Dual Citizenship....yes or no? US/UK

I am only in my first round of resident visa and will have another to go before I get to ILR. I wanted to know about dual citizenship. I would like to have it  eventually. Right now we are in the UK and here indefinitely as my husbands mum is in a care home and we are her primary caretakers. But my parents are also not long off from this sort of thing and I may need to go care for them at some point. I wouldn't want to lose my ILR in the off chance I would need to be there longer than the allotted time. Can anyone share the benefits and drawbacks. If you have any links to information that would be greatly appreciated.

Kind Regards,
Kimberly

After you have ILR, you can apply for citizenship.

The only real drawback is the cost.  Currently just over £1000 and will likely be much higher by the time we qualify.   

The benefit is you can come and go as you please from the UK and no longer be subject to the ever-changing-rules from UKVI.

Not really bothered about the cost. So do you know what the process is? Is it just the application for citizenship here and then I will be dual or is it a different process?
You always have all the answers KFD

From what I've heard, the application for citizenship is easy peasy after all the visa applications.  You can use the nationality checking service and keep a hold of your US passport while your application is being processed.  When you are approved, you attend a citizenship ceremony.  You are then dual!  After that, you get to apply for your UK passport. 

When you enter the US, you enter on your US passport.  When you enter the UK, you enter on your UK passport.

Drawback of not getting UK citizenship: taxation without representation.

Aside from the cost, there are no drawbacks to having UK citizenship, but a lot of advantages. The biggest advantage is obvious - the freedom to come back to the UK at any time if you do have to go back to the US for an extended period.

The application process is a piece of cake compared to a visa application, so much so that it almost seems like there's something missing. Depending on the time of year, the decision can be quick or take >3 months - just depends on the work load at the time. BUT - paying the miniscule fee for the NCS service as KFDancer said means you keep your passport, and can travel while the decision is being made if necessary.

My advice is do it as soon as you qualify.

As one who had to return to the US for aging parents and thereby lost ILR, I would say definitely get UK citizenship if you can.  At the time, I wasn't even aware that there was a two year limit.  I thought "indefinite" meant indefinite.  And I never thought the "crisis" would go on as long as it did (father with Parkinson's, mother with Alzheimer's  )  Best to be prepared.

Basically the only drawback would be if you have a job that requires a government security clearance in mind - and even then surrendering any foreign passport(s) (but not the citizenship altogether) is usually sufficient.

I would def go for UK citizenship I have dual citizenship and it just makes life so much easier like travel to Europe u don't have to worry about visas like u would as an American travelling to Europe

Drawbacks:
price of £1005 (at the moment)
length of time to meet residency requirement

Benefits:
everything else.  Everything!
not having to worry about immigration status again
ability to vote and make important decisions in a country I've settled in
the freedom to live in any EU country I can support myself without benefits in
better rates for mortgages
feeling like I belong
getting a sparkly card with a union flag on it from my husband when we went out to eat after the ceremony
Everything!

If you have the money and you've met the residency requirements there really are no drawbacks.

Taxes? Any advantages/disadvantages?

Taxes? Any advantages/disadvantages?

Doesn't change a thing.  Residency determines tax status, not citizenship (well, US citizenship is a different kettle of fish).

I must say when I applied for dual citizenship it was much cheaper then £1000 in 2004.  Perhaps you should apply now before hey keep raising the charge !!!!