"That's a lot of gift tax that I'm suggesting be paid, " Ms. Schurig says.

WSJ: Family Value: Last Chance to Foil a Gift Tax

But this year, with no GST tax, these withdrawals can escape taxation, says Ms. Schurig.

WSJ: Family Value: Last Chance to Foil a Gift Tax

"We're having a lot of conversations about the fact that there's no GST tax this year, " says Elizabeth Schurig, a partner at Schurig Jetel Beckett Tackett in Austin, Texas.

WSJ: Family Value: Last Chance to Foil a Gift Tax