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Reply to "Grandparents want to give $$$ to grandaughter. Does it need to go into trust?"
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[quote=Anonymous]A lot of people have mentioned gift tax and the $14,000 limit and I just wanted to mention that the limit is only the threshold for reporting the gift. You can give more than that, you just have to report it. It doesn't even become taxable until you hit a lifetime cap, which is several million. (If you expect to hit that, you can pay the tax as you go, but you don't have to.) A lot of people worry about this unnecessarily. [/quote]
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