What would happen to our homes in the future, if we need to move into a care home, is something that many people worry about. The rules regarding care home fee funding can be complex. Around 1 in 3 women and 1 in 4 men will need residential care at some point in their lives, and when you are considering those numbers, it is vital that you understand how best to go about care home fee planning with the expert guidance of asset protection solicitors in your area.
An asset protection trust has become a popular choice for many people as a way of protecting the future of their estate in the event of a move to a care home in later life, or as the result of an injury or disability. The steps available to you can include updating your Will, establishing a trust (in your Will or during your lifetime) and possibly severing the joint tenancy on your property, if applicable.
One of the most common forms of asset protection would be to establish a lifetime trust. A lifetime trust is often used to protect assets and the main features of such a trust would be:
There are also some disadvantages to establishing an asset protection trust that you should be aware of, and we will of course advise you of these before you proceed, as any asset protection solicitors should.
One of our partners, Michael Prendergast, is a member of the Society of Trust and Estate Practitioners and has experience of dealing with a wide variety of trusts. He has written a number of articles relating to care home fee planning, so please feel free to read at your leisure:
Dickinson Parker Hill has advised many people and their families on the options available to them regarding the family home and their other assets and advised on what steps can be taken to protect those assets. It is important to take advice from qualified asset protection solicitors when dealing with matters such as this and you should be wary of anybody who professes to have a ‘guaranteed solution’ to protecting your property from care home fees. Putting in place an asset protection trust that fits your specific circumstances is important, so our team ensure that we have your legal and financial interests in mind at all times. We are thorough and effective when it comes to care home fee planning.
We have been advising the people of Ormskirk, Skelmersdale, Wigan, Parbold, Burscough, Formby, Southport and throughout Lancashire, Merseyside and nationwide for over 200 years on protecting their assets. Our specialist private client solicitors will be able to help you protect your home from care home fees.
If you would like to put your mind at ease and speak to expert asset protection lawyers about your personal circumstances and how to put in place processes that will effectively take care of any care home fee planning that you require in future, contact us today. You can reach a friendly and experienced member of the DPH Law team by calling 01695 574 201, or by emailing us. We will be happy to offer specialist advice and guidance on all things relating to an asset protection trust.