June 3, 2019 1:49 PM
You can always gift money to your children, but the tax implications will depend on how you do this.
- Spreading gifts throughout your lifetime is a great strategy to help reduce estate taxes. Just be sure to leave yourself enough to live on.
- Gifting up to $14,000 per recipient per year and making direct payments to medical and educational providers on behalf of loved ones are good options for minimizing taxes.
- Any exemption you use for gifting will reduce the amount you can use for the estate tax.
You should consult a financial adviser for guidance based on your specific situation.
This article provides a good overview: