At Legacy Planning we recommend a Discretionary Trust called a Probate Trust which, whilst still protecting assets from attack from care costs, allows the Settlor access to the assets held in the Trust.
The Family Probate Trust is essentially a Discretionary Trust with a memorandum of wishes where the settlor is also a beneficiary. The purpose for utilising this trust will be for bloodline planning and not Inheritance Tax Planning, as a transfer of asset by the settlor would be a Gift With Reservation of benefit (GWR).
The main uses for a Probate Trust are the assignment of Investment Bonds to ensure it will pass to those intended without the need to wait for Probate. In addition, for a single/widowed client, a proportion of the main residence can be conveyed into a Family Probate Trust which can protect the house from care, subject to the usual deprivation considerations. Individual advice would be required as to whether this is an appropriate course of action.
As it is a Discretionary Trust then it is again important to consider the valuations of Trust Funds. If they exceed the Nil Rate Band then they could become subject to Periodic and Exit charges.