HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
completed gift
Read a random definition: bill of Middlesex
A quick definition of completed gift:
A completed gift is when someone gives something to another person without expecting anything in return. It's like giving a present to a friend just because you want to make them happy. Once the gift is given, the giver no longer has control over it. This type of gift can be taxed, but only if it's worth a lot of money.A more thorough explanation:
A completed gift is a voluntary transfer of property from one person to another without compensation, where the gift is no longer in the donor's possession and control. This type of gift is taxable under the gift tax.
For example, if a father gives his son a car as a gift and the son takes possession of the car, it is considered a completed gift. The father no longer has control over the car and it is now the son's property.
Another example of a completed gift is when a person donates their organs for transplant or medical research after their death. This is known as an anatomical gift and is governed by the Uniform Anatomical Gift Act.
It is important to note that a completed gift is different from a gift causa mortis, which is a gift made in contemplation of the donor's imminent death.