Is the gift of the coin collection to Charles cast in stone?
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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 process of completing a gift, and how to undo a gift.
Solution Preview
The correct answer to your question (coming from gift tax law) is that this type of gift is what is called an 'uncompleted' gift. True the Greens gave Charles ...
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