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Or, they could give $60k in August of this year, and just include IRS Form 709 when they file their income taxes. There won't be any taxes due until after the parents die, and probably not even then.

Interesting approach. If I am reading form 709 correctly, it basically is assessing anything over the $14k annual amount excluded to the lifetime gift/estate transfer of $5.43 million. I need to read more.....

Exactly. Most people interpret the limit as "if you give more than $14k, you have to pay taxes," when really, for almost everyone, it's just "if you give more than $14k, you have one more IRS form to fill out."
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