As a follow-up, the current amount of $11.7 gift tax exemption is very likely to change effective 1/1/2022.
Since the only bill at this time is in the Senate, the exemption amount there is approximately $6 mil.
All tax legislation must begin in the House and any differences between a House bill and Senate bill is then reconciled in Joint Conference. As of this response, we are not anywhere near understanding what the exemption amount will be. However, most likely, the exemption amount will suffice for most taxpayers; meaning no gift / estate tax at the federal level. Keep in mind, that states have differing rules so it is best you look into your particular state treatment as well.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
