The estate tax has been eliminated for 2010, unless Congress decides to change the law retroactively, and the gift tax top marginal rate has decreased to 35% (IRS Publication 950).
A married couple may give the same individual a total of $26,000 (IRS Publication 950, Introduction to Estate and Gift Taxes, for 2009).
IRS Publication 509, Tax Calendars, defines a gift of future interest as "a gift that is limited so that its use, possession, or enjoyment will begin at some point in the future." Thus, a grandparent who won the lottery could purchase securities for grandchildren, but the gift would be taxable (IRS Publication 950).