A gift can be made during the donor`s lifetime (inter vivos) or by will (will). The two main categories of gifts are live gifts and Causa Mortis gifts. An inter vivos gift is perfected and operates during the lifetime of the donor and recipient and is irrevocable in nature. A causa mortis donation is a gift that is made in anticipation of imminent death. This type of donation comes into effect with the death of the donor of the expected disease or illness and can be revoked until the death of the donor. There is a third category called a testamentary gift, which is made by will. It transfers ownership only after the death of the donor. The difference between a gift causa mortis and a testamentary gift in a will is that a will transfers ownership after the death of the donor, but a gift causa mortis takes effect immediately. In most states, once donated, the recipient becomes the rightful owner of the gift only if the gift is returned if the donor does not actually die. The three essential elements to producing a valid gift are delivery, intention to donate, and acceptance by the recipient. The delivery of a gift is complete when it is addressed directly to the recipient. Delivery may also be made to a third party on behalf of the recipient.
The third person may be the donor`s agent, guarantor or trustee. In the case of a delivery to a third party, the delivery is deemed complete only when that person actually hands over the property to the recipient. The intention must be present at the time of the donation. For example, if a person promises to give a house to an artist “one day,” the promise is unenforceable because there is no intention to make an effective gift at the time of the promise. The mere expectation that one day something will be given is not legally enough to create a gift. As a final note, services are generally not considered goods and therefore cannot be the subject of a gift transfer. Inter vivo Inter vivos donations mean in Latin “between the living” or “from one living person to another”. A gift among the living is a gift that is perfected during the lifetime of the giver and recipient and is irrevocable when it is made.
This is a voluntary transfer of goods at no cost to the recipient in the normal course of the donor`s life. A delivery can be real, implicit or symbolic and requires positive action. For example, A wants to give a cow to his daughter B. The actual delivery takes place when A hires a person to take the cow to B`s farm. A symbolic handover of a car can take place, for example, when the donor hands over the car key to the receiver. Delivery is only completed when the donor relinquishes control of the property. For example, a person who expresses the desire to give one car to another, but the car continues to drive when he wants, has not given up control of the car. Therefore, transfers that do not meet these requirements are not classified as gifts.
For example, the “donor” might not have intended to make the transfer a gift if he or she had demanded payment in return. Therefore, the donor may not be allowed to claim tax exemptions for donations. The term gift refers to a voluntary transfer of personal or personal property to another person, which takes place without any particular reason and without consideration. The person who gives the gift is called the donor and the one who receives the gift is called the recipient. A gift usually consists of affection, respect, charity or similar impulses and not a moral or legal obligation. Donations are tax-exempt and a payment made unconditionally and out of respect or charity or in anticipation of an economic benefit is generally called a gift within the meaning of tax law. A charity usually issues a tax receipt for the amount of the donation and may also provide a tax receipt for in-kind donations. A voluntary transfer of ownership or share of ownership from one person to another granted free of charge to the recipient. The person giving the gift is called the giver, and the person to whom the gift is given is called the recipient.
In addition to gifts among the living and donatio mortis causa, the term “gift” can also be used to refer to the transfer of ownership in the manner of a gift that uses various instruments to realize it. Not all transfers of ownership are considered gifts. The term “gift” has a legal meaning and only transfers that meet all the evidence are classified as gifts. While laws may vary by region, the evidence for a gift in general is: you probably shouldn`t allow everything discussed above to worry you about the gifts you`re giving this year – there`s no need for you to add names or scratches from the names of gift labels you`ve already written. The legal effects of the gift usually only come into play with particularly valuable gifts, whether in the monetary or sentimental sense, where there is sufficient motivation to discuss the validity of the gift or by or to whom it was given. So if you do not give a gift of such gravitas, you can calm your mind and now treat yourself to a Merry Christmas. The second condition is that the recipient accepts the gift offered to him; The receiver must accept the transfer of ownership that the donor has made in his or her favour.  In general, such an assumption is presumed as soon as the third condition is met, that is, the transfer of the property that is the subject of the transfer by the donor to the receiver.  Acceptance The last requirement for a valid donation is acceptance, which means that the recipient unconditionally accepts the gift. It is necessary for the recipient to accept the delivery at the same time.
However, the gift can be revoked at any time before acceptance. The recipient must accept the gift so that the transfer of ownership can take place. However, since people usually accept gifts, acceptance is assumed as long as the recipient does not explicitly reject the gift. A rejection of the gift destroys the gift, so a recipient cannot relaunch a gift once rejected by accepting it later. For such acceptance to be effective, the donor would have to renew the offer of the donation. But it is clear, I think, that it must be a “gift”, that the transferred asset was transferred voluntarily and not on the basis of a contractual obligation to transfer, and that the transferor did not receive any benefit of a material nature through the return.  n. the voluntary transfer of property (including money) to another person who is completely exempt from payments or conditions while the donor and recipient are still alive. Large donations are subject to federal gift tax and, in some states, a state gift tax. (See: Gift Tax, Uniform Inheritance and Gift Tax) The donor must intend to transfer ownership of himself to the recipient.
The intention to transfer mere ownership of the property is not enough. The donor must intend to transfer the property. (The intention to transfer ownership creates a repository, which we will discuss later in the chapter.) In addition, to be valid, a donation must be unconditional. Most gifts have no “conditions” and could fail as a gift if conditions were appropriate, as one or both elements of the donation intent and delivery would be incomplete. However, some gifts may be conditional. The classic example is an engagement ring, which is a gift given in contemplation of marriage. If the condition of marriage is not met, the ring must be returned to the donor. Interestingly, because there is rarely an explicit deadline to fulfill the condition (imagine someone getting on their knees, presenting an engagement ring and saying, “Are you going to marry me on or before the first anniversary of today`s date?”), it is believed that a reasonable period of time is imposed, and it is generally assumed that it has passed, if the engaged couple is in court about it.
Sometimes, when you give what you intend to be a gift, but impose conditions that are incompatible with a valid gift, you may actually have a contract with your intended recipient, so not all is necessarily lost. A gift among living people is different from a sale, loan or barter because something is given in exchange for the profit in each of these transfers. Whether the declared value is a cash prize, a percentage of interest or an equivalent good or a promise of repayment, the exchange element makes these transfers something other than a gift.