The name of the game is understanding the annual gift tax exclusion and your lifetime gift tax exemption.
Every individual can give up to their annual gift tax exclusion to any other individual, and as many of them as they care to, all tax free. To give more than the annual amount, however, will count against your lifetime gift tax exclusion which, in turn, will reduce your estate tax exemption available at death.
Like most areas of tax law, the time and money spent consulting with qualified legal counsel now prior to embarking on a gifting strategy will be time and money well spent later on.
