Putting home into family trust to avoid nursing home fees

margaretclare

SandraScarlett wrote: »

My Grandfather used to talk to me about "my friend, The King", and I honestly believed that they were great buddies. It transpired that he was once at a racetrack at the same time as George VI's father, King George V, who doffed his topper to the crowd, so that was enough for my Grandpa to claim royal connections!

King George V was given the speedball to hasten his death, and whenever he, or Queen Mary, were mentioned in the papers, Grandpa would say "oh there's a piece written here about my friends, the royals".

xx

What's a speedball? And why was it thought necessary to hasten his death?

John_Pierpoint

http://en.wikipedia.org/wiki/Speedball_%28drug%29

http://en.wikipedia.org/wiki/King_George_V_of_the_United_Kingdom

noisysaver

My father and his siblings put everything my Grandparents owned into a trust. You have to select the right type of trust and as the name implies, have a trustee who you can absolutely trust because they could quite easily disappear with everything you 'own'. As part of the trust (depending on which one) you essentially give away your property so you don't own anything you put into it, it is gone. This has been the de facto route for anyone with money to get away with paying all sorts of taxes, fees and what not but they don't want you to know all of this because that's their little game. Don't be put off by people telling you you are a 'criminal' you can do whatever you want with your property and what happens down the line should be dealt with as it comes. If you've paid into the system all of your life, why, just because you've worked harder, been lucky or just been cute with your money, then have to give all that up to pay for what you've been paying for all of your life?

Agreed you'll end up in a dump of a care home but by that time things like that won't even be a concern and if you're in there for more than a few months you're luck, or unlucky as the case may be. This is the sacrifice you'l have to make if you want to pass on at least something to your children and not give it up to the government as a further offset for mismanaging the public purse for decades.

Trusts are cast iron, no matter what stories you hear, no one can come snooping around and if they do a single curt letter explaining why they have no business or interest with said trust is almost always enough. My grandparents did end up in homes, my Nan for 11 years and everything they owned was kept intact and as per their wishes, the money and assets all went to the grandchildren. 10 years ago I set up a similar thing for my parents to ensure my children benefit as my Dad intends.

Don't follow along with the brainwashed crowd, that's what the government wants you to think but those same people all have their own money and assets in such a vehicle and as we know plenty of them are not paying ANY tax. My family can hold their head high that they paid taxes for all their working lives therefore are entitled to claim back from the system they paid into.

Go and see an IFA and get some god advice. Set the trust up very carefully and properly bearing in mind changes and other things regarding it can cost a lot of money. Once set up you should regard it as untouchable. Be prepared to pay maintenance and tax on it depending on where the trust lives, if offshore different countries have different rules. They are a minefield but then that's how they are designed, so the average joe just gives up, these are normally the preserve of the rich but do your homework and make wel informed solid decisions and no one can touch anything in a trust, to be fair, not even yourself without authority of all parties concerned because remember, you don't legally own anything in it anymore.

zygurat789

noisysaver wrote: »

Go and see an IFA and get some god advice. .:rotfl:

They may be good but......

Mojisola

noisysaver wrote: »

Agreed you'll end up in a dump of a care home

My grandparents did end up in homes, my Nan for 11 years

Poor Nan!:(

Linton

Mojisola wrote: »

Poor Nan!:(

Yes a bit tough on Nan, but it didnt matter as the dear kiddies got their inheritance. You do have to focus on what really matters.

Igotothefootofourstairs

noisysaver wrote: »

My father and his siblings put everything my Grandparents owned into a trust. You have to select the right type of trust and as the name implies, have a trustee who you can absolutely trust because they could quite easily disappear with everything you 'own'. As part of the trust (depending on which one) you essentially give away your property so you don't own anything you put into it, it is gone. This has been the de facto route for anyone with money to get away with paying all sorts of taxes, fees and what not but they don't want you to know all of this because that's their little game. Don't be put off by people telling you you are a 'criminal' you can do whatever you want with your property and what happens down the line should be dealt with as it comes. If you've paid into the system all of your life, why, just because you've worked harder, been lucky or just been cute with your money, then have to give all that up to pay for what you've been paying for all of your life?

Agreed you'll end up in a dump of a care home but by that time things like that won't even be a concern and if you're in there for more than a few months you're luck, or unlucky as the case may be. This is the sacrifice you'l have to make if you want to pass on at least something to your children and not give it up to the government as a further offset for mismanaging the public purse for decades.

Trusts are cast iron, no matter what stories you hear, no one can come snooping around and if they do a single curt letter explaining why they have no business or interest with said trust is almost always enough. My grandparents did end up in homes, my Nan for 11 years and everything they owned was kept intact and as per their wishes, the money and assets all went to the grandchildren. 10 years ago I set up a similar thing for my parents to ensure my children benefit as my Dad intends.

