Puff, the Magic Dragon - Parodies. 1  In the mid 1970s an American Jewish band named Ruach created a parody version of the song entitled Puff the Kosher Dragon.
Pay tuition directly to the college. If you are considering making an outright cash gift, another option is to bypass your grandchild and pay the college directly. Under federal law, tuition payments made directly to a college aren't considered taxable gifts, no matter how large the payment.
However, if you make a gift in trust, meaning you donate money to a trust for someone's immediate benefit, then the gift is subject to gift tax and the exclusion amount. The crucial issue is whether the person receiving the donation has a present interest or future interest in the gift. The IRS does not consider a future interest to be subject to gift tax. However, if you make the gift available for a temporary and brief period (for example, up to 90 days), the gift tax applies. Any amount given over the annual limit applies to the lifetime exclusion.