefore effectively creating two licensees. With an assignment, only one right is assigned, and the assignee is the one who has possession of the license. With well-drafted licenses, the right to sublicense is not typically implied, as the licensor is the one who reserves all rights that are not expressly granted.

What is the effect of poorly drafted licenses?

• A poorly drafted license could result in giving someone implied rights to also sublicense. An example is a software license that allows a licensee to access the software without clarifying any restrictions or clearly defining the word “use.” This means that, depending on what this software is supposed to do, someone could think the term “use” means the licensee has permission to grant a sublicense as part of their usage rights.

If you need help understanding the difference between assignment and transfer, you can post your legal need on UpCounsel's marketplace. UpCounsel only accepts the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Content Approved by UpCounsel

• Assignment Law
• Assignment and Novation Agreement: What You Need to Know
• Legal Assignment
• Assignment Legal Definition
• Assignment Of Contracts
• Assignment of Rights and Obligations Under a Contract
• Partial Assignment of Contract
• Assignment of Rights Example
• What Is the Definition of Assigns
• Transfer of Intellectual Property

14.1 Assignment of Contract Rights

Learning objectives.

• Understand what an assignment is and how it is made.
• Recognize the effect of the assignment.
• Know when assignments are not allowed.
• Understand the concept of assignor’s warranties.

The Concept of a Contract Assignment

Contracts create rights and duties. By an assignment The passing or delivering by one person to another of the right to a contract benefit. , an obligee One to whom an obligation is owed. (one who has the right to receive a contract benefit) transfers a right to receive a contract benefit owed by the obligor One who owes an obligation. (the one who has a duty to perform) to a third person ( assignee One to whom the right to receive benefit of a contract is passed or delivered. ); the obligee then becomes an assignor One who agrees to allow another to receive the benefit of a contract. (one who makes an assignment).

The Restatement (Second) of Contracts defines an assignment of a right as “a manifestation of the assignor’s intention to transfer it by virtue of which the assignor’s right to performance by the obligor is extinguished in whole or in part and the assignee acquires the right to such performance.” Restatement (Second) of Contracts, Section 317(1). The one who makes the assignment is both an obligee and a transferor. The assignee acquires the right to receive the contractual obligations of the promisor, who is referred to as the obligor (see Figure 14.1 "Assignment of Rights" ). The assignor may assign any right unless (1) doing so would materially change the obligation of the obligor, materially burden him, increase his risk, or otherwise diminish the value to him of the original contract; (2) statute or public policy forbids the assignment; or (3) the contract itself precludes assignment. The common law of contracts and Articles 2 and 9 of the Uniform Commercial Code (UCC) govern assignments. Assignments are an important part of business financing, such as factoring. A factor A person who pays money to receive another’s executory contractual benefits. is one who purchases the right to receive income from another.

Figure 14.1 Assignment of Rights

Method of Assignment

Manifesting assent.

To effect an assignment, the assignor must make known his intention to transfer the rights to the third person. The assignor’s intention must be that the assignment is effective without need of any further action or any further manifestation of intention to make the assignment. In other words, the assignor must intend and understand himself to be making the assignment then and there; he is not promising to make the assignment sometime in the future.

Under the UCC, any assignments of rights in excess of $5,000 must be in writing, but otherwise, assignments can be oral and consideration is not required: the assignor could assign the right to the assignee for nothing (not likely in commercial transactions, of course). Mrs. Franklin has the right to receive $750 a month from the sale of a house she formerly owned; she assigns the right to receive the money to her son Jason, as a gift. The assignment is good, though such a gratuitous assignment is usually revocable, which is not the case where consideration has been paid for an assignment.

Acceptance and Revocation

For the assignment to become effective, the assignee must manifest his acceptance under most circumstances. This is done automatically when, as is usually the case, the assignee has given consideration for the assignment (i.e., there is a contract between the assignor and the assignee in which the assignment is the assignor’s consideration), and then the assignment is not revocable without the assignee’s consent. Problems of acceptance normally arise only when the assignor intends the assignment as a gift. Then, for the assignment to be irrevocable, either the assignee must manifest his acceptance or the assignor must notify the assignee in writing of the assignment.

