If you give the gift now, the giftee will be Premier Associate until Feb 2008. I gifted 3P to my GF last July and it's valid until 2-08. IIRC the cutoff is in July, so gifts before July expire in Feb of the following year, and after July they expire in Feb of the year after next.

IIRC you only have about one month from the time you receive your notice to make your selection.