Gift tax will not need to be paid unless and until you use your lifetime exemption, which is over $12 million at this time.
You will also not need to file a gift tax return (Form 709) unless you give more than $16,000 to each kid in 2022 or $17,000 to each kid in 2023.
See https://www.irs.gov/pub/irs-dft/i709--dft.pdf
