Asset Protection Trusts? What is best?

WendyP

we have just heard about these and my elderly mum is keen to find out more as she does not want her home to be sold off to pay nursing home fees should the situation arise. What is the best company to consult???

rachbc

I'm sure she doesn't but who exactly does she think should pay for her care?

mountainofdebt

rachbc wrote: »

I'm sure she doesn't but who exactly does she think should pay for her care?

I'll give you 2 guesses but you'll only need 1

Nicki

Very interesting few threads on this subject in the last few weeks.

One poster had worked in a home where the state was prepared to pay for care. One rich farmer had disposed of all his assets and was stuck in this place where the food was poor and he wasn't being taken to the toilet when he needed to go. He no longer had the money to transfer himself somewhere more pleasant, and the family to whom he had given his assets no longer came to visit as it was such a depressing place. Me, i'd like to leave myself options should I get too old and infirm to look after myself, rather than find myself trapped somewhere I'd rather not be with no way to escape.

rachbc

mountainofdebt wrote: »

I'll give you 2 guesses but you'll only need 1

That'll be me then!

If my parents require care, I'll happily forgo my 'inheritence' to pay for a decent care home for them

pinkshoes

rachbc wrote: »

That'll be me then!

If my parents require care, I'll happily forgo my 'inheritence' to pay for a decent care home for them

In some (many?) areas, the private and state care homes are the same.

My gran spent the last 3 years of her life in a home paid for by the state, and there were also private residents there.

Nicki

pinkshoes wrote: »

In some (many?) areas, the private and state care homes are the same.

My gran spent the last 3 years of her life in a home paid for by the state, and there were also private residents there.

Isn't the point that in most areas some of the homes will take both private and state funded patients, not that there are no homes which are private only? Even if you do end up in a home that has state and privately funded residents, if you don't like the home you are in, I imagine it is much easier to change to a different one if you are privately funded as you have nobody's permission to ask. All homes aren't created equal.

On one of the threads I mention, a care worker said that in some homes there is segregation between state and private residents, with the private residents allowed to use a separate lounge which is never open to dementia patients (whether they are privately funded or not), or where the private residents have en suite rooms and the state ones have limited access to toilet facilities. This might not be the case in every home, but if it is true that it is the case in some, then I think i'd still want to preserve my independence by not divesting all my assets and having to settle for what I got!

WendyP

well aren't you a cynical lot! I was hoping for help not sarcasm!
SHOULD the need to pay for care arise my mum wants to chose how this happens = hence an asset protection trust. As you have all been so unhelpful I I guess we will just take pot luck.

Mojisola

WendyP wrote: »

we have just heard about these and my elderly mum is keen to find out more as she does not want her home to be sold off to pay nursing home fees should the situation arise. What is the best company to consult???

WendyP wrote: »

well aren't you a cynical lot! I was hoping for help not sarcasm!
SHOULD the need to pay for care arise my mum wants to chose how this happens = hence an asset protection trust. As you have all been so unhelpful I I guess we will just take pot luck.

Perhaps the first post wasn't phrased too well as it sounded as if avoidance rather than choice was the intention.

If your mum is one of the few who does need to go into a care home there are a variety of ways of paying for it. She would have her usual pension/s and should be entitled to Attendance Allowance so it is only the difference that needs to be found.

She could buy an annuity which would protect the bulk of her estate. She could rent out her house to make up the difference. The family could pay the difference to preserve the equity in the property.

WendyP

ASSET PROTECTION TRUSTS what are they
how do they work
best companies
best policies
????????????????????????????????????????????

Mojisola

WendyP wrote: »

ASSET PROTECTION TRUSTS what are they
how do they work
best companies
best policies
????????????????????????????????????????????

No idea - I've never come across them.

It might be worth asking on one of the financial boards.