My mother is looking to transfer approximately $350K into an irrevocable trust. I understand that the tax treatment for asset transfer into an irrevocable trust has the same tax treatment as a gift. That being all assets transferred to the trust during the tax year over the first $14K is a taxable event.

My question: is the transferred amount exceeding $14K subject to present year gift tax or does it just count against my mom's $5.43m lifetime exclusion?