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What is a deed of gift

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Title: "How to Gift Land to a Family Member in Texas: A Texan Treasure Hunt!" Introduction: Howdy, fellow land enthusiasts! If you're reading this, you must be one generous soul planning to gift a piece of good ol' Texas to a lucky family member. Well, you've come to the right place! In this delightful guide, we'll show you how to gift land to a family member in the Lone Star State, all while having a blast. So, grab your cowboy hat, saddle up, and let's embark on this Texan treasure hunt together! 1. Saddle Up Your Legal Documentation: To kickstart your land-gifting extravaganza, you'll need to lasso and wrangle some legal paperwork. Reach out to a knowledgeable attorney or a real estate professional who can guide you through the process. They'll ensure that you have all the necessary documents, including a deed, survey reports, and any other legal requirements specific to Texas. Remember, crossing your T's and dotting your I's will make this adventure smoother than a wild Texas breeze. 2. Yeehaw, It's Time for Appraisals: Before you corral your dream land, it's essential to have it properly appraised. Hire a certified

What is a deed of gift of property

Testimonial 1: Name: Emily Johnson Age: 32 City: New York City I can't even express how grateful I am for stumbling upon this incredible resource on "what is a deed of gift of property"! As a first-time homeowner, I was completely clueless about all the legalities involved in transferring property ownership. Thankfully, this website provided me with all the information I needed in a fun and easy-to-understand way. The clear explanations and examples gave me the confidence to go ahead with the deed of gift process smoothly. Kudos to the creators for simplifying such a complex topic! Testimonial 2: Name: Mike Thompson Age: 45 City: Los Angeles Wow, oh wow! The "what is a deed of gift of property" search led me straight to this amazing website that turned my confusion into clarity. I was in awe of how well-organized and user-friendly the content was. The step-by-step guide they provided made it a breeze for me to understand the whole process. I felt like they were holding my hand throughout the entire journey. Trust me, if you want to gift a property and have no idea where to start, this website is an absolute gem. Thank you for saving me from a

How does a gift deed work

Title: How Does a Gift Deed Work? A Guide to Gifting Property in the US Meta-description: Discover the ins and outs of gift deeds in the US, including the process, legal considerations, and frequently asked questions. Introduction Have you ever wondered how to transfer property ownership as a gift? In the United States, one common method is through a gift deed. Whether you're considering giving property to a family member, friend, or charity, understanding how a gift deed works is crucial. This article will guide you through the process, legalities, and common questions related to gift deeds. Understanding Gift Deeds A gift deed is a legal document used to transfer ownership of real estate from one party (the donor) to another (the recipient) without any monetary exchange. It is a voluntary action that requires no consideration or payment. Gift deeds are often utilized for various reasons, including estate planning, tax benefits, or simply as a gesture of generosity. The Process of Creating a Gift Deed To initiate a gift deed, the donor must follow a specific process, which typically includes the following steps: 1. Consultation with an Attorney: Seek legal advice from a qualified attorney who specializes in real estate transactions. They will help ensure all legal requirements are met,

What is a gift deed in real estate

Title: Understanding a Gift Deed in Real Estate: A Comprehensive Guide in the US Meta Tag Description: Discover the intricacies of a gift deed in real estate in the US. This expertly crafted, informative guide provides an easy-to-understand explanation of the concept, its significance, and its potential implications. Introduction: In the realm of real estate transactions, a gift deed holds a unique place. It is a legal instrument that facilitates the transfer of ownership of a property without the need for monetary exchange. This comprehensive guide aims to shed light on what a gift deed entails, its significance in the US real estate market, and the potential implications it may have. Understanding a Gift Deed: A gift deed is a legal document that transfers the ownership of a property from one party (the donor) to another (the donee) without any consideration or payment involved. It is a voluntary act of generosity that can be executed during the donor's lifetime or as part of an estate plan. The deed must meet several legal requirements to be valid, including being in writing, signed by the donor, and properly recorded. Key Elements of a Gift Deed: 1. Intent: A gift deed must clearly express the donor's intention to transfer the property as a gift to the donee

What is a gift deed in texas?

