Specific situations require a tailored approach and there is no substitute for the appropriate advice.
The Home Protection Plan is a strategy designed for homeowners, whether single or couples, usually living on their own, to put the home beyond the reach of contributing to care fees and to achieve one or two other benefits. The strategy involves the transfer of the home to a trust. Under the trust the settlor (donor/transferor) is an interest in possession beneficiary.
Once the trust is created, he, she or they can continue to enjoy the home in the same way as before. They can continue to live in the home for the rest of their life or lives or for as long as is wished and this is guaranteed. The trust gives a guaranteed right of residency and security of tenure for life or until the point where continued residence in the home is no longer required or appropriate.
Asset Protection Trusts or Spousal Bypass Trusts are lifetime trusts that are created whilst you are alive and have numerous uses including lifetime gifting, protection of lump sum proceeds from life assurances, pensions and death in service benefits and can also be used to accept assets gifted via a will.
If any proceeds from your estate or any life assurances, pensions and death in service benefits are paid directly to your nominated beneficiaries – whether or not this is a spouse, partner, child or family member – then the funds they receive from you will be included within their own estate if and when they are assessed for long term care or other state benefits.
By directing the funds to a lifetime trust instead we can ensure that the beneficiaries will still have access to the funds but will not be assessed by the local authority for payment of care costs or reduction/removal of state benefits and any remaining funds pass onto other people you might also wish to benefit from the funds.
We can also assist with all other aspects of estate planning including; will writing, will trusts, inheritance tax planning, lasting power of attorney, severance of joint tenancy, pre-paid funeral plans, safe document storage and probate.
If you have any questions about our services or if you would like to arrange a free consultation then please do not hesitate to contact us or find further info at Chris Lamb Will Writing.
We can arrange appointments at your home if you prefer and are happy to see you on evenings and weekends. If that's not convenient then we can start by telephone.
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