My parents are 90 years old, in assisted living, and their estate is worth about $4 mil. Their income is currently covering their expenses, and they are not yet touching the principle. As part of the 2013 fiscal cliff, the estate tax will go from $5mil untaxed to $1mil and 55% of everything beyond it going to the Feds. What can I do to protect my inheritance? They have a trust, and I am currently trustee as they have resigned, and I manage their finances. The trust is set up as A & B as after one passes, the other will live off A, and B is put aside. 25% of everything will go to my half sister and 75% will go to me. I will inherit the home and all other personal belongings. What can I do to protect these assets? The home and personal belongings are unaffected, right?