Deed of trust

[Mydogisagentleman]

I could Google, but have just got home after a 12 hour shift.
My wealthy, but tight parents are beginning to disintegrate. Mum's been diagnosed with Parkinsons and Dad has a neuro degenerative disease..I imagine that carers will be needed in the next year or two.
Yesterday Mum was wanging on about how few yellow stickers were available in tesco and the cost of Flora.
I laughed and said you can afford to have a delivery to everyone on their street from Fortnum and Masons.
Dad said yes, but she won't spend anything in case one of us goes into a home and me and my sister won't even inherit the property.
I think I remember there being a way to minimise or avoid it.
I believe it's a deed of trust and needs to be set up ay least 7 years before the last person dies.
Any ideas?

I think you are confusing two things - care home fees and Inheritance Tax.

Firstly you are too late to even consider trying to avoid care home fees because you parents are now anticipating needing care.

You can still take some measures (such as using a trust) to help mitigate the Inheritance Tax on death, but they will need to talk to a tax adviser or specialist solicitor before they can make any decisions.

Excellent. I did say I am tired!
Thank you