• Current tax law allows you to give away a specific amount per year per recipient. Your spouse may join in the gift even if he or she is not an owner in the transferred asset. This means that you could transfer up to two times the specific amount per year to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. The person receiving the gift does not need to be related to you. These annual gifts do not reduce your once-in-a-lifetime exclusion.

• Property not needed for retirement is a candidate for transferring during your lifetime. If it is a large income producer, the future income will be taxed to the new owner and not to you, plus the property will be out of your estate.