Library

Federal Gift Taxes

Melissa O'Rourke (March, 2014)

Summary

A gift is generally defined as the voluntary transfer of property to another person completely free of payment or strings while both the giver and the recipient are still alive. Such lifetime gifts are treated differently from a gift made in a will, which is properly known as a bequest. To be a true, completed gift, there are three basic requirements: (1) The donor must intend to make a gift; (2) the donor must deliver the gift; and (3) the donee must accept the gift.