You can gift each child
up to $14,000 per year without filing any forms of any kind. This is your annual gift tax
exemption amount. The number of children does not matter -- it could be one, or 100. As long as no child receives more than $14,000 during any single calendar year, the number of children who can receive a gift without any reporting requirements is unlimited.
You can gift $14,000 on December 31, and another $14,000 on January 1, and thereby gift $28,000 to each child -- still without any reporting requirements.
If you exceed this amount to any child, then you must report the gift on IRS Form 709
. Your lifetime limit of all gifts in excess of the exempt gifts described previously, then the maximum of all aggregate gifts in excess of the exempt amount during your lifetime, is $5,250,000. This amount is adjusted for inflation each calender year.
Hope this helps.