As @Joe pointed out you have it right.
Also keep in mind that there are some other very specific loopholes, especially for grandparents. Sometimes this is indirect, For example, a grandparent can pay directly to things like Tuition for their grandchildren, or could pay into a 529 plan.
Between the AARP, and the fact that many of our elected representatives are themselves grandparents, there's a lot of special provisions that have been made for them, especially with regard to what they can do for their grandkids. (the emotion behind many of those provisions is I think well summed up by a quote from Martin Sheen's President Bartlett character from West Wing "..let me tell you something, don't ever ever underestimate the will of a grandfather. We're madmen, we don't give a damn, we got here before you and they'll be here after. We'll make enemies, we'll break laws, we'll break bones, but you will not mess with the grandchildren."
If you have substantial assets that you want to start transferring 'down' to other family members now, to for example avoid having that money subject to estate taxes when you die, then it is a really good idea to consult a Enrolled Agent, or a CPA or Attorney that specializes in taxes and estate/inheritance issues.