Prudent of you to be concerned, but your wife will not be left holding a bag emptied by estate taxes if you have deemed her the beneficiary. All property that you leave to your wife, including insurance proceeds, is not subject to estate taxes. Not only that, but the benefits will pass immediately to her, without the delays of probate.

If, for some other reason, you want to transfer ownership of the policy -- assuming you have the right to do so under its terms -- you can simply give the policy to another person, or you can create a life insurance trust and transfer ownership to the trust. Whenever you change ownership of an insurance policy, you must do so in accord with the forms the company provides for that purpose.