The Laws Surrounding Gift Giving

The laws surrounding gifts can be tricky. Gift giving is a pretty simple process, you give a gift and someone accepts it. Perhaps you get the gift, or perhaps you revoke the gift and take it back. Either way, it is still pretty simple, but in fact, there are laws relating to gift giving which could hold up in court.

Did you really think there were not rules to gift giving? What century are you living in?
First of all, promising somebody you will buy them a gift is actually meaningless in the legal sense and in no way requires you to buy a gift. Of course, if you promise to buy a gift for someone and do not, then you risk losing a friend as a result, so beware in that sense.

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When you present a gift to someone, acceptance is assumed, unless they actually, physical or vocally, reject it.

The Laws Surrounding Gift Giving

As a result, a gift given and accepted cannot legally be revoked by the giver.

So, if we look at it in legal terms, the gift process means there is intent to give a gift by a donor, the acceptance of the gift by the donee and the delivery of the gift to the donee.

Who knew that gift giving could get so complicated? Well, it does not stop there.

Depending on the cash value of the gift, especially if the gift happens to be cash, the

United States government can actually take a portion of your gift. It is kind of like involuntarily sharing your gift with someone else.

Of course, there are exemptions to the gift tax, first you can transfer up to ,000 per person per year without being subject to the tax, which means an individual can make gifts up to that dollar amount to as many people they wish each year.

Second, there is a credit that essentially negates the tax on gifts until ,000,000 has been given from one person to another.

Also, the gift tax is exempt on gifts to spouses, political organizations and charities.

Now that you know the law concerning giving gifts, be aware of the assumed acceptance, the non-legally binding promise and the prevention of revocation.

Of course, most of us will never have to deal with the legal ramifications of giving gifts since most of us give gifts to those we love and vice versa and you never want the law to intrude on friendship or love.

The Laws Surrounding Gift Giving

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