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Discetionary Will Trusts
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Has anyone any knowledge/advice on setting up a Discretionary Will Trust as a means of protecting an investment from being taken by the authorities in the event of my wife or self, having to go into a care home, in the future?
I would be grateful of any help/advice (England)
I would be grateful of any help/advice (England)
Answers
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Secondly, you WILL need not only financial advice, but legal advice. I'm afraid I can't really help since each case is fact sensitive. However, there is no time limit in how far back the LA can go in looking at dispositions which are intended to avoid care home fees if that is a "significant reason" for the disposal. You will have to be careful to ensure that neither of you have an interest in possession and also that there are other beneficiaries. You will also need trustees that you can trust. You may like to consider issuing a letter of wishes to the trustees as well.
Secondly, you WILL need not only financial advice, but legal advice. I'm afraid I can't really help since each case is fact sensitive. However, there is no time limit in how far back the LA can go in looking at dispositions which are intended to avoid care home fees if that is a "significant reason" for the disposal. You will have to be careful to ensure that neither of you have an interest in possession and also that there are other beneficiaries. You will also need trustees that you can trust. You may like to consider issuing a letter of wishes to the trustees as well.
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