The benefit of gifting the annual Gift Tax Exclusion is to move money out of your estate without estate tax. The estate tax starts when your assets are $12million per person and you transfer them to others, before or after your death.
A person who expects they will have a taxable estate at their death will shift or give income to their family/friends/anyone, kids usually.
This is done by giving a non taxable gift to their family member, up to the annual amount that year, $15k in tax year 2022.
Any amount given in a year above this amount is tracked and is claimed (netted or reconciled) when you finally pass away and your heirs inherit the remainder of your estate. They total up the Fair Market Value of the assets you have when you die, add the amount you gave in your lifetime above the annual gift exclusion amounts, and pay a 40% tax on all amounts in excess of $12mil (or current applicable gift tax exclusion in year of your death.)
Gifts are given on a per person basis, therefore a married couple can each give $15k to a child, for a total of $30k to that child. They can also give another $30k to that child’s spouse.
Estate tax is not due on transfers to spouses if the property is held according to community property rules.
https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-gift-taxes