ChatterBank0 min ago
Property Held In Trust.
A property is held In Trust for the owners children, but if the owner has to go into a nursing home, does the Trust mean that Social Services can’t use the property to fund the care?
Thanks.
Thanks.
Answers
1 to 4 of 4
Best Answer
No best answer has yet been selected by Bigbad. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Not necessarily, if you are seen to have to taken the action to deprive yourself of assets.
http://
http://
Good, straightforward answer from Ubasses as always.
Almost certainly something you will require to pay a solicitor for advice, because the amateur lawyers on here cannot give definitive advice, only information.
The issues that would be taken into account when the LA assessed whether they considered the owner had deprived himself/herself of the asset would include: the specific wording of the trust, the documentation surrounding the reason for establishing said Trust, the general health and lifespan expected of the owner at the time the trust was established.
Almost certainly something you will require to pay a solicitor for advice, because the amateur lawyers on here cannot give definitive advice, only information.
The issues that would be taken into account when the LA assessed whether they considered the owner had deprived himself/herself of the asset would include: the specific wording of the trust, the documentation surrounding the reason for establishing said Trust, the general health and lifespan expected of the owner at the time the trust was established.
and from what you say
a/c to this amateur lawyer
on the facts you have given - the trust should prevail as bona fide
actually I wouldnt pay a lawyer - because what is done is done
that is the trust is already in existence
so wait and see ....
is it worth unwinding the trust and doing something else ?
ah - that would be something to pay for as unwinding a trust ( see Dogsbody ) may have tax implications - the taxes may not cancel out they may stand and therefore effectively double
a/c see above to this amateur lawyer
oh, dissolving the trust and distributing the assets ?
what would be the local authority's views on that if rather quickly she has to go into care ?
Hmm I think you would definitely have to pay for advice on that course of action - in both law and tax
amateur lawyers go back to their cups of rea and lawyers and tax lawyers rub their hands at the prospect of fees....
a/c to this amateur lawyer
on the facts you have given - the trust should prevail as bona fide
actually I wouldnt pay a lawyer - because what is done is done
that is the trust is already in existence
so wait and see ....
is it worth unwinding the trust and doing something else ?
ah - that would be something to pay for as unwinding a trust ( see Dogsbody ) may have tax implications - the taxes may not cancel out they may stand and therefore effectively double
a/c see above to this amateur lawyer
oh, dissolving the trust and distributing the assets ?
what would be the local authority's views on that if rather quickly she has to go into care ?
Hmm I think you would definitely have to pay for advice on that course of action - in both law and tax
amateur lawyers go back to their cups of rea and lawyers and tax lawyers rub their hands at the prospect of fees....
1 to 4 of 4