Don't follow along with the brainwashed crowd, that's what the government wants you to think but those same people all have their own money and assets in such a vehicle and as we know plenty of them are not paying ANY tax. My family can hold their head high that they paid taxes for all their working lives therefore are entitled to claim back from the system they paid into.

Go and see an IFA and get some god advice. Set the trust up very carefully and properly bearing in mind changes and other things regarding it can cost a lot of money. Once set up you should regard it as untouchable. Be prepared to pay maintenance and tax on it depending on where the trust lives, if offshore different countries have different rules. They are a minefield but then that's how they are designed, so the average joe just gives up, these are normally the preserve of the rich but do your homework and make wel informed solid decisions and no one can touch anything in a trust, to be fair, not even yourself without authority of all parties concerned because remember, you don't legally own anything in it anymore.

I admire your honesty and valuable information.


You have given the OP the answer they were looking for.


I'm certain all the Lords and Ladies and gentleman of the Government use such methods to protect their assets. We all know they had absolutely no qualms claiming expenses for from moats to teabags yet are some of wealthiest "workers" in the country. (Some like Lord Ashcroft aren't even citizens:rotfl: )


As for LA ascribing self-funding status to whomever they wish... if it's a medical problem which necessitates a care home then they are breaking the law by not funding it. However they will carp on and moan they won't.

Doc_N

noisysaver wrote: »

My father and his siblings put everything my Grandparents owned into a trust. You have to select the right type of trust and as the name implies, have a trustee who you can absolutely trust because they could quite easily disappear with everything you 'own'. As part of the trust (depending on which one) you essentially give away your property so you don't own anything you put into it, it is gone. This has been the de facto route for anyone with money to get away with paying all sorts of taxes, fees and what not but they don't want you to know all of this because that's their little game. Don't be put off by people telling you you are a 'criminal' you can do whatever you want with your property and what happens down the line should be dealt with as it comes. If you've paid into the system all of your life, why, just because you've worked harder, been lucky or just been cute with your money, then have to give all that up to pay for what you've been paying for all of your life?

Agreed you'll end up in a dump of a care home but by that time things like that won't even be a concern and if you're in there for more than a few months you're luck, or unlucky as the case may be. This is the sacrifice you'l have to make if you want to pass on at least something to your children and not give it up to the government as a further offset for mismanaging the public purse for decades.

Trusts are cast iron, no matter what stories you hear, no one can come snooping around and if they do a single curt letter explaining why they have no business or interest with said trust is almost always enough. My grandparents did end up in homes, my Nan for 11 years and everything they owned was kept intact and as per their wishes, the money and assets all went to the grandchildren. 10 years ago I set up a similar thing for my parents to ensure my children benefit as my Dad intends.

Don't follow along with the brainwashed crowd, that's what the government wants you to think but those same people all have their own money and assets in such a vehicle and as we know plenty of them are not paying ANY tax. My family can hold their head high that they paid taxes for all their working lives therefore are entitled to claim back from the system they paid into.

Go and see an IFA and get some god advice. Set the trust up very carefully and properly bearing in mind changes and other things regarding it can cost a lot of money. Once set up you should regard it as untouchable. Be prepared to pay maintenance and tax on it depending on where the trust lives, if offshore different countries have different rules. They are a minefield but then that's how they are designed, so the average joe just gives up, these are normally the preserve of the rich but do your homework and make wel informed solid decisions and no one can touch anything in a trust, to be fair, not even yourself without authority of all parties concerned because remember, you don't legally own anything in it anymore.

One small snag - deprivation of assets.

http://www.ageuk.org.uk/home-and-care/care-homes/deprivation-of-assets-in-the-means-test-for-care-home-provision/

Essentially, if the assets were put into trust to avoid having to contribute towards care home fees the scheme fails.

Go to an IFA, ask how to avoid care home fees, and you've already failed the acid test.

There are any number of outfits flogging these schemes, but they rarely work.

seven-day-weekend

We have put our new bungalow as Tenants-in-common, so that we only own half the house each and can each leave our half to our son. Therefore there is only half a property to consider, if one of us dies and the other goes into care.

Our old house (which we still have) is Joint Tenants that we each own 100% of.

Pollycat

Igotothefootofourstairs wrote: »

You have given the OP the answer they were looking for.

Yep, noisysaver may have given the OP the answer he was looking for - albeit a little late as the first post was dated over 3 years ago and the OP hasn't logged back onto MSE since Jan 2012.