No.
You are each entitled to the annual exclusion amount on the gift. Together, you can give $28,000 to each donee (2014, 2015, 2016 and 2017). https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...
Additional reference: http://community.lawyers.com/forums/t/130037.aspx
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