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Good afternoon. You can indeed give away any amounts at any time that you desire. During any calendar year, the first $14,000 for 2013 (or whatever the annual gift exclusion happens to be for any later applicable year) requires no reporting
or tax because it is within the annual exclusion amount. Then, for any excess during a calendar year, you will need to file a Form
709 at the same time as filing
tax for the prior year letting the IRS
know how much was the excess that you gave during that calendar year so the IRS can keep track of how much of the lifetime exemption you've used.
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