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.
n. 1. a. A traditional, typically ancient story dealing with supernatural beings, ancestors, or heroes that serves as a fundamental type in the worldview of a people, as by explaining aspects of the natural world or delineating the psychology, customs, or ideals of society: the myth of Eros and Psyche; a creation myth.yth. 1. a traditional or legendary story, esp. one that involves gods and heroes and explains a cultural practice or natural phenomenon. 2. stories of this kind collectively. 3. an invented story, fictitious person, etc.: His account of the event is pure myth.