Good morning. There is never any income tax payable with respect to gifts. And, they will not incur gift tax as a result of gifts from you. But, the gifts that you can make to your children without incurring any gift tax are as follows: i) you can give $13,000 per year per child without doing anything; and ii) in addition, you have a $5,000,000 lifetime gift exemption...meaning you can give an additional $5,000,000 in the aggregate to your children during your life without incurring any gift tax, but you will need to file a gift tax return to report to the IRS how much of your exemption you are using with each gift.
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.