When thinking about estate planning, many people wish to give a lifetime gift to family or friends. It can be a rewarding experience to see the beneficiary enjoy the gift during your lifetime. You might be motivated to make the gift because the beneficiary is in need of money (e.g. to help them purchase a property, or to alleviate financial hardship), or for inheritance tax planning reasons. No matter your reason for making a lifetime gift, it is important to be aware of the tax rules that govern how that gift is treated. In this article, we look at lifetime gifts, Potentially Exempt Transfers (PET), and reservation of benefit.