If you want to shave down your estate tax bill in the future, consider giving away some of your fortune.

The Tax Cuts and Jobs Act increased the gift and estate tax exemption to $11.18 million per person this year. That's more than double the $5.49 million per individual limit in 2017.

This means you can transfer more than $11 million, either as a gift while you're alive or as a bequest after death, without having the amount subjected to a 40 percent tax.

Be aware that, at least for now, the tax code's generosity is a limited-time deal. The $11.18 million estate and gift tax exemption is set to expire after the end of 2025, at which point it will revert to $5.49 million – unless Congress acts.

That means that, if you want to give away large sums of your wealth so that you shrink your estate and your tax bill, now is the time to do it.