Which life events are associated with giving and receiving inter-vivos wealth transfers?

Abstract We quantify which life events are related to inter-vivos wealth transfers by combining rich data on the giving and receiving of transfers with both objective measurement of contemporaneous life transitions and subjective reports of the use of transfers. Receiving substantial intergenerational transfers is strongly associated with consumption and investment choices that have an up-front financial cost, like moving into homeownership, but only weakly associated with potentially adverse events like a decline in income. Shocks and resolutions of uncertainty, including receiving an inheritance and being widowed, are strongly associated with giving transfers. Women are substantially more likely to make a transfer on being widowed than are men. Intra-family loans play a distinct role, being more connected to adverse events including declines in the health of the receiver.