By treating it as a split gift, you can completely shelter the gift with your $14,000 exclusion plus your spouseâs $14,000 exclusion. That way no gift tax is due, and the gift doesn't reduce the $5.34 million lifetime gift tax exemption in effect for 2014 or the estate tax exemption for you or your spouse.f youâre married, your spouse can do the same. You can spread the gift over 2014-2018 without incurring any gift tax and without reducing your $5.34 million lifetime gift tax exemption or your $5.34 million estate tax exemption. Your spouse can spread his or her $70,000 gift over five years as well.