There is one speck of good news on the tax horizon. With the looming fiscal cliff, and an expected increase in estate taxes, the amount excludable for gifts is increasing.
Currently, a gift up to $13,000 is excludable, both to the donor and the donee. In 2013, that amount is set to rise to $14,000. These amounts are annual. Therefore, this amount can be gifted to a single person every year.