Thanks for your question
You just need to make a written note of what gift you made, to whom with the date and keep this with your will so that should your estate exceed the IHT threshold, and less than 7 years lapse between the date of the gift and your passing then these can be considered.
If you make these gifts now and at a later date do need to apply to the local authority for financial assistance, then this could be treated as a depravation of capital and financial help refused. Much is dependent on how much the gifts are , and what time has lapsed between the gift and the date of any financial assisted application, so please advsie furtehr.
How much would you think of gifting and what is the state of your health now and you age.
Thanks for your response
Based on the additional information you advise
1) If you give each of your daughters £500 then this will not be treated as a deprivation of capital for IHT purposes as it a not a large amount and
2) based on the fact you are in good health at this time, then you also are not putting yourself in a lesser position with knowledge of bad health creating the need of nursing home costs met for the immediate future
For IHT purposes if your estate stays below £365,000 then these gifts will remain exempt with no Inheritance tax attracted - so all good there too
So based on the amounts you advsie this will not be an issue