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.
Webster Dictionary(2.00 / 1 vote)Rate this definition: 1  Legend(noun) that which is appointed to be read; especially, a chronicle or register of the lives of saints, formerly read at matins, and in the refectories of religious houses. 2  Legend(noun) a story respecting saints; especially, one of a marvelous nature.