You may be considering trying to protect some of your assets for the benefit of your family. This may be because you have a vulnerable child, or you are concerned about the prospect of your assets falling into the wrong hands, or you may even want to protect your asset for your own use in the future. We can advise you on different ways to protect assets for you and your family. This might be making outright gifts to your family members, or may be putting assets into trust.
We can advise you of the consequences of outright transfers or transferring into trust. You will need to understand the implications of this for you and the tax consequences of the different options.
Additionally, making a gift either outright or into a trust might be viewed by the local authority as a deprivation of capital if you were ever to require residential care in the future. It is therefore important to understand what you are allowed to do and what the deprivation of capital rules are. We can advise you on these rules and what steps you can take to plan for the prospect of care home fees.
If transferring assets outright during your lifetime is not a viable option for you, we can also advise you on how to plan for asset protection within your will. A couple may choose to leave their assets, for example their house, to each other in liferent only and ultimately to their children. This means that that asset would potentially be protected from the survivor’s care home fees. This is a legitimate and important way of planning for your family’s future.
If you wish to discuss any of these issues, please get in touch with one of our personal law solicitors.