Are there ways to use my lifetime Exclusion Amount during my lifetime rather than just at my death?
You can utilize your lifetime Exclusion Amount ($11.7 million in 2021) during your lifetime by gifting (outright or in trust) your assets to your children, grandchildren, charities, and other family and friends. If the amount of a gift exceeds the annual exclusion amount, you will utilize a portion of your lifetime Exclusion Amount when the gift is made. The excess of your annual exclusion amount is calculated by filing IRS Form 709 (Gift Tax Return). The balance of your lifetime Exclusion Amount remaining at death can be utilized at that time or transferred to your surviving spouse.