A gift of a future interest doesn't qualify for the unlimited marital deduction, the $14,000 annual exclusion from gift taxes for gifts made to non-spouses, or the $148,000 annual exclusion from gifts taxes for gifts made to non-citizen spouses. In other words, it's always taxable.
A legend is a larger-than-life story that gets passed down from one generation to the next â like the legends of Beowulf, Robin Hood, or even Big Foot. The Latin word was originally limited to written stories, but in English, legend lost that limitation.
Definition of legend for English Language Learners. : 1  a story from the past that is believed by many people but cannot be proved to be true. : 2  a famous or important person who is known for doing something extremely well. : 3  a list that explains the symbols on a map.