1) Transfer the points to travel partner accounts 1:1. United, Southwest, and Hyatt are probably the only ones that make sense.
2) Cash out the points. You can convert the points to cash at a $.01 per point rate. (i.e. 100,000 points equals $1,000)
3) Downgrade to the Chase Freedom card. It's a no annual fee card that's great for spending and you keep the points. The only downside is you lose the ability to transfer to travel partners. This has the least impact on your credit score.
4) Transfer the points to another member of your household (as the OP wants to do).