Rules Of Gift-giving, Types Of Gifts
A voluntary transfer of property or of a property interest from one individual to another, made gratuitously to the recipient. The individual who makes the gift is known as the donor, and the individual to whom the gift is made is called the donee.
If a gratuitous transfer of property is to be effective at some future date, it constitutes a mere promise to make a gift that is unenforceable due to lack of consideration. A present gift of a future interest is, however, valid.
Bove, Alexander A. 2000. The Complete Book of Wills, Estates, and Trusts. New York: Holt, Henry.
"Landlord's Estate May Include Tenant's Improvements to Lease Property." 2002. Tax Return Preparer's Letter (July).