Placing Home in a Family Trust

Children the same…but you can give one off lumpers for things like weddings, deposits for houses etc iirc

A lot of the trusts may well squeak thru as it’ll depend on the local authorities having the resources to chase up for payments,may well chase down the line and local authorities become skinter shelling out for coffin dodgers.
Be easy sticking a levy on every one’s estate so when they die they pay a % then everyone knows the rules and can plan for it, and most would be happy with this solution.

That being said no one should complain about lack of resources for coffin dodgers and care if we all squirrel it away so it doesn’t get grabbed.
….spoken from someone that squirrelled it away years ago before me mam died and the olds sorted their estates just for such occurrences in case me dad ever needs a care home
 


Don’t know like. Think it would be worse it be getting challenged & unravelled all the while a family member is receiving medical assistance meaning health is deteriorating.
I’m not 100% on this but I think it’s all retrospective anyway. Someone can correct me on this.

Can see where ya coming from but I/we would rather go down fighting than just roll over and sign something over. I’m 100% that my dad who worked hard to get what they ended up with would agree as well.
 
We did it. It worked in that the council ignored it when it came to pay care home costs.

But make sure you get the paperwork correct. Solicitors fees were massive when it came to transferring it to the ownership of my missus and her sister, after their parents passed away.

Also ditto. Put into a trust about 20 years ago and thankful we did.
 
we done this, some 13 years ago and it cost about £1500 to draw up the will enabling the trust. If I recall correctly, that when one of the pair dies, then the dead partners half of the house, immediately goes into the trust. The other half stays with the living half. The theory is that the house is now owned by 2 halves. Nobody would be interested in buying half a house in which they have no real control and cannot live in. The surviving partner has no control over the trust half, but obviously is aware. Therefore there is no value to the house until the house is united again on the survivors death. I have not recalled correctly but there it is.
 
I’m not 100% on this but I think it’s all retrospective anyway. Someone can correct me on this.

Can see where ya coming from but I/we would rather go down fighting than just roll over and sign something over. I’m 100% that my dad who worked hard to get what they ended up with would agree as well.
Check the local authority guidance on this because if a surviving spouse resides in the property whilst the other is in a home, I'm pretty sure the value of the property isn't taken into account when assessing for care costs anyway. Unless of course the property you're putting into trust is different to the one lived in.
Also check their rules on 'deliberate deprivation of assets '.
 
Check the local authority guidance on this because if a surviving spouse resides in the property whilst the other is in a home, I'm pretty sure the value of the property isn't taken into account when assessing for care costs anyway. Unless of course the property you're putting into trust is different to the one lived in.
Also check their rules on 'deliberate deprivation of assets '.
Yeah but you would never put a property in trust to avoid care home fees that would be just wrong and immoral.
There’s other reasons why you would want to do it though a legal professional would be pleased to advise I’m sure.
 
Yeah but you would never put a property in trust to avoid care home fees that would be just wrong and immoral.
There’s other reasons why you would want to do it though a legal professional would be pleased to advise I’m sure.
Many people have done it and still do for that exact reason.
If there are other reasons for doing it the I'm sure a legal advisor would indeed be happy to help.
But my point was don't just consider the legal angle, also consider the tax consequences of the transfer from a CGT (and Holdover Relief) and IHT point of view and also the GWROB rules.
Also the HMRC Trust Registration requirements to consider.
So sometimes not as straightforward as many people think and worth having a conversation with both legal and tax advisors in equal measure.
 

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