Can you answer some gift tax questions?

I live in America and I know money gifts can be given tax exempt up to I think $12k a year by an individual. But, what I was just told to me is gifts can actually be given in almost any sum without taxation, as long as it is under $1million, and it is counted towards the lifetime exemption of $1million. Is that true? Then at the time of death, any money would then be taxed over the $1million.