Hi, metmom-!
We were advised at the time it could be $10,000 yearly.
It would be nice if it were increased. :)
The sibling who would inherit it is really quite astute and responsible; we’d have to weigh which way would be practical for him.
Not to mention we do not want to give the government any reason to tax any of it.
We’ve done it for the past couple years and I’m sure it was 14k.
Maybe the advice for 10k was to leave some wiggle room in case you needed to give something else during the year.
We figured we’d dribble it out a little at a time and at a time the kids could use it, instead of them getting a windfall when we pass and blowing it, as some are likely to do.
That way, they are going to be wiser about what they do with it.