Definition from Nolo’s Plain-English Law Dictionary
Any control over property. If you give away property but keep an incident of ownership -- for example, you give away an apartment building but retain the right to receive rent -- then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm