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.
Folklore is expressive body of culture shared by a particular group of people; it encompasses the traditions common to that culture, subculture or group. These include oral traditions such as tales, proverbs and jokes. They include material culture, ranging from traditional building styles to handmade toys common to the group.