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House in trust
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I was contacted by a company offering ways of protecting your property in the case of having to go into care and avoiding having to sell your house to fund this. Basically you put your house and savings into a trust. After 6 years they are safe from having to be sold. You can access savings at trustees discretion but the 6 years bit has to start again because you have broken the trust fund. There is only a one off up front fee and nothing else to pay ever. Has anyone heard of or done something like this. Not sure what to do. Daughter on holiday for 2 weeks so can't talk it over with her yet. Any advice appreciated.
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For more on marking an answer as the "Best Answer", please visit our FAQ.No, I don't Carol, but I would urge you to resist any knee-jerk reaction to it. Do wait to discuss this with all of your family and do some further research. What works for some people won't for others. They are in this business to make money - not for any altruistic reasons, of that I am sure. Caveat emptor ...
Start here:
http://www.direct.gov...CareHomes/DG_10031523
but (if you decide to down the 'family trust' route) use a reputable solicitor rather than a possibly dodgy company.
Chris
http://www.direct.gov...CareHomes/DG_10031523
but (if you decide to down the 'family trust' route) use a reputable solicitor rather than a possibly dodgy company.
Chris
Do nothing in a hurry. There's no rush, wait for your daughter to come back from holiday and talk it through with her.
If you decide to go ahead with a trust scheme then look at alternative companies who offer this arrangement and shop around. Then shop around some more and then get some professional advice from an Independent Financial Adviser.
If you're feeling pressure from this coampny for a decision now then run a mile.
If you decide to go ahead with a trust scheme then look at alternative companies who offer this arrangement and shop around. Then shop around some more and then get some professional advice from an Independent Financial Adviser.
If you're feeling pressure from this coampny for a decision now then run a mile.
Accountant, Fiancial Advisor, Solicitor, Any of these, but not someone who contacts you without you requesting information.
Welsh is correct, but if you gift your home and then have to go into a care home shortly afterwards there will be problems. It will be seen that you have done this to avoid carehome fees.
Please take proper advice.
Welsh is correct, but if you gift your home and then have to go into a care home shortly afterwards there will be problems. It will be seen that you have done this to avoid carehome fees.
Please take proper advice.
They contacted me via the compan I have my funeral plan with so I felt a bit safer than just cold called out of the blue.
I know I could pass the house on to my daughter but what if (heaven forbid) she broke up with hubby, my house would end up as part of their estate. I love my SIL to bits and never for one moment would I distrust him but solicitors can be very strange at times so don't really fell sure about that.
I know I could pass the house on to my daughter but what if (heaven forbid) she broke up with hubby, my house would end up as part of their estate. I love my SIL to bits and never for one moment would I distrust him but solicitors can be very strange at times so don't really fell sure about that.
yes, if you 'gift' your property to a son or daughter and then need care in the nest few years, then they have to pay from the proceeds, but if you don't need care in that time, then, all will be well!.....they are not offereing anything that you can't sort out yourself!.......other than the fact that they will be charging you dearly for setting it up!......
I went to a retirement seminar and an IFA explained about the trust system its quite complicated and effectively only half the property is put into a trust making the other half effectively worthless.... speak to a solicitor with a special interest in property /family stuff as it actually sounds quite effective if done properly