Explain and propose planning for passing wealth to others by lifetime gifts

Lifetime gifts let the giver see the benefit, shift future growth out of the estate, use any recurring gift allowances, and move income to lower-taxed recipients. The case strengthens when high-growth assets are given early, when any gift tax falls only on the amount given (whereas an estate tax also taxes the money used to pay it), and when the recipient's tax rate is lower. Against this, the giver loses control and must retain enough for their own needs, and in some systems a gift carries over the original cost basis whereas assets passing at death may get a reset basis. Compare the after-tax value of giving now with bequeathing later. The trap is over-gifting and undermining the giver's security.