Two kids.
None of the gifts exceed $15,000 per person per year.
My challenge is that we have been somewhat lax about explicitly identifying in provable terms (to the IRS) the gift given to the child. We had not opened a proper bank account for them. I just recently did that for one kid and also thought why not open a brokerage account for them. Now we have a formal vehicle to identify the money in their name whereas previously it was just lying in cash or some in my savings account (though we identified it as a gift for the child). Now I want to make it formal so that in future there should be no question from IRS whether gift was actually given to the child. So the thought of 709 came up.
Hitting the limit of 11.7 is very hypothetical but given the rate inflation, the limit may not amount to much 40-50 years from now.
