[tasty_freeze]

I believe in the US the current annual limit before a gift is taxed is $15,000.

EDIT: the point of raising it is in the context of this discussion, we are talking about the very wealthy. A $15,000 gift to their children isn't very much of a transfer as a percentage. To hand off large amounts of wealth to the next generation, for sure the annual gift exclusion isn't nearly enough to avoid inheritance taxes.

[coryrc]

No, that's the point at which it must be reported. The exemption is a few million in a lifetime.