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First, we interpret our findings that <jats:italic>inter vivos<\/jats:italic> transfers from parents to children are gifts, rather than temporary help to overcome liquidity constraints. Second, <jats:italic>inter vivos<\/jats:italic> gifts are compensatory in the sense that lifetime poorer children will receive higher transfers than their lifetime richer siblings. Third, <jats:italic>inter vivos<\/jats:italic> gifts do not, however, make up the entire difference in lifetime incomes. 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