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A gift is generally deﬁned as the voluntary transfer of property (including money) to another person completely free of payment or strings while both the giver (donor) and the recipient (donee) are still alive. Such lifetime gifts are treated differently from a gift made in a will, which is properly known as a bequest. To be a true, completed gift, there are three basic requirements: (1) the donor must intend to make a gift; (2) the donor must deliver the gift; and (3) the donee must accept the gift.
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O'Rourke, Melissa, "Federal Gift Taxes" (2014). Ag Decision Maker Information Files. 3.