Notice to the obligor is not required, but an obligor who renders performance to the assignor without notice of the assignment (that performance of the contract is to be rendered now to the assignee) is discharged. Obviously, the assignor cannot then keep the consideration he has received; he owes it to the assignee. But if notice is given to the obligor and she performs to the assignor anyway, the assignee can recover from either the obligor or the assignee, so the obligor could have to perform twice, as in Exercise 2 at the chapter’s end, Aldana v. Colonial Palms Plaza . Of course, an obligor who receives notice of the assignment from the assignee will want to be sure the assignment has really occurred. After all, anybody could waltz up to the obligor and say, “I’m the assignee of your contract with the bank. From now on, pay me the $500 a month, not the bank.” The obligor is entitled to verification of the assignment.

Effect of Assignment

General rule.

An assignment of rights effectively makes the assignee stand in the shoes of An assignee takes no greater rights than his assignor had. the assignor. He gains all the rights against the obligor that the assignor had, but no more. An obligor who could avoid the assignor’s attempt to enforce the rights could avoid a similar attempt by the assignee. Likewise, under UCC Section 9-318(1), the assignee of an account is subject to all terms of the contract between the debtor and the creditor-assignor. Suppose Dealer sells a car to Buyer on a contract where Buyer is to pay $300 per month and the car is warranted for 50,000 miles. If the car goes on the fritz before then and Dealer won’t fix it, Buyer could fix it for, say, $250 and deduct that $250 from the amount owed Dealer on the next installment (called a setoff). Now, if Dealer assigns the contract to Assignee, Assignee stands in Dealer’s shoes, and Buyer could likewise deduct the $250 from payment to Assignee.

The “shoe rule” does not apply to two types of assignments. First, it is inapplicable to the sale of a negotiable instrument to a holder in due course. Second, the rule may be waived: under the UCC and at common law, the obligor may agree in the original contract not to raise defenses against the assignee that could have been raised against the assignor. Uniform Commercial Code, Section 9-206. While a waiver of defenses Surrender by a party of legal rights otherwise available to him or her. makes the assignment more marketable from the assignee’s point of view, it is a situation fraught with peril to an obligor, who may sign a contract without understanding the full import of the waiver. Under the waiver rule, for example, a farmer who buys a tractor on credit and discovers later that it does not work would still be required to pay a credit company that purchased the contract; his defense that the merchandise was shoddy would be unavailing (he would, as used to be said, be “having to pay on a dead horse”).

For that reason, there are various rules that limit both the holder in due course and the waiver rule. Certain defenses, the so-called real defenses (infancy, duress, and fraud in the execution, among others), may always be asserted. Also, the waiver clause in the contract must have been presented in good faith, and if the assignee has actual notice of a defense that the buyer or lessee could raise, then the waiver is ineffective. Moreover, in consumer transactions, the UCC’s rule is subject to state laws that protect consumers (people buying things used primarily for personal, family, or household purposes), and many states, by statute or court decision, have made waivers of defenses ineffective in such consumer transactions A contract for household or domestic purposes, not commercial purposes. . Federal Trade Commission regulations also affect the ability of many sellers to pass on rights to assignees free of defenses that buyers could raise against them. Because of these various limitations on the holder in due course and on waivers, the “shoe rule” will not govern in consumer transactions and, if there are real defenses or the assignee does not act in good faith, in business transactions as well.

When Assignments Are Not Allowed

The general rule—as previously noted—is that most contract rights are assignable. But there are exceptions. Five of them are noted here.

Material Change in Duties of the Obligor

When an assignment has the effect of materially changing the duties that the obligor must perform, it is ineffective. Changing the party to whom the obligor must make a payment is not a material change of duty that will defeat an assignment, since that, of course, is the purpose behind most assignments. Nor will a minor change in the duties the obligor must perform defeat the assignment.

