10,000 / year used to be the limit, I think. Wonder if zer0care changed that too. Of course, if congress deems it, an entire estate can be exempted. Has happened many times.
I think the limit is up to 14K per child, per year.
“10,000 / year used to be the limit, I think.”
Its up to $14K per year per person. It was increased recently. In other words, you can gift up to $14K per year for a married couple. As an example, $14K to your child and another $14K to their spouse if you like.
http://www.irs.gov/uac/2013-Inflation-Adjustments-to-Various-Tax-Benefits