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Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift.
Section 25.2511-2(b) of the Gift Tax Regulations provides that a gift is complete as to any property, or part thereof or interest therein, of which the donor has so parted with dominion and control as to leave in the donor no power to change its disposition, whether for the donors own benefit or for the benefit of
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.
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.
To be a true, completed gift, there are three basic requirements: (1) the donor must intend to make a gift; (2) the donor must deliver the gift; and (3) the donee must accept the gift. In some circumstances, a federal gift tax is imposed on transfers of property made as gifts.
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The three elements which are essential to the making of a valid gift are delivery, donative intent, and acceptance by the donee. The delivery of a gift is complete when it is made directly to the donee.
A gift acceptance policy is a section of or addendum to a nonprofits bylaws that clearly defines the types of gifts it can and cannot accept. These policies most often come into play when donors offer to give unusual or exceedingly valuable in-kind or non-cash gifts.

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