If part of the aim of gifting is to reduce estate taxes, then choose property that you expect to appreciate in value substantially. Property that will not be sold by the donee should also be used for gifting because the stepped-up basis will be irrelevant. Finally, consider gifting property that is generating a high income to shift the income tax burden to the donee. There are also properties that shouldn't be given away. For instance, property with value that is expected to decrease and property that the grantor intends to use after gifting are a last resort.
Timing is the final important consideration in developing a gifting strategy.
If you anticipate making a gift, then try to time the gift so that it is made during a dip or low point in the market. Even deathbed gifts are allowed and should be considered to reduce federal estate taxes. There is much more to gifting than handing your child or grandchild a check. I have accumulated a nice portfolio of Baby Bell stocks that I acquired when the Bell company was broken into parts. I would like to pass these stocks to my 10 grandchildren, to help fund their college study.