In a number of cases, the donor may be a person whose estate is of such a size that there will be an inheritance tax (IHT) liability on death. In such circumstances, the attorney may wish to give thought to making lifetime gifts – possibly into trust – or making IHT-efficient investments on behalf of the donor with a view to reducing that potential IHT liability. The question therefore arises as to whether the attorneys can make gifts and/or IHT-efficient investments and, if they can, what they need to consider.

Before we examine the rules in detail, it is important to note three important points:

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