You want to give a gift to your love one. You have gift tax exemption amount each year. If your gift value is greater than the annual exemption, what should you do? Thanks to the current tax law, lifetime gift tax exemption and estate tax exemption are making most U.S people free from gift tax unless involve extraordinary wealth transfer. However, it does not mean that you do not need to file gift tax return when your gift amount is over annual exemption. Estate tax, on the other hand, has significant tax exemption as well. Keep in mind that if you are a foreigner who has assets in U.S, you are facing different rules regarding gift and estate tax. In addition, if you are a U.S. citizen, and you want to make a gift value over annual exemption to your non-citizen spouse, different rules applied. Therefore, you should have professional advices when you make high value gifts.