Several residents in the town of Centerville sign up on an annual basis with the Centerville Times to receive their morning paper. A customer who is moving out of town may assign his right to receive the paper to someone else within the delivery route. As long as the assignee pays for the paper, the assignment is effective; the only relationship the obligor has to the assignee is a routine delivery in exchange for payment. Obligors can consent in the original contract, however, to a subsequent assignment of duties. Here is a clause from the World Team Tennis League contract: “It is mutually agreed that the Club shall have the right to sell, assign, trade and transfer this contract to another Club in the League, and the Player agrees to accept and be bound by such sale, exchange, assignment or transfer and to faithfully perform and carry out his or her obligations under this contract as if it had been entered into by the Player and such other Club.” Consent is not necessary when the contract does not involve a personal relationship.

Assignment of Personal Rights

When it matters to the obligor who receives the benefit of his duty to perform under the contract, then the receipt of the benefit is a personal right The right or duty of a particular person to perform or receive contract duties or benefits; cannot be assigned. that cannot be assigned. For example, a student seeking to earn pocket money during the school year signs up to do research work for a professor she admires and with whom she is friendly. The professor assigns the contract to one of his colleagues with whom the student does not get along. The assignment is ineffective because it matters to the student (the obligor) who the person of the assignee is. An insurance company provides auto insurance covering Mohammed Kareem, a sixty-five-year-old man who drives very carefully. Kareem cannot assign the contract to his seventeen-year-old grandson because it matters to the insurance company who the person of its insured is. Tenants usually cannot assign (sublet) their tenancies without the landlord’s permission because it matters to the landlord who the person of their tenant is. Section 14.4.1 "Nonassignable Rights" , Nassau Hotel Co. v. Barnett & Barse Corp. , is an example of the nonassignability of a personal right.

Assignment Forbidden by Statute or Public Policy

Various federal and state laws prohibit or regulate some contract assignment. The assignment of future wages is regulated by state and federal law to protect people from improvidently denying themselves future income because of immediate present financial difficulties. And even in the absence of statute, public policy might prohibit some assignments.

Contracts That Prohibit Assignment

Assignability of contract rights is useful, and prohibitions against it are not generally favored. Many contracts contain general language that prohibits assignment of rights or of “the contract.” Both the Restatement and UCC Section 2-210(3) declare that in the absence of any contrary circumstances, a provision in the agreement that prohibits assigning “the contract” bars “only the delegation to the assignee of the assignor’s performance.” Restatement (Second) of Contracts, Section 322. In other words, unless the contract specifically prohibits assignment of any of its terms, a party is free to assign anything except his or her own duties.

Even if a contractual provision explicitly prohibits it, a right to damages for breach of the whole contract is assignable under UCC Section 2-210(2) in contracts for goods. Likewise, UCC Section 9-318(4) invalidates any contract provision that prohibits assigning sums already due or to become due. Indeed, in some states, at common law, a clause specifically prohibiting assignment will fail. For example, the buyer and the seller agree to the sale of land and to a provision barring assignment of the rights under the contract. The buyer pays the full price, but the seller refuses to convey. The buyer then assigns to her friend the right to obtain title to the land from the seller. The latter’s objection that the contract precludes such an assignment will fall on deaf ears in some states; the assignment is effective, and the friend may sue for the title.

Future Contracts

The law distinguishes between assigning future rights under an existing contract and assigning rights that will arise from a future contract. Rights contingent on a future event can be assigned in exactly the same manner as existing rights, as long as the contingent rights are already incorporated in a contract. Ben has a long-standing deal with his neighbor, Mrs. Robinson, to keep the latter’s walk clear of snow at twenty dollars a snowfall. Ben is saving his money for a new printer, but when he is eighty dollars shy of the purchase price, he becomes impatient and cajoles a friend into loaning him the balance. In return, Ben assigns his friend the earnings from the next four snowfalls. The assignment is effective. However, a right that will arise from a future contract cannot be the subject of a present assignment.

