[KevinB]

That’s for estate inheritance. Gift taxes kick in at $15,000 for 2020.

Nope.

You can gift up to $15k per person per year with no tax implications. Once you exceed that, you must file a gift tax return and anything over the $15k will decrease the available amount of your unified credit but will not result in a tax until you no longer have any unified credit remaining. So in 2020 you could gift $15K per person plus $11.5m without paying any gift tax. Any gifts above that will result in gift tax and upon your death you would have to pay estate tax on the entire value of your estate (assuming you didn't will it to a surviving spouse, charity, etc.) (Tax attorney here.)

[9YearLurker]

Also, the recollected handshake I imagine would reinforce their case as well.

[IYAS9YAS]

So in 2020 you could gift $15K per person plus $11.5m without paying any gift tax.

Thanks for the clarification. Been a long time since I did tax accounting (college course). Things have certainly changed.