Legal Dictionary
Main Entry:
giftFunction:
noun 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it;
broadly : a voluntary transfer of property without compensation —see also
DELIVERY —compare
DONATION,
SALE
class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor)
NOTE: A gift “to my children” that does not set out the children's names is a class gift.
com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach
NOTE: Only completed gifts are subject to gift tax.
gift cau·sa mor·tis /-'ko-z&-'mor-tis, -'kau-sä-'mor-tEs/ ;
plural gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's death and that it be revoked in the event of survival —compare
donation inter vivos and
donation mortis causa at
DONATION,
GIFT INTER VIVOS and,
TESTAMENTARY GIFT in this entry
gift in·ter vi·vos /-'in-t&r-'vI-vOs; -'in-ter-'vE-vOs, -'wE-wOs/ ;
plural gifts inter vivos : a gift made during the lifetime of the donor and delivered with the intent of surrendering immediately and irrevocably dominion and control over the property —compare
donation inter vivos at
DONATION,
GIFT CAUSA MORTIS and,
TESTAMENTARY GIFT in this entry
gift over;
plural gifts over : a gift esp. by will of property that takes effect upon the termination or failure of a preceding estate (as a life estate) in the property
manual gift : a gift esp. under the civil law of Louisiana made of a movable corporeal object by actual delivery and involving no formalities
split gift : a gift made by a spouse to a third person that for purposes of gift tax may be considered as given one-half by each spouse to take advantage of tax avoidance devices (as the annual exclusion)
sub·sti·tu·tion·al gift /"s&b-st&-'tü-sh&-n&l-, -'tyü-/ : a gift to a legatee or devisee in substitution for another devisee or legatee who cannot take under the will (as because of death) called also
substitute gift
testamentary gift : a gift that does not become effective until the death of the donor;
specifically : a gift made in a will —compare
GIFT CAUSA MORTIS and,
GIFT INTER VIVOS in this entry
2 : something voluntarily transferred without compensation
3 : a transfer of property for less than adequate consideration other than in the ordinary course of business —used in the law of gift tax
NOTE: The amount by which the value of property so transferred exceeds the consideration paid is included in the total amount of taxable gifts made during a calendar year.
[gift] 
