Gift means:
the voluntary transfer of property made without financial consideration; that is, no value is received in return. Each donor may give $10,000 annually to each donee without affecting the $600,000 lifetime exemption of property passing from an estate. Married persons may […]
Gift Tax means:
a graduated excise tax levied on the donor of a gift by the federal government and most state governments when assets are passed from one person to another. To prevent people from avoiding the estate tax by giving their property away, the law includes a gift tax. A […]
Gift Deed means:
a deed for which the consideration is love and affection, and no material consideration is involved. A gift deed may be subject to the federal gift tax….
Gift In Contemplation of Death means:
a gift made within 3 years before the date of a decedent's death. The amount of gift tax paid on such gifts is added to the fair market value of the decedent's gross estate. Former IRC (check if this …
Gift Spotting means:
a misnomer inasmuch as gift splitting is a process whereby a husband and wife may combine their annual gift tax exclusions and unified estate and gift tax credits. For example, a husband and wife may consent to jointly give a child $20,000 annually by combining their individu…
Gift Inter Vivos means:
a transfer of property to a donee during the life of the donor, for no consideration. The donor thus divests him or herself of control or dominion over the subject of the gift.
GIFT INTER VIVOS – A gratuit…
Gift Causa Mortis means:
a transfer of property by a person who faces impending death. The donee thereby becomes the owner of the property, but on condition that the gift is revoked if the donor does not die. A gift causa mortis is considered a gift in contemplation of death and included in the g…
Gift Tax Exclusion means:
an annual exclusion of $10,000 per donee allowed for present- interest gifts; also called annual exclusion….