May 29, 2023 10:40
The three things I've learned from losing parents.
1. Spend as much time with your parents as you feel is sensible. Hug them (if that's your thing), tell them you love them, be honest with them. Take plenty of video of them. Ask them about their life: about their parents and older family, where they lived over the years, how they met your other parent, about your own birth, any questions that are important and you won't know about once they're gone (and video all that as well).
The following two bits are either English or UK law, so check your relevant national laws if not in England/the UK.
2. Get the health and financial Powers of Attorney (PoAs) setup for them. Don't delay. Convince them of it, beg them, whatever it takes, even if they are difficult about it. PoAs don't give attorneys power over the donor (person it relates to), the donor's decision always stands, but they are there of you need to help the donor or they are no longer capable of making decisions. PoAs are easy to do yourself and not that expensive (around £80 each), versus spending thousands of pounds and years to get deputyships through the courts. Keep the PoAs simple, include the fewest people possible to have the actual power.
3. Get assets put into trust to potentially save or reduce vast inheritance tax (IHT) bills. If still correct, a trust only becomes fully immune to IHT 7 years after the assets are moved into it. Prior to that it's a pro rata scale. All the rich people are no doubt doing it. Speak to a decent solicitor with IHT experience. It won't help with main residences if care home costs are incurred, but it will likely help with other property.