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Trusts allow for the protection or preservation of particular assets, allowing them to be set aside for an intended beneficiary and passed on to them at a particular time in the future. Assets that are held in Trust can consist of money, investments or property and there are different types of Trusts that can be used depending on circumstances.
Having worked hard to buy your own home, understandably people want to ensure it pass to future generations, however even with a carefully drafted will there are many reasons, why ultimately, your home may not pass to your family.
If you go into care the Local Authority can take almost everything you own to pay for your care – that includes the family home.
To try and avoid the loss of their home many people look to transfer the ownership of their house to their children now, but this presents significant problems. First, if the local authority finds that you transferred the property deliberately to deprive yourself of assets to pay for care, your home will be included in the means-testing equation anyway.
Consider, what will happen if your children become bankrupt or estranged from you? What if they die before you or get divorced? They own your house and you have lost control and are therefore in a very vulnerable position. Also when they eventually sell your house if it was not their principle private residence as a result they may have a tax bill even if you didn’t go into care.
At Kingsman Associates, we’re committed to providing comprehensive advice on a bespoke trust plan designed to suit your needs.
It’s time to make sure that your assets are protected. Book a consultation with one of our professional team to discover how we can help you.