We opened variable life insurance policies on our grandchildren. As they turn 18, we would like to transfer ownership to them. Is there a tax liability for this?

You are an allowed and annual gift exclusion of $15,000 per year for each child, or $30,000 between you and your spouse. If the cash surrender value of the policy is more than that, you would have to file a gift tax return. However, you are allowed a $11.58 million lifetime exclusion for gits, so you probably won't face any tax consequences for the gifts.