Short answer. Partly yes. Article 755 lets a donor reserve the right to dispose of some of the things donated, or of some amount to be charged on them. But this is a limited, personal reservation: if you die without using it, the reserved property or amount belongs to the donee.
What the law says
The right to dispose of some of the things donated, or of some amount which shall be a charge thereon, may be reserved by the donor
Civil Code, Article 755 — Donor's Reserved Right To Dispose. Read the full provision →
You may reserve the right to dispose of part
The law allows a middle path between giving everything away irrevocably and keeping it all. Article 755 provides: The right to dispose of some of the things donated, or of some amount which shall be a charge thereon, may be reserved by the donor. So when you donate, you can hold back a reserved power over a portion — either the right to dispose of some specific things included in the gift, or the right to a certain amount to be taken as a charge on the donated property. Within that reserved portion, you keep the ability to deal with it later, even after the donation takes effect.
It is a right to dispose, not a free-form take-back
The reservation is a specific, defined power, not an open-ended right to undo the gift at whim. It must cover some of the things donated or a stated amount charged on them — a part, not the whole, and identified in the donation. It is the right to dispose of that reserved portion: to sell it, give it elsewhere, or otherwise deal with it during your lifetime. So structuring a donation this way lets you make a present gift while keeping a defined hand over a slice of it, rather than converting the donation into something you can cancel entirely.
If you die without using it, the donee keeps it
Here is the crucial limit. The article continues: but if he should die without having made use of this right, the property or amount reserved shall belong to the donee. The reserved power is personal to you and does not outlive you. If you never exercise it during your lifetime, the reserved portion does not go to your estate or your heirs — it consolidates in the donee, completing the gift. So the reservation only bites while you are alive to use it; death without use extinguishes it in the donee's favour.
What this means before you donate
If you want to give property now but keep some ability to reclaim or redirect a part of it, this reservation is the recognised tool — but understand its shape. It reaches only the defined portion you reserve, it operates as a right to dispose exercised in your lifetime, and it disappears at death in favour of the donee. It cannot be used to keep the whole gift revocable, and it should be spelled out clearly in the deed of donation. Drafting the reservation precisely — what portion or amount, and how it may be exercised — is what makes it effective.