Nov 11, 2015 - 09:32 AM
First, you can "gift" $14,000 per person, per year, without any gift tax issues at all. This means that each child could contribute $28,000 per couple without concern. But more importantly, if they are paying their bills directly, there is no such limitation at all.
Second, a person can "gift" up to $5.43 million over their lifetime without gift taxes being paid, so I think you are fine there too.
Any CPA will do, not necessarily a specialist in Tax. But that is the big picture.
Nov 11, 2015 - 10:50 AM