Possession of Property: completion of gift
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By way of a letter to their nephew Charles, the Greens gave Charles a coin collection valued at $5,000. The Greens still have possession of the collection, as it is displayed in their library. Is it a gift to their nephew or can they change their mind and give it to the local coin collector's club upon their deaths?
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Solution Summary
The solution explains the concepts of complete and uncompleted gifts, and describes a procedure to insure the intention of the donors.
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Although I am not an attorney, I believe the correct answer to your question (coming from gift tax law which we use in accounting practice) is that this type of gift is what is ...
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