Thanks for your patience -
I feel anything you do at this stage could jeopardise entitlement of any care home fees you may need, as even if you are in reasonably good health at this time - the government are not too kindly if they feel there could have been a deprivation of assets.
However from an Inheritance tax point of view, whilst a potentially exempt gift does need the full 7 years before disregarded for Inheritance tax , if you survive between 4 and the 7 years then some of it is disregarded on a taper relief basis
The 7 year rule
If there’s Inheritance Tax to pay, it’s charged at 40% on gifts given in the 3 years before you die.
Gifts made 3 to 7 years before your death are taxed on a sliding scale known as ‘taper relief’.
Link here that advises what % is that remains liable to tax
Scroll down to the 7 year rule
Also be mindful that if each of you leave all the remaining estate to the other that not only does this then NOT attract use of the NIL band and create no Inheritance tax charge that then the surviving parent then gets their exemption limit and their late spouses ( so £325K x 2 = £650,000) so this would mitigate a substantial amount too
Plus gifts up to £3000 per year can be made exempt under the gift rules, and I have added this link that lists all the exemptions
And if you made no gift last year then this £3000 can be carried forward once so you can make gifts up to £6000 this year
Real under the gifts section
So there are many ways to chip a bit off here and there - and it all helps !
I would recommend you go and see a solicitor who specialises in Inheritance tax, his time would be worthwhile to set up a plan for you to follow to benefit from every opportunity there is along with consideration of a trust for the home which again can save money - but do check the costs to run the trust and fow hoe long you would need it in place.
Let me know if I can assist further