Title: Understanding the Benefits and Uses of a Gift Deed in Texas Introduction: If you're searching for information on "what is a gift deed in Texas," you're likely interested in understanding the concept, benefits, and conditions for its use. This brief review aims to provide a simple and easy-to-understand explanation, highlighting the positive aspects, benefits, and suitable conditions for utilizing a gift deed in Texas. I. What is a Gift Deed in Texas? A gift deed is a legal document used to transfer ownership of real estate from one party (the donor) to another (the donee) without any exchange of money. It is a voluntary act of giving property as a gift, demonstrating the donor's intention to transfer the property's ownership rights to the donee. Positive Aspects and Benefits: 1. Simplicity: A gift deed is relatively straightforward, ensuring a hassle-free transfer of property ownership between parties involved. 2. Cost Effective: As no monetary consideration is involved, a gift deed eliminates the need for financial transactions, reducing associated costs such as taxes, loan fees, or commissions. 3. Tax Advantages: Gift deeds can provide tax benefits to both the donor and the donee. In Texas, there is no state gift tax, and the

What is gift deed of property

Testimonial 1: Name: Sarah Thompson Age: 35 City: New York "Wow, I cannot express how grateful I am for stumbling upon the information about the gift deed of property! Being a first-time homeowner, I was clueless about the legalities involved in transferring ownership. Thanks to this incredible resource, I now understand the process and feel confident in making informed decisions. The explanations were clear, concise, and written in a light-hearted manner that made learning so much more enjoyable. I can't recommend it enough to anyone who wants to delve into the fascinating world of property ownership!" Testimonial 2: Name: John Davis Age: 42 City: Los Angeles "As a real estate investor, I'm always on the lookout for reliable sources to expand my knowledge. The 'what is gift deed of property' guide exceeded my expectations! The way it breaks down complex legal jargon into simple terms is commendable. Not only did it provide me with a thorough understanding of gift deeds, but it also offered valuable insights on the benefits and considerations involved. Kudos to the creators for delivering such an amazing resource. I feel empowered and ready to explore new avenues in property transactions!" Testimonial 3: Name: Emily Johnson Age:

Gift deed legal in which states

Title: Exploring the Benefits and Conditions of Gift Deed Legal in Different US States Introduction: When searching for the keyword "gift deed legal in which states," individuals are likely seeking information about the legal aspects and benefits of executing a gift deed in various regions across the United States. This brief review aims to provide a simple and easy-to-understand overview, highlighting the positive aspects, benefits, and conditions associated with gift deed legality in different states. Benefits of Gift Deed Legal in Which States: 1. No Consideration Required: - In states where gift deeds are legally recognized, they allow property owners to transfer ownership without any monetary consideration. This can be particularly advantageous for gifting property to family members or loved ones. 2. Avoidance of Probate: - By using a gift deed, property owners can potentially avoid probate, the legal process through which assets are distributed after a person's passing. This can save time, money, and effort for both the grantor and the beneficiaries. 3. Tax Advantages: - Gift deeds can have significant tax benefits. In many states, the value of the gifted property is excluded from the grantor's estate for estate tax purposes. Additionally, the recipient (grantee) may also benefit from lower property tax

Frequently Asked Questions

What form is needed to convey and transfer gift ownership to property in texas?

Hey there, fellow Texans and property enthusiasts! Are you wondering about the magical form that can help you convey and transfer gift ownership to property in the Lone Star State? Well, you've come to the right place! In this blog post, we'll explore the exciting world of property ownership transfers and the form you need to make it happen. So, let's get this show on the road! Now, picture this: you've decided to gift your beloved property to someone special, be it a family member, a close friend, or even your favorite charity. It's a gesture filled with love and generosity, and you want to ensure the process is smooth and hassle-free. That's where the all-important question arises: "What form is needed to convey and transfer gift ownership to property in Texas?" Drumroll, please... The answer lies in the wonderful world of legal documents! The form you'll need is called a "Gift Deed". This magical piece of paper is like a treasure map that guides your property from one owner to another with a sprinkle of gift-giving charm. But hold your horses, my friend! Before you embark on this thrilling journey, it's essential to understand the ins and outs of a Gift Deed. This document acts as tangible proof that

What was the purpose of the deed of gift?

