You can give up to $16,000 each year to one individual without being required to file a federal gift tax return.
If you give more than $16,000 in any one tax year to one individual, you will have to file Form 709.
See https://www.irs.gov/instructions/i709#en_US_2021_publink16784xd0e314
Currently, the lifetime exemption is $12 million.
See https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
In the event the current lifetime exemption is reduced, then the lifetime exemption on the date of death will be applicable.
