My parents are both in their nineties and need support. We plan to bring them to live in our home. They presently reside in their own home. This has been left to me to take advantage of the Main Residence Nil Rate Band (MRNRB) exemption from IHT.
On the demise of the second to die this IHT exemption will be critical to avoid Inheritance tax on their estate. What measures are necessary in respect to their home to ensure that their MRNRB exemption is not lost when they come to live with us?
It would appear that renting out their home would be out of the question if the MRNRB concession is to be maintained.
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