A donee is a person or entity who receives a gift, trust, power, right, or interest without the need to provide consideration in return.
Gift causa mortis is a transfer of property made by a person facing impending death to a donee, which becomes effective upon the donor's death but can be revoked if the donor survives.
A gift deed is a legal document used to voluntarily transfer ownership of property from one person (the donor) to another (the donee) out of love and affection, without any material consideration involved.
A gift inter vivos refers to the transfer of property from a donor to a donee during the donor's lifetime, made without any consideration or compensation. The donor thereby relinquishes all control or ownership over the gifted property.
Gift Tax Exclusion allows taxpayers to give away a certain amount of money or property without having to pay federal gift tax on the transfer. The annual exclusion amount was $13,000 per donee in 2011, indexed for inflation.
