In addition to the lifetime gift-tax exclusion, individuals can continue to give a tax-free gift of $13,000...a year
I'm thinking the $5 million is lifetime and the $13,000 is annual.
Sounds like it to me....also, looks as though there is a tax of 35% after $1 million.....(they just couldn’t get it all in the headline)
$13,000 per individual. So a couple can give $26,000 to someone per year, tax free. Best to spread it around before you die, to children and grandchildren, and if so inclined to friends. So it doesn't go to some homie in Chicago. Also pick up the tab for dinners and other expenses on a regular basis - it won't be seen or noted by IRS and is acceptable. Better that it goes to those you love, while alive, than to be recklessly stolen by the government after you die and deprive loved ones of the money.