The deed of gift is a formal and legal agreement between the donor and the repository that transfers ownership of and legal rights to the donated materials. A legal agreement is in the best interest of both donor and repository.

Do you have to pay taxes on a gift deed in Texas?

However, Texas does not impose a gift tax on transfers of real estate between family members nor is there a capital gains tax in Texas, so you may only be liable for federal taxes. When transferring a house after death through a will or trust, estate taxes may come into play.

What are the pros and cons of gift deed over will?

Advantages and disadvantages of a gift deed versus a will It is carried out during the donor's lifetime and the transfer occurs immediately, whereas "will" is only relevant after death. 2. A gift deed must be registered before it becomes effective. Registration makes it less likely to be sued.

How do I transfer ownership of a house to a family member in Texas?

Hear this out loudPauseYour signed and notarized Warranty Deed needs to be filed in the property records in the county clerk's office of the county in which the property is located. The county clerk will charge a recording fee of about $30 to $40, depending on the county. The fee should be paid by a cashier's check or money order.

Can my parents just give me their house?

Hear this out loudPauseYour parents can give their house to you if they have complete ownership. They can transfer ownership to you as a gift, where they receive no compensation in return.

How do you receive a house as a gift in Texas?

Hear this out loudPauseA gift deed must be (1) in writing, (2) signed, (3) describe the property, and (4) delivered. TPC §5.021. Texas further requires the document set forth (1) the intent of the grantor, (2) the delivery of the property to the grantee, and (3) the gift to be accepted by the grantee.

How do I transfer property to a family member tax free in Texas?

Hear this out loudPauseAll transfers of real estate in Texas are either in exchange for something, such as money or services, or for no money or services, which is a Gift Deed. Using this deed to transfer real estate property is the same as any other deed, except there is no money or services given for the transfer. The property is free.

How do you show a gift deed?

Both parties should mention all relevant information like address, name, date of birth and signature. A gift deed should have two witnesses and their signatures. A gift deed should be printed on stamp paper once the amount is paid. Once that is done, it should be registered at the registrar's or sub-registrar's office.

How do I fill out a gift deed in Texas?

The Texas Gift Deed requirements are similar to the requirements of most deeds.
  1. The Gift Deed needs to be in writing.
  2. It must include the full name of the current owner and the full name, mailing address and vesting of the new owner.
  3. The property needs to be properly described.

What is the consideration language in a gift deed?

In the Gift Deed, it should be specified that there is no money exchange or any other kind of consideration involved, and the transfer is made out of love and affection. If it is important to how small the consideration is, it will not be treated as a gift.

How do I gift a house to a family member in Texas?

A gift deed must be (1) in writing, (2) signed, (3) describe the property, and (4) delivered. TPC §5.021. Texas further requires the document set forth (1) the intent of the grantor, (2) the delivery of the property to the grantee, and (3) the gift to be accepted by the grantee.

What are the rules for gift deeds in Texas?

These deeds need to be in writing and signed by the person giving the property in front of any notary. Once it has been properly prepared and signed, the deed needs to be filed with the county clerk for the county in which the property is located. The county will charge a filing fee of about $30 to $40.

What are the requirements for a deed of gift in Virginia?

A deed of gift must be signed by all parties, notarized by a Virginia notary, and witnessed by two or more parties who have no ownership interest in the property.

Who can prepare a deed in Virginia?

Attorney All deeds must be prepared by the owner of the property or by an attorney licensed to practice in Virginia.

What is the purpose of a deed of gift?

A deed of gift is a signed legal document that voluntarily and without recompense transfers ownership of real, personal, or intellectual property – such as a gift of materials – from one person or institution to another. It should include any possible conditions specifying access, use, preservation, etc.

What are the requirements for a gift deed in Texas?

According to Texas Property Code § 5.021, a deed must be in writing, it must be signed by the grantor, it must include a legal description of the property, and it must be delivered, at which point the title immediately passes from the grantor to the grantee.

How much does a gift deed cost in Texas?

General Warranty Gift Deed in Texas Once it has been properly prepared and signed, the deed needs to be filed with the county clerk for the county in which the property is located. The county will charge a filing fee of about $30 to $40.

