Minor note: the overage from $19k isn’t auto-taxed, it is just recorded and counts against your $14M-ish lifetime gift tax exemption (also relevant for estate t

Minor note: the overage from $19k isn’t auto-taxed, it is just recorded and counts against your $14M-ish lifetime gift tax exemption (also relevant for estate tax). In this case, he obviously blows past that limit quickly.