> I'd already transferred the maximum yearly tax free gift of $10,000 to each of my kids. If I'm not mistaken, one tip I've heard is that one can transfer more than that in gifts yearly, and although that requires filing a gift tax return with the IRS, it doesn't mean necessarily mean paying any tax. There's a lifetime maximum that has to be hit, and it's extremely high. (I'm not a lawyer nor an accountant, and this…
"Extremely high" is relative (some 11 million, probably less at that time?), considering the person telling this story.