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You would not be taxed to death if you want to give them a gift. Under the tax laws, you may give them a gift each year of up to $14,000, which is not taxed. Furthermore, there is a $5.45 Million lifetime gift tax exemption. So if you choose to gift them the money, it would not cause you or them to pay taxes on your gift.
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Under the annual gift $14,000 is allowed, but again anything over that would go towards your lifetime gift exemption up to $5.45 million.