Gift In Contemplation Of Death

Business, Legal & Accounting Glossary

Definition: Gift In Contemplation Of Death




What is the dictionary definition of Gift In Contemplation Of Death?

Dictionary Definition


n. (called a gift causa mortis by lawyers showing off their Latin), a gift of personal property (not real estate) by a person expecting to die soon due to ill health or age. Federal tax law will recognize this reason for a gift if the giver dies within three years of the gift. Treating the gift as made in contemplation of death has the benefit of including the gift in the value of the estate, rather than making the gift subject to a separate federal gift tax charged the giver. If the giver gets over an apparently mortal illness, the gift is treated like any other gift for tax purposes.


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Gift In Contemplation Of Death. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/gift-in-contemplation-of-death/ (accessed: September 24, 2021).
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Gift In Contemplation Of Death. PayrollHeaven.com. Retrieved September 24, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/gift-in-contemplation-of-death/

Definition Sources


Definitions for Gift In Contemplation Of Death are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.