incidents of ownership
Any control over property. If you give away property but keep an incident of ownership — for example, you give away an apartment building but retain the right to receive rent — then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

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