question on large sums of money as gift.

I guess that would depend on where you live and the tax laws.

IRS info on gift tax
In the US to avoid federal gift tax you need to be below the maxiumum allowed. I am not sure what it is for 2007 but probably still in the $11,000 range.

It looks like your grandfather could give you some of it this year and some next year or your grandfather could give you some this year and your grandmother could give you some.

See:

http://finance.comcast.net/personalfinance/view.html?x=tax/homefamily/gifttax

The tax-free limit for the IRS (federal) is $12,000.

I haven't studied it in a while, but as I recall, the recipient of a gift does not have the amount of that gift considered as income to them for U.S. income tax purposes.

... and if there's a tax on a gift (which occurs only in very rare cases as I've read) it's always the donour who has to pay it.