Can you gift a house in TN?

There is Currently No Tennessee Gift Tax The Tennessee gift tax was repealed in 2012. While every U.S. citizen is subject to the same Federal gift tax rules, the tax laws of the various states do differ. If you gift a property or asset in another state ensure that you are aware of that state's tax policies.

FAQ

Do you need a lawyer to transfer a deed in Texas?
Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
Do you have to pay taxes on a deed of gift in Virginia?
Deeds of gift are exempt from recordation taxes under Va. Code 58.1-811(D).
How do I avoid gift tax?
6 Tips to Avoid Paying Tax on Gifts
  1. Respect the annual gift tax limit.
  2. Take advantage of the lifetime gift tax exclusion.
  3. Spread a gift out between years.
  4. Leverage marriage in giving gifts.
  5. Provide a gift directly for medical expenses.
  6. Provide a gift directly for education expenses.
  7. Consider gifting appreciated assets.
How to transfer a property deed to a family member in Texas?
Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
What is a gift deed for property in Texas?
Gift deeds are one option in Texas for transferring real property to someone who is not included on the original deed. They can be either a special warranty deed or a general warranty deed. The gift deed transfers property ownership as a gift. The person making the gift, the grantor, wants nothing in return.
Is it better to gift or inherit property?
🔑The key issue is that a gifted house attracts a carryover basis from the previous owner, while an inherited house comes with a stepped-up basis equal to the house's fair market value at the time of the donor's death.
What is the gift tax in Texas?
Texas also has no gift tax, meaning the only gift tax you have to worry about is the federal gift tax. The gift tax exemption for 2022 is $16,000 per year per recipient, increasing to $17,000 in 2023.
What are the tax implications of gifting a property in Texas?
However, Texas does not impose a gift tax on transfers of real estate between family members nor is there a capital gains tax in Texas, so you may only be liable for federal taxes. When transferring a house after death through a will or trust, estate taxes may come into play.
How do I transfer a property title to a family member in Texas?
Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
How much can you gift someone in Texas without paying taxes?
The gift tax exemption for 2022 is $16,000 per year per recipient, increasing to $17,000 in 2023. Gifting more than that to any individual person in a single year means that the amount over the limit counts against your lifetime exemption of $12.92 million.
What is the most common way to transfer ownership?
General warranty deed The most common way to transfer property is through a general warranty deed (sometimes called a "grant deed"). A general warranty deed guarantees good title from the beginning of time. A special warranty deed only guarantees good title during the seller's time of ownership.
How can my parents give me their house?
The most common way to transfer house ownership is through a quitclaim, gift, or beneficiary deed. However, you and your parents can also consider creating a trust or power of attorney as alternatives.
How do I avoid gift tax in Texas?
Texas also has no gift tax, meaning the only gift tax you have to worry about is the federal gift tax. The gift tax exemption for 2022 is $16,000 per year per recipient, increasing to $17,000 in 2023.
What is consideration on a gift deed in Texas?
Gift deeds were created so someone can give real estate or property to someone else. This makes the transfer valid and legal without consideration of money given in exchange for the property.
How do I transfer property to a family member quickly and effectively in Texas?
Good to know: To be valid and enforceable, the transfer must be in writing and signed by the owner. The document should be filed with the County Clerk for the County in which the property is located. For example, you cannot simply say that your grandfather said he wanted you to have the property.
What type of deed is typically used when a property is being gifted to another party?
A grantor may make a gift of property to the grantee, and use a grant deed form or a quitclaim deed form for the purpose. Grantor may, but need not, say in the deed that grantor makes the transfer because of love and affection for the grantee.
Can my mom sell me her house for $1?
Yes, your parents can legally sell you their house for $1. The significance of that $1, however, is mostly symbolic.
What does gift deed mean
A gift deed is a legal paper that transfers the right of property, asset, or funds from one individual to another without exchanging consideration or money.
What are three requirements of a completed gift?
In addition to being irrevocable, there are three additional elements that a gift must meet in order to be valid:
  • The donor must intend to make a present gift of the property;
  • The donor must actually deliver the property to the donee.
  • The donee must accept the gift.