Partial Assignments

An assignor may assign part of a contractual right, but only if the obligor can perform that part of his contractual obligation separately from the remainder of his obligation. Assignment of part of a payment due is always enforceable. However, if the obligor objects, neither the assignor nor the assignee may sue him unless both are party to the suit. Mrs. Robinson owes Ben one hundred dollars. Ben assigns fifty dollars of that sum to his friend. Mrs. Robinson is perplexed by this assignment and refuses to pay until the situation is explained to her satisfaction. The friend brings suit against Mrs. Robinson. The court cannot hear the case unless Ben is also a party to the suit. This ensures all parties to the dispute are present at once and avoids multiple lawsuits.

Successive Assignments

It may happen that an assignor assigns the same interest twice (see Figure 14.2 "Successive Assignments" ). With certain exceptions, the first assignee takes precedence over any subsequent assignee. One obvious exception is when the first assignment is ineffective or revocable. A subsequent assignment has the effect of revoking a prior assignment that is ineffective or revocable. Another exception: if in good faith the subsequent assignee gives consideration for the assignment and has no knowledge of the prior assignment, he takes precedence whenever he obtains payment from, performance from, or a judgment against the obligor, or whenever he receives some tangible evidence from the assignor that the right has been assigned (e.g., a bank deposit book or an insurance policy).

Some states follow the different English rule: the first assignee to give notice to the obligor has priority, regardless of the order in which the assignments were made. Furthermore, if the assignment falls within the filing requirements of UCC Article 9 (see Chapter 33 "Secured Transactions and Suretyship" ), the first assignee to file will prevail.

Figure 14.2 Successive Assignments

Assignor’s Warranties

An assignor has legal responsibilities in making assignments. He cannot blithely assign the same interests pell-mell and escape liability. Unless the contract explicitly states to the contrary, a person who assigns a right for value makes certain assignor’s warranties Promises, express or implied, made by an assignor to the assignee about the merits of the assignment. to the assignee: that he will not upset the assignment, that he has the right to make it, and that there are no defenses that will defeat it. However, the assignor does not guarantee payment; assignment does not by itself amount to a warranty that the obligor is solvent or will perform as agreed in the original contract. Mrs. Robinson owes Ben fifty dollars. Ben assigns this sum to his friend. Before the friend collects, Ben releases Mrs. Robinson from her obligation. The friend may sue Ben for the fifty dollars. Or again, if Ben represents to his friend that Mrs. Robinson owes him (Ben) fifty dollars and assigns his friend that amount, but in fact Mrs. Robinson does not owe Ben that much, then Ben has breached his assignor’s warranty. The assignor’s warranties may be express or implied.

Key Takeaway

Generally, it is OK for an obligee to assign the right to receive contractual performance from the obligor to a third party. The effect of the assignment is to make the assignee stand in the shoes of the assignor, taking all the latter’s rights and all the defenses against nonperformance that the obligor might raise against the assignor. But the obligor may agree in advance to waive defenses against the assignee, unless such waiver is prohibited by law.

There are some exceptions to the rule that contract rights are assignable. Some, such as personal rights, are not circumstances where the obligor’s duties would materially change, cases where assignability is forbidden by statute or public policy, or, with some limits, cases where the contract itself prohibits assignment. Partial assignments and successive assignments can happen, and rules govern the resolution of problems arising from them.

When the assignor makes the assignment, that person makes certain warranties, express or implied, to the assignee, basically to the effect that the assignment is good and the assignor knows of no reason why the assignee will not get performance from the obligor.

• If Able makes a valid assignment to Baker of his contract to receive monthly rental payments from Tenant, how is Baker’s right different from what Able’s was?
• Able made a valid assignment to Baker of his contract to receive monthly purchase payments from Carr, who bought an automobile from Able. The car had a 180-day warranty, but the car malfunctioned within that time. Able had quit the auto business entirely. May Carr withhold payments from Baker to offset the cost of needed repairs?
• Assume in the case in Exercise 2 that Baker knew Able was selling defective cars just before his (Able’s) withdrawal from the auto business. How, if at all, does that change Baker’s rights?
• Why are leases generally not assignable? Why are insurance contracts not assignable?

What is Giftedness?

The definition & meaning of being gifted.

