Most of us don’t have to worry about the federal estate tax or gift tax. In 2016, the lifetime gift and estate tax exemption is $5.45 million. Thus, any taxpayer while alive may give, and at death, devise, or bequeath, up to $5.45 million before any federal tax liability is created. This exemption is double for married couples, which means that a married couple can gift or leave a total of $10.9 million that will be exempt from federal estate and gift taxes.