A donor is a person who voluntarily gives or transfers something of value, such as money, property, or assets, without expecting anything in return. This act of giving is often done to benefit another person or organization, referred to as the donee. In legal terms, a donor may also create a power of appointment, which allows the donee to decide how the donated asset will be used or distributed.
The term "donor" is commonly used in various legal contexts, including charitable donations, estate planning, and trust law. In these areas, donors may engage in legal processes to ensure their gifts are made according to their wishes. For instance, a donor might use legal forms to draft a will or a trust that specifies how their assets should be distributed after their death. Users can find templates for these documents through resources like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A person donates $5,000 to a local charity to support its community programs. This donation is made without any expectation of receiving something in return.
Example 2: A grandparent transfers ownership of a family home to their grandchild as a gift, allowing them to live there without any rental agreement. This transfer is completed through a legal document that specifies the terms of the gift (hypothetical example).
| State | Key Differences |
|---|---|
| California | Donations may be subject to gift tax if they exceed the annual exclusion limit. |
| New York | Specific forms are required for real estate donations to ensure proper transfer of title. |
| Texas | Donors can revoke a gift under certain circumstances, such as if the gift was made under duress. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Donor | A person who gives a gift without expecting anything in return. | Focuses on voluntary giving. |
| Donee | The recipient of a gift. | Refers to the person or organization receiving the gift. |
| Gift | An item or asset given without consideration. | Describes the actual item being transferred. |
If you are considering making a gift as a donor, it is important to document your intentions clearly. You can use legal forms available through US Legal Forms to create a gift agreement or to transfer property. If your situation is complex or involves significant assets, consulting a legal professional may be advisable to ensure compliance with applicable laws.
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A donor is the person giving the gift, while a donee is the person receiving it.