Use the annual gift tax exclusion
Give up to the IRS annual exclusion amount per child per year
Split gifts with your spouse if married and filing jointly
Pay tuition directly to the school
Pay medical bills directly to the provider
Contribute to a 529 college savings plan
Use a custodial account under UTMA or UGMA
Set up a trust for the child
Keep records of all gifts and payments
File a gift tax return if required
Consult a tax professional for your situation