Children who are gifted are defined as those who demonstrate an advanced ability or potential in one or more specific areas when compared to others of the same age, experience or environment. These gifted individuals excel in their ability to think, reason and judge, making it necessary for them to receive special educational services and support to be able to fully develop their potential and talents.

Gifted children come from all different racial and ethnic backgrounds, as well as economic status. While no two gifted children are the same, many share common gifted characteristics and traits , such as:

• Advanced thinking and comprehension above their age peers
• Emotional intensity at a young age
• Heightened sense of self awareness
• Highly developed curiosity
• Excellent memory

Defining Gifted

There are many definitions of giftedness, none of which are universally agreed upon. Depending on the context, definitions often guide and influence key decisions in schools such as determining the eligibility and criteria for gifted education programs and services, what areas of giftedness will be addressed (e.g., specific abilities in a subject area such as math), and when the services will be offered. As parents of gifted students or professionals who work with gifted children, it is important to understand the different definitions and what they mean in order to provide the appropriate guidance and support needed for social-emotional development.

State Definitions of Giftedness

Gifted definitions with respect to students in schools vary from state to state. Most states will base their definition of giftedness on a comparison to others of the same age or by needs that are not provided by the regular classroom. Some states have certain criteria for gifted identification. In the case of Illinois, for example, gifted students are considered gifted and talented if they score in the top 5% locally in any area of aptitude, specifically in language arts and mathematics. However, not all states require that school districts follow the state definition.

For more information, see a list of state definitions of giftedness provided by NAGC (National Association for Gifted Children).

Federal Definition of Giftedness

According to NAGC’s article on Definitions of Giftedness , “the term gifted and talented means students, children, or youth who give evidence of high achievement capability in such areas as intellectual, creative, artistic, or leadership capacity, or in specific academic fields, and who need services or activities not ordinarily provided by the school in order to fully develop those capabilities.”

What Classifies a Child as Gifted?

At a basic level, children are classified as gifted if they demonstrate a high degree of intellectual ability(ies). Typically, identification can be done through a combination of gifted tests and assessments . Because the federal government does not mandate gifted programs in schools, the criteria for giftedness depends on which state you live in, which school district you are in, etc.

In many cases, tests are used to determine whether a child is gifted or not since performance compared to peers is an important way of gauging a child’s academic abilities. These may include achievement tests such as the ACT or the Woodcock Johnson Tests of Achievement. Assessments by professionals may also be used for gifted identification–they are more costly but much more comprehensive. This method involves determining the child’s strengths, challenges, learning style and educational needs. They often include intelligence quotient (IQ) tests such as the Stanford-Binet or the Wechsler Intelligence Scale for Children (WISC).

What is the IQ of a Gifted Child?

The majority of the population will fall within an IQ of 85 – 115. The mean, or average, IQ is 100. A gifted child’s IQ will fall within these ranges:

• Mildly gifted: 115 to 130
• Moderately gifted: 130 to 145
• Highly gifted: 145 to 160
• Profoundly gifted: 160 or higher

These gifted IQ ranges are based on a standard bell curve. However, different IQ tests may influence this range as some test ceilings cap at 145. Additionally, different gifted professionals have used other terms, such as “exceptionally” gifted. While a universal consensus on these ranges and labels may not be reached, it is understood that students who deviate from the average IQ of 100 require special educational accommodations to meet their needs.

Is Giftedness a Disability?

Giftedness is not considered a disability, although some gifted students may also have learning disabilities such as dyslexia, ADHD, or autism disorder. These students are known as twice-exceptional students (also known as 2e children or students). Identification of these students often requires a professional who is able to assess and identify the two areas of exceptionality which can often mask one another, making identification more difficult. Because of their unique abilities and characteristics, 2e students require a special combination of educational programs and support.

Does Giftedness Go Away?

Giftedness does not go away. However, a gifted child’s gifts and talents may be suppressed or go unnoticed. This may be caused by inaccurate identification or “ masking ” when a child hides behind certain aspects of their giftedness that may cause them not to be identified. Here are some gifted characteristics that can make identification difficult:

Asynchronous Development Asynchronous development refers to uneven development. In the case of gifted children, many perform at a high level in one or more areas but they may be functioning at a much lower level socially and emotionally. Children who are gifted may act immature for their ability.