What is a deed of gift

Does a gift become your property? A gift, if valid, is a legally enforceable transfer under general contract law. That means, if a gift meets all of the legal elements of a valid gift, then the gift is enforceable and cannot generally be rescinded and revoked.
What is a gift of real property called? Traditionally, a gift of real property in a will is known as a device. Traditionally, a gift of money in a will is known as a legacy. Traditionally, a gift of personal property other than money in a will is known as a bequest.
What is the person who uses a deed to give property to another person called? GRANTEE. A person who acquires an interest in land by deed, grant or other written instrument. GRANTOR. A person, who, by written instrument, transfers to another an interest in land.
How do I get a gift deed in Texas? These deeds need to be in writing and signed by the person giving the property in front of any notary. Once it has been properly prepared and signed, the deed needs to be filed with the county clerk for the county in which the property is located. The county will charge a filing fee of about $30 to $40.
How do I find my property deed in Texas? Once a deed has been recorded by the County Clerk's Office, copies of the deed may be requested if the original deed has been misplaced. Plain copies can be found by using the Official Public Records Search and selecting "Land Records".
Is a gift deed the same as a warranty deed in Texas? Generally, in an unambiguous deed, parol evidence cannot be used to ascertain the intent of the parties, so a warranty deed will be held to be a purchase and not a gift, and gift deed will be a gift. Parol evidence will not be received to contradict the instrument.
What is the difference between a grant deed and a gift deed? Gift Deed – A gift deed is a special type of grant deed that “gifts” ownership of real property interest to another person or entity. This deed is different from a standard grant deed because it specifically designates that the transfer was not subject to a sale, and the grantor received no monetary compensation.
Who is responsible for recording a deed in Texas? The County Clerk In Texas, you record your deed with the County Clerk in the county where the property exists. If the property is in more than one county, record it in each. It is important to record your deed. In Texas, the property is legally transferred when the grantee accepts the signed deed.
How do gift deeds work Gift deeds are often employed to transfer ownership of real estate, but they are also used to give away money, securities, or personal property. In addition, 
Can you gift a house to someone in Texas? A gift deed must be (1) in writing, (2) signed, (3) describe the property, and (4) delivered. TPC §5.021. Texas further requires the document set forth (1) the intent of the grantor, (2) the delivery of the property to the grantee, and (3) the gift to be accepted by the grantee.
How to transfer ownership of a house to a family member in Texas? Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
Why is a deed of gift important? The deed of gift confirms a legal relationship between the donor and repository that is based on a clearly articulated and common understanding.
How do I gift land to a family member in Virginia? In Virginia, gifting a home involves transferring ownership of the property from the current owner (the parent) to their child or children as a gift. This transfer can be made during the parent's lifetime or after their death. Gifting a home can be done through a quitclaim deed or other legal instrument.
What is the difference between a gift deed and a warranty deed in Texas? Gift Deed or Warranty Deed? Words Have Consequences. Generally, in an unambiguous deed, parol evidence cannot be used to ascertain the intent of the parties, so a warranty deed will be held to be a purchase and not a gift, and gift deed will be a gift. Parol evidence will not be received to contradict the instrument.
Can you gift property to family in Texas? You can give Texas real estate to anyone, or to any entity, including a church or charity.
What form do I need to transfer property in Texas? If you sell your property, you will need a deed to transfer the property to the buyer. The most commonly used deed is a Warranty Deed. There are two types of Warranty Deeds – General Warranty Deed and Special Warranty Deed. Do not use a Quitclaim Deed in Texas.
What is a gift of deed Gift Deeds are used to transfer ownership of property without receiving anything in exchange for the transfer. It is simply a gift. All transfers of real estate 
How much does it cost to transfer a deed in Texas? How much does it cost to transfer a house title in Texas? All property deeds – $195 Any Property Deed needed to transfer real estate in Texas. Prepared by an attorney licensed in the state of Texas. Please contact your local County Clerk's office for more information.
  • How do I transfer a deed to a family member in Texas?
