Quizzes & Puzzles43 mins ago
Should I Set Up A Trust?
I own the flat I live in and a house I rent out. In order to protect my assets should I need care in the future would it be worthwhile to set up a trust or would my assets not be considered enough
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Local authoritates do challenge trusts if they believe they were set up to deprive assets so there is no guarantee it will work.
As for your assets being enough for you to pay for care; yes they are. The second property you own will be taken in to account and the home you live in will be if you live alone. If you have a spouse or civil partner, and in some cases a dependent adult, living with you then the house cannot be forcibly sold.
Assets over £29k are taken to account for care home fees.
If the trust is set up with the purpose of depriving the local authority of the property being considered as one of your assets (for the purposes of avoiding paying care fees) – then the trust will have no effect with respect to this, and the authority will be able to include the property as your asset.