gift by trust
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 318 U.S. 176 - Smith v. Shaughnessy · 1943Most cited · 363 citing opinions
The essence of a gift by trust is the abandonment of control over the property put in trust. The separable interests transferred are not gifts to the extent that power remains to revoke the trust or recapture the property represented by any of them, or to modify the terms of the arrangement so as to make other disposition of the property.