Asset Protection Trusts? What is best?

margaretclare

You say you've just heard about these. Where? Might be worth going back there and asking for details.

I googled and found this: http://www.estatesortrusts.co.uk/setting-up-asset-protection-trust-step-step-guide.html

You mention your mother and what she wants/doesn't want. How likely is it that she will need to be in a nursing home?

In addition, there is a thing called 'deliberate deprivation of assets'. Again, google has a vast amount of information on this.

Money_Saving_Dude

rachbc wrote: »

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

You and I. It's not rocket science (but it seems to be).

We have had 30+ years of people being conned into thinking they are richer, by reducing their taxation, and having housing asset increases. But look at the difference between now and the 1970s. *Wherever* you go you have to pay for parking -- it never used to be like that. When you went on a train you weren't expected to pay for the infrastructure; that was provided by the state for you to use but now, because it "must be run like a business" (don't make me laugh) commuters are finding their 'tax savings' are being robbed by higher fares.

Then hospitals. Again, parking is another easy way to recoup money. I wouldn't mind, but the bast*ds paint double yellow lines for miles around to deter you (it never does me).

What else do you have to pay for that was provided by the state? Ah yes, care homes. And if the answer is 'we can't afford to do this out of tax' then what you are really saying is if you are poor, and have been all your life you won't get help.

You save and plan for your future -- and then they try to rob you of it. Consider one alternative. Land Value Tax. Now if you own land you pay a tax. And if you own land that makes you a decent income, you pay more tax. That way, the more the country benefits the better we all benefit.

Who pays? Those owning the assets that create the wealth. It would be land-based so tax can't be avoided. Of course you set it at a fair rate, but it means the *whole* country could afford the services a *civilised* society must provide -- not just the South East, which is cut off from the rest of the country by increasingly congested infrastructure.

So to answer your original question -- we all should pay for the care of our elderly and infirm. If you have planned for your retirement you must not be penalised.

I could even give it a name. Something that benefits society? Hmm, lets see, what about Socialism?

Simples

Money_Saving_Dude

Mojisola wrote: »

No idea - I've never come across them.

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

Google Private Property Trusts and Tenancy in Common.

There are ways you can protect your assets. It is just getting more difficult as our society refuses to contemplate taxation as the only fair and equitable method.

Jan1se

I am thinking of setting an asset protection trust up. Do you have any further information please