    • When a property owner wants to transfer property title to any family member, such as a parent, child, brother, sister, aunt, uncle, niece, nephew, or spouse, the property owner simply needs to sign a Warranty Deed to transfer the property. You cannot simply scratch out a name on a prior deed and write in the new name.
  • What is a warranty gift deed on a home
    • May 17, 2022 — They can be either a special warranty deed or a general warranty deed. The gift deed transfers property ownership as a gift. The person 
  • How to do gift deed in Texas?
    • According to Texas Property Code § 5.021, a deed must be in writing, it must be signed by the grantor, it must include a legal description of the property, and it must be delivered, at which point the title immediately passes from the grantor to the grantee.
  • How do I fill out a Gift Deed in Texas?
    • The Texas Gift Deed requirements are similar to the requirements of most deeds.
      1. The Gift Deed needs to be in writing.
      2. It must include the full name of the current owner and the full name, mailing address and vesting of the new owner.
      3. The property needs to be properly described.
  • Do you pay taxes on Gift Deed in Texas?
    • However, Texas does not impose a gift tax on transfers of real estate between family members nor is there a capital gains tax in Texas, so you may only be liable for federal taxes. When transferring a house after death through a will or trust, estate taxes may come into play.
  • How much does it cost to transfer deed of a house in Texas?
    • How much does it cost to transfer a house title in Texas? All property deeds – $195 Any Property Deed needed to transfer real estate in Texas. Prepared by an attorney licensed in the state of Texas. Please contact your local County Clerk's office for more information.
  • What is a deed of gift
    • A deed of gift, or a gift deed, is a legal document that transfers a title to real property from one party (the grantor/donor) to another (the grantee/donee).
  • What is deed of gift
    • The deed of gift is a formal and legal agreement between the donor and the repository that transfers ownership of and legal rights to the donated materials. A 
  • Can a gift deed be revoked in Texas?
    • Good to know: Beware that a Gift Deed cannot be revoked. Once the property is given away, you cannot get it back unless the person who received it transfers it back.
  • Can you avoid capital gains by gifting?
    • If you gift cash, generally there are no income tax consequences for the recipient, though there could be gift and estate tax implications to the donor. But if you give appreciated securities, the capital gains taxes can be significant. Also, note that the tax treatment varies widely depending on the recipient.
  • How do I gift land to someone in Texas?
    • The Gift Deed needs to be in writing. It must include the full name of the current owner and the full name, mailing address and vesting of the new owner. The property needs to be properly described.
  • How do I transfer a land title to a family member in Texas?
    • Transfers of real property must be in writing and notarized. Deeds should be recorded in the county where the property is located. To ensure a legal change to the property title, you'll want the services of an attorney. A qualified attorney will prepare and file the real estate transfer deed.
  • What is consideration on a Gift Deed in Texas?
    • Gift deeds were created so someone can give real estate or property to someone else. This makes the transfer valid and legal without consideration of money given in exchange for the property.
  • How much is property gift tax in Texas?
    • Texas has neither an estate – a tax paid by the estate, nor an inheritance tax – a tax paid by a recipient of a gift from an estate also known as death taxes. Texas also does not have a gift tax at the state level, so residents only need to concern themselves with federal-level gift taxes and exemptions.
  • What are the elements of a gift in Texas?
    • TPC §5.021. Texas further requires the document set forth (1) the intent of the grantor, (2) the delivery of the property to the grantee, and (3) the gift to be accepted by the grantee. The one claiming the gift bears the burden of establishing each of the elements.
  • What are the requirements for a valid deed in Texas?
    • A valid deed in Texas must name the parties involved (grantor and grantee), their intent to convey property, sufficiently describe the property to be conveyed, and the deed must be signed and delivered by the grantor.
  • What makes a deed void in Texas?
    • These two classes of “Dirty” deeds are treated differently — and with differing criteria for setting them aside — based upon whether they are categorized as “forged” or “fraudulent.” Under Texas law, a forged deed is void. However, a deed procured by fraud is voidable rather than void.
  • What are the three 3 elements required for a valid gift?
    • Three elements must be met for a gift to be legally valid:
      • Intent to give (the donor's intent to make a gift to the recipient),
      • Delivery of the gift to the recipient,
      • And acceptance of the gift.