[jim1932]

for 2020: The estate and gift tax exemption is $11.58 million per individual, up from $11.4 million in 2019. That means an individual can leave $11.58 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $23.16 million. The annual gift exclusion amount remains the same at $15,000.

I believe the 709 and the $11.58M allow you to give out the non taxable portion of your estate before you die, however it is applied against the non taxable part of you estate. If you give out the 11.58M then your entire estate is taxable when you die. I am a CPA, but not a tax guy.