Life Time Trusts & Care Cost Prevention Trusts

There are so many things that can go wrong in life. Events that you weren’t expecting, when things come out of the blue and change everything.

If you have to go into a care home, for example, the care fees can drain your bank account until your savings are exhausted. After that, your house could even be sold to pay what you owe to the local council.

Then there is the possibility that one of your children could get divorced. Half of your children’s inheritance would then be gone in a divorce settlement.

Perhaps your children inherit young and squander their inheritance, or maybe start a business that goes bankrupt. 

Either way, your hard-earned money is gone forever.

All of these are great reasons to protect your assets.

Talk to us about Life time Trusts and Care Cost Prevention trusts today.

Life time Trusts are one of the best estate planning tools available, but also the most complex. We can 

• Advise on whether a Lifetime Trust is right for you.

• Help you understand if the product can achieve your objectives.

• Guide you on the implications for inheritance tax.

• Schedule an appointment at a time that suits your diary. 

 Life time Trusts are complicated. If they seem confusing, that’s because they are! 

At first, you may not understand why they cost so much more than a basic Will.

We can explain these perceived complexities, and answer all your questions, in plain English. 

But first, we’ll take the time to get to know your circumstances and find out if a Lifetime Trust really is suitable for your needs.

Thanks to healthier lifestyles and medical advances, people in the UK are living longer.

A newborn boy can now expect to live to 79.2 years old and a girl 82.9 years old, compared to just 68.1 and 74 if they’d been born in 1960.

This also means that many more elderly people need places in care homes, and local authorities are having to find the money to pay for them.

The way they’re doing that is shocking. After your death, they will take your home and sell it to pay for the cost of your care. Unless, that is, your house and all your other assets are worth less than £23,250.

It’s pretty unlikely that your house would be worth less than £23,250. So chances are that the local authority will take it, sell it, and grab back the care fees.

After they’ve taken those fees – potentially from several years’ worth of care – there could be very little left for your loved ones.

When set up at a time when the need for care and support is not reasonably foreseeable and where avoiding care costs is not a significant reason for setting up the trust. It is possible that your assets may be afforded some protection against the ravages of long term care costs by using one of our Care Cost Prevention trusts