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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.

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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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