What are the tax rules for the gift tax exemption annually vs. the lifetime gift tax exclusion?

Concerning gift tax exemption for 2021, it is $15000 per person. For example, you and your spouse can give your child $3000 totally, without having to file a gift tax return. About the next question, you should know that there is no lifetime gift tax exclusion, and you mean by that might be the Estate Tax Unified credit which is $11.7 Million per person.