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Gift
For gift tax purposes - property or property rights or interests gratuitously passed or transferred for less than an adequate and full consideration in money or money's worth (except for bona fide sales) to another, in trust or otherwise, directly or indirectly
Donor
The person who makes a gift. Also, the person who grants a power of appointment to another.
Donee
The recipient of a gift. The term also refers to the recipient of a power of appointment.
Disclaimer
A complete and unqualified refusal to accept property or an interest to which one is entitled. It must be made in a timely manner and without consideration or without directions as to what happens to such disclaimed property. The terms disclaimer and renunciation are synonymous.
Ordinary Business Transaction
A sale, exchange, or other transfer of property - a transaction that is bona fide, at arm's length, and free from donative intent - made in the ordinary course of business.
Bad bargain
Nongratuitous transfer for less than adequate money's worth
Completed Transfer
A gift thst is beyond the donor's recall
Gift Causa Mortis
A gift that is conditional upon the donor's dying
Totten Trust
A revocable transfer in which a donor makes a deposit in a bank savings account for a donee. The donor acts as trustee of the account and no gift occurs until the donee makes a withdrawal.
Pay on Death (POD) account
A nonprobate arrangement in which a savings or bank account is controlled by the contributor (depositor) during the lifetime but any deposits remaining at death pass to a surviving party
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