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.
(fÄâ²bÉl) n. 1. A usually short narrative making an edifying or cautionary point and often employing as characters animals that speak and act like humans. 2. A story about legendary persons and exploits. 3. A falsehood; a lie.