How much money can be gifted without being taxed?

Asked on Nov 28th, 2011 on Taxation - Oregon
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How much am I allowed to give my grown children each year without worrying about it being taxed? Also, is there any thing else we need to be appraised of in giving money for Christmas to our children.
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Answered on Dec 01st, 2011 at 6:51 PM
Currently $13,000 per year per person plus $5,000,000 over your lifetime; you have to file a gift tax return if gifts exceed $13,000 per beneficiary, but don't pay tax until the excess for all beneficiaries exceeds $5,000,000.

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