For clients with large estates ($5 million+), this is the year to make large gifts.  If the client is worried about needing the funds in the future, the client can make the gift in trust and have the spouse be a beneficiary of the trust (which indirectly benefits the client if the couple remains married) with the assets ultimately distributed to the children.

The ability to make large gifts will most likely lapse next year due to changes in the gift tax law.