Definition - What does Gift mean?
The term gift, in the context of estate law, refers to a voluntary transfer of assets including property, money or any other item without asking for any form of payment. In order for an item to be treated as gift, it is necessary for the both recipient and giver to be alive at the time of the transfer.
Justipedia explains Gift
A gift is simply an item given without expectation of any return. The item being given as a gift should not be owned by the recipient. Gifts are usually tax free but in some states, certain large gifts are subject to state gift tax.