Stephen Seddon was told he would never be paroled after being convicted of the murders of his father Robert, 68, and mother Patricia, 65 - and their attempted murders four months earlier.
They had made the 46-year-old the sole beneficiary of their estate in their will - and paid with their lives.
They had already gifted Seddon £40,000 in cash and bought him his home in Benevente Street in Seaham, Co Durham.
During the trial, prosecutor Peter Wright described Seddon as the ultimate "ungrateful son".
The convicted fraudster, who was said to have had an "insatiable thirst for cash", had tried to kill the elderly couple by driving into the Bridgewater Canal in Timperley, south Manchester, with them strapped in the back seats in a faked road accident.
Seddon then "played the hero" and boasted of his rescue attempts after he was forced to abort his murder plan when bystanders went to their aid in the submerged hired BMW.
He had taken his parents - and his disabled nephew Daniel, who also managed to get to safety - out on March 20 last year on the pretext of a surprise belated Mother's Day meal.
Undeterred, on July 4 of that year he shot his parents dead with a sawn-off shotgun at their home in Clough Avenue in Sale, Greater Manchester.
Seddon had taken three shotgun cartridges with him. Police believe he also intended to kill his nephew, who he did not realise was in respite care that day.
Mr Justice Hamblen told him: "In effect you have executed your own parents. You have done so by the barbaric act of shooting them at point- blank range with a sawn-off shotgun."
He added: "One can only imagine the horror of your parents' last moments in this life, when they realised what a monster their son, whom they loved, had become. Mercifully their deaths were swift."
He went on to say that, in Seddon's case, life should mean life and he ordered that he serve a whole-life term - which means the father-of-three will never be released.
Seddon had denied the shooting and said it was "ridiculous" to claim he had tried to kill his own mother and father and "sick" to suggest he had intended to murder his nephew as well.
As he was sentenced, Seddon continued to protest his innocence, shouting from the dock: "No, not at all, they were not murdered by me at all. I'm an innocent man."
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