Peter is a great IFA, and does not give legal advice, so I trust no one will uncritically follow the general comments in the article. I would also emphasise that this type of asset protection should be carried out at the earliest possible moment as once an illness has been diagnosed, it may be too late, and the planning is much more likely to get challenged!
The danger point would be leaving the half share of your house to a child, who could promptly go bankrupt, or get divorced. Then their share of the YOUR house could end up belonging to entirely the wrong people and you could end up homeless!
Alternatively, put your home into a special lifetime trust called a Home Protection Scheme. You remain a trustee and in control, but it is outside your estate for probate purposes, asset protection and is strongly protected against people who might (for example) dispute your Will for their own gain. The Home Protection Scheme is neutral for IHT purposes, which means the balance of the estate would have to pay any Inheritance Tax due - which is not always ideal.
Do bear in mind that this is a brief comment and not personal advice which should be sought either from a member of the Society of Will Writers or the IPW or a solicitor who actually specialises in Wills (most don't) and would probably be a STEP member. Just ask your solicitor how many hours a year training and updating they do SPECIFICALLY on Wills. Most will give you a very round answer, but those who do take Wills seriously are brilliant.
Questions And Answers
Peter McGahans article on Long Term Care
asked by Stephen Pett posted 3 Years ago at 22:34
1-1 of 1 Answers
Kevin Bland answered 2 Years ago at 20:40, last modified: 2 Years ago at 14:56Saw a lovely rant from a solicitor on Linked in telling solicitors to stick to what they are competent at and not assume they know what they are doing in areas in which they received 30 minutes training 30 years ago and have NEVER done an further training or updating on!
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