Lack of Study Skills Gifted children often struggle later in school because they tend to have poor study skills. They may pass through elementary and middle school without having to study much but once they enter high school and college, gifted students may not be equipped to handle the rigors of higher-level course work.

Underachievement Gifted students may show great academic promise but still perform below what is expected based on the child’s ability. There are many causes as to why gifted students may underachieve. Some of the reasons include:

• Special needs or twice exceptionality
• Lack of motivation
• Psychological issues such as perfectionism and anxiety

Intervention is often needed to reverse gifted underachievement. It is important to work with the gifted child to figure out what exactly is causing underachievement. If the child is not being challenged adequately, focus on cultivating the child’s strengths and talents. Counseling services can also be helpful, allowing the child to confide in someone they can trust. Parents must also work with teachers to understand the learning styles and preferences of the gifted learner and challenge them to maximize their potential.

How Do You Support Gifted Children?

Gifted children need support for both academic and social-emotional development. The traditional classroom can be a poor fit if gifted students aren’t challenged appropriately. That’s why it’s important to look to gifted services in your local area. Depending on where you live and which school district you are in, this might include ability grouping, gifted pull-out classes or access to gifted public schools. Outside of school, gifted programs may offer gifted students the chance to further explore a unique subject of interest, or they can provide a place to form social connections with intellectually-similar peers. Check out our article on gifted education for more information on education and support options available.

Resources for Gifted Children

Want to learn more about a gifted topic? Our resource library offers free gifted articles, guides, research and more to help inform and support gifted students and their families. To help you get started, here are some articles you may be interested in:

• Gifted Characteristics & Traits
• Is My Child Gifted?
• Gifted Testing & Assessment
• Twice Exceptional Students: Definition, Characteristics & Identification
• Gifted Education & Support Options

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Assignment definition

What does assignment mean.

An assignment is 'an immediate transfer of an existing proprietary right, vested or contingent from one party to another'. Assignments can occur by consent or by operation of law.

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Definition of assignment

task , duty , job , chore , stint , assignment mean a piece of work to be done.

task implies work imposed by a person in authority or an employer or by circumstance.

duty implies an obligation to perform or responsibility for performance.

job applies to a piece of work voluntarily performed; it may sometimes suggest difficulty or importance.

chore implies a minor routine activity necessary for maintaining a household or farm.

stint implies a carefully allotted or measured quantity of assigned work or service.

assignment implies a definite limited task assigned by one in authority.

Examples of assignment in a Sentence

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'assignment.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

see assign entry 1

14th century, in the meaning defined at sense 1

Phrases Containing assignment

• self - assignment

Dictionary Entries Near assignment

Cite this entry.

“Assignment.” Merriam-Webster.com Dictionary , Merriam-Webster, https://www.merriam-webster.com/dictionary/assignment. Accessed 1 Jul. 2024.

Legal Definition

Legal definition of assignment, more from merriam-webster on assignment.

Nglish: Translation of assignment for Spanish Speakers

Britannica English: Translation of assignment for Arabic Speakers

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Meaning of assignment in English

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• It was a jammy assignment - more of a holiday really.
• He took this award-winning photograph while on assignment in the Middle East .
• His two-year assignment to the Mexico office starts in September .
• She first visited Norway on assignment for the winter Olympics ten years ago.
• He fell in love with the area after being there on assignment for National Geographic in the 1950s.
• act as something
• all work and no play (makes Jack a dull boy) idiom
• be at work idiom
• be in work idiom
• housekeeping
• in the line of duty idiom
• join duty idiom

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assignment | American Dictionary

Assignment | business english, examples of assignment, collocations with assignment.

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a member of the Royal Canadian Mounted Police

Fakes and forgeries (Things that are not what they seem to be)

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Gift vs Assignment - What's the difference?

As nouns the difference between gift and assignment, as a verb gift, derived terms.