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I interpret it to mean that on and after 2006, a donor can gift up to one million tax-free to the donee - unlike the current $10,000 (or $20,000 to a married couple) non-taxable gift.

Brian,

This is very simplistic, but it means that you can have a $1 million estate and not have any estate taxes owed after you die, not that you can gift that amount.

Carol
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