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Can I retain some rights associated with the assets I give away ? Can I reserve a right of reclaim ?

You can assert a right to lifetime use and enjoyment (usufruct) of the property you donate and, despite the donation, you may continue to occupy the building donated or may continue to collect rent or collect the income from a portfolio of securities that you have donated. If the gift is in cash, you can reserve a right of quasi-usufruct, i.e. you are able to dispose of the funds while the donee (recipient) maintains a claim over your estate.

It is also possible to assert a right of reclaim, so that if the donee dies before you, the property you have gifted is returned to your estate and will not be part of his/her estate.