Asset Protection Trust - 6 month time limit before it is disregarded???

Tunstallstoven

Hi all

My parents are currently looking into their options for later life and I am trying to help them. We all attended a meeting recently with an advisor who talked about buying an Asset Protection Trust to protect ("shelter") the value of their property should they need to go into care. There are many considerations, including the moral ones. And so we are just discussing and thinking about it for the moment...

The reason for the post though is to clarify something. We were told in the meeting that if they buy the APT, but then they needed care within 6 months of it starting, it would not be valid and would not protect the property from costs. After 6 months, the property would be fully protected and ring fenced from care costs (although they could use it for care if they wished).

I have been reading up on it all this evening and nowhere have I seen this 6 month part mentioned. In fact, the only thing I have read with regards time limits and Deliberate Deprivation is that there is no time limit and the LA could go back as far as they want if investigating.

Have I missed something? Or were we wrongly informed regarding the 6 months?

Many thanks

xylophone

http://www.cii.co.uk/knowledge/personal-finance/articles/asset-protection-trusts-and-care-fees/39786

may be worth a read.

Malthusian

As may this thread (I don't know if it's the same people but it sounds like a similar type of scheme).

Who is advising you and what qualifications do they have?

Keep_pedalling

For adviser read salesman

For 6 months read no time limit

If your parents really want to plan for their dotage, they should be planning for their own comfort not their children's inheritance.

dunstonh

We all attended a meeting recently with an advisor who talked about buying an Asset Protection Trust to protect ("shelter") the value of their property should they need to go into care.

Obviously, you cannot do that as it would be classed as deprivation of assets. There has to be a genuine reason for doing it and the fact it is not included in the means test has to be a coincidence rather than intention. So, what is the genuine reason that would be documented for doing it?