Looking back at the replies, does the note you added below apply to our situation? What exactly does that mean? So far, I've gathered from your answers that we should have filed Form 709 3 years ago, that it is a one time thing to do for this gift, and that we would file now using the correct year's form that the LIfe Estate Deed. Is all of this accurate?
[note that the annual exclusion is not available for a gift of a future interest]
