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Yep! You can presently give $12k each year to each kid, their spouses, each of their kids, and anyone else. And you can repeat the process every year, although laws do change and the $12k amount may change, so I'd check first each year.

Above $12k to any one person in a one year period and you have to fill in a form for the IRS. We usually make any annual gifts be a little short of the allowable amount - say perhaps $11,600, since we do give the kids birthday and Christmas gifts and we wouldn't want to raise any questioning eyebrows at IRS. (Maybe we're over-cautious.)

You can actually give away far more than all that - I think the amount is presently $1 million during your lifetime, but any amount over the $12k annual gifts described above would subtract from the amount you can leave estate tax free when you die.

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