Estate Planning helpline

djr2031

My parents who are are both in their 80 have been contacted by a charity Estate planning helpline.  Offering to look at ways to protect house being at risk if they have to go into a nursing home.  Has anyone heard of this organisation.  They are promisng a free consultation via zoom but concerned that they wiil try and sell them stuff, like many older people they are too trusting

RAS

Avoid these like the plague. Even if your parents need estate planning, as they should choose their advisors based on personal recommendations, not selling.

And on this part of MSE, there are regular posts from people whose parents put their estate or house into trusts which mean they and their children can no longer manage their money and they are liable of huge tax bills. Sometimes, the tax regulations have change , sometimes the advisors have appointed themselves to well funded trustee posts at the family's expense,

The starting point is, what is the value of their estate? At present up to £1m is protected from IHT.
And whilst either of them lives in the house, it is ignored for care assessments.

If they own the house as joint tenants, they might want to sever the tenancy and the first deceased leaves their half in an IPDI trust for the survivors benefit. That protects half the value from care home fees and from second marriages.

You or your parents can do LPAs on-line for a small fee. They each need both, to ensure that someone who loves them can manage their money etc if they lose capacity. Paying anyone to do this is robbery IMO.

What they do need is a good STEP solicitor to discuss the benefits and advantages of severing the tenancy and an IPDI trust. The survivor is usually a trustee but they can appoint others they trust as well, perhaps their attorneys from the LPA?

Keep_pedalling

Never heard of them, but they are certainly not a charity, and will be trying to sell you parents a trust, which almost will not achieve the claimed aim as it will be classed as deliberate deprivation of assets.

RAS

Keep_pedalling said:

deliberate deprivation of assets.

Forgot about that bit. At their current ages, and with this being sold to avoid care fees, almost certainly deprivation of assets.

At best it means Not over my Dead Body Grange for their later years. At worst, the trust manages the estate in such a way that there isn't enough to cover the fees, and the LA refuse to fund them.

I wanted my parent to spend their last years somewhere they were respected and their specific needs met, even if it ate into our inheritance. Would you and yours prefer your parents in a living warehouse? Or worse, denied care support or a care home until it really became to dangerous for them to go home?

djr2031

Thank you for the comments, personally I would like my parents to spend the money on themselves. Not really worried about the inheritance as their health and wellbeing is far more important. Just don't want to see them conned out of money they could use for themselves.  

Keep_pedalling

djr2031 said:

Thank you for the comments, personally I would like my parents to spend the money on themselves. Not really worried about the inheritance as their health and wellbeing is far more important. Just don't want to see them conned out of money they could use for themselves.  

Very wise attitude, and they really would be throwing their money away on this. Do they have lasting powers of attorney in place? If not that should be a better thing to prioritise. 

user1977

djr2031 said:

My parents who are are both in their 80 have been contacted by a charity Estate planning helpline.  Offering to look at ways to protect house being at risk if they have to go into a nursing home. 

Not sure how a "charity" could be involved here? What's the actual trading name?

djr2031

Can't find a trading name on email.  My anti virus software fortunately blocked the link on email. Can't see trading name on email or charity number.  Post code on email KT9 1ST is an industrial estate in Chessington.  

Emmia

I think this is the type of contact which should be described as "don't call us, we'll call you..."

It's definitely a scam and your parents should steer well clear.

djr2031

Just get so annoyed about people who prey on people like my parents who trust anyone who calls them 

djr2031

Is there an easy to use website to confirm company details or at least confirm who is calling is genuine. Have told my parents not to answer any number they don't recognise but they still answer all calls