I usually wrap the cooled cake in cling wrap, then put it in a large plastic freezer bag, but I don't bake too far in advance. The top piece of my wedding cake was wrapped in plastic wrap, then foil, then put in a Rubbermaid container. On our 1 yr anniversary, my mother thawed it in the fridge, and it was shockingly good.
As long as you protect the cake from freezer odors and freezer burn, a carefully wrapped, baked layer will hold up for a few weeks. I normally only hold mine about a week.
If you only have a freezer in your refrigerator, most are frost-free and will not stay cold enough to protect the cake.
There are some decorators who wrap them still a bit warm to increase the moisture in the cake. You might want to experiment with your favorite cakes to see how they hold up.
I always make sure my cakes are totally cool before freezing them. Then I wrap each layer separately in plastic wrap and then with foil. I then freeze 1 layer at a time, leaving each layer in for about 15-20 minutes (so that it gets hardened) before putting another layer on top of it. The first layer I put on something flat, like a cake board, so that it doesn't warp or develop lines from the freezer. I've only left my cakes in my freezer for about a week but my Mom (who has a refrigerator/freezer) has left hers frozen for up to 3 months with no problems.
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