A family member intends on gifting us a sum of $70,000 towards the purchase of a new home. My question is - will that family member owe any gift tax on it?
I have been reading [sources](https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html) that appear conflicting. Basically, the $70,000 is way under the $5.25 Million lifetime exception, but is over the $14,000 annual gift exclusion.
Finally, are there any tax consequences for me, as the recipient?

Thanks for looking.