The annual gift tax exclusion is currently $13,000.00 per person (2009).  This means that without using any of your lifetime exemption (currently $1,000,000.00 million dollars 2009) yo can give any child, grandchild or other person $13,000.00.  If you are married, you can each make a gift of that amount.  And, if one spouse has all of the assets involved in the gift, the other spouse can join in the gift and the couple can make a "split gift"  of $26,000.00.  However, this requires that the gift be reported on form 709.

Here is a chart of the amount of the annual gift tax exclusion for the past few years.

David M. Frees III, Esquire 610-933-8069
David M. Frees, III
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