The inheritance/gift tax generally affects a very small percentage of the population as most citizens do not inherit anything from their deceased relatives in any given year.
The federal gift tax is applicable to the donor, not the recipient, and is computed based on cumulative taxable gifts, and is reduced by prior gift taxes paid.
However, the annual gift exclusion ($14,000 per individual and $28,000 per married couple as of 2013) from the gift tax is only available for gifts of so-called "current interests".