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.
1 Amounts of more than $14,000 are subject to a gift tax, however there is tax credit that allows giving up to $1 million in a lifetime. 2  If a gift of money is paying for higher education or medical expenses, there is no limit to the amount that can be given tax-free. In 2009, the estate tax only applied to estates valued at more than $3.5 million for an individual and $7 million for a couple. 2  The amount over the limit is taxed at 45%.