Property Trusts
Discussion
Evening all, hope you're all well and looking forward to a better 21
Does anyone have knowledge on Property Trusts? Ideally I am after something that protects 100% of property and as much wealth as possible from funding my care. Depressing I know, and I hope a few years away but never a good time to start looking is there!
Honey Legal seem to have two offerings, one is a Property Will Trust and the other is a known as a Living Trust. The latter I am being told can protect upto 100% of your property rather than the usual 50% associated with a a traditional Trust. I am sceptical as they want to charge considerably more for the latter which is fair enough if there is more work involved however I am sceptical as an independent advisor that I have approached for comparison has said that he has never heard of such a scheme and it is not possible to protect 100% of your property value
Two professionals but with different views. I thought, who do I turn to, my trusted Pistonheaders!
Thanks in advance
Mike
Does anyone have knowledge on Property Trusts? Ideally I am after something that protects 100% of property and as much wealth as possible from funding my care. Depressing I know, and I hope a few years away but never a good time to start looking is there!
Honey Legal seem to have two offerings, one is a Property Will Trust and the other is a known as a Living Trust. The latter I am being told can protect upto 100% of your property rather than the usual 50% associated with a a traditional Trust. I am sceptical as they want to charge considerably more for the latter which is fair enough if there is more work involved however I am sceptical as an independent advisor that I have approached for comparison has said that he has never heard of such a scheme and it is not possible to protect 100% of your property value
Two professionals but with different views. I thought, who do I turn to, my trusted Pistonheaders!
Thanks in advance
Mike
It's a bit of a minefield as many people who have paid big fees have subsequently discovered over the years.
Personally, I have a bit of an issue with the whole concept of hiding/masking/protecting assets for the purpose of tricking the taxpayer into paying our rent when we decide to move from a house to a care home. I geneuinely don't understand why there is seemingly such a large number of people who genuinely think that they shouldn't pay for themselves if they have the means to do so, let alone then make the next leap to thinking it appropriate that everyone else pays the bills that they could afford to pay.
But then this is why there are so many sales agents pitching miracle cures and raking it in on upfront and ongoing fees. There is no better mark than the greedy mark whose first words are 'I'm rich'.
It's definitely an area where your upfront spend needs to be on independent specialists and not to the bloke selling you the solution to all your problems.
Personally, I have a bit of an issue with the whole concept of hiding/masking/protecting assets for the purpose of tricking the taxpayer into paying our rent when we decide to move from a house to a care home. I geneuinely don't understand why there is seemingly such a large number of people who genuinely think that they shouldn't pay for themselves if they have the means to do so, let alone then make the next leap to thinking it appropriate that everyone else pays the bills that they could afford to pay.
But then this is why there are so many sales agents pitching miracle cures and raking it in on upfront and ongoing fees. There is no better mark than the greedy mark whose first words are 'I'm rich'.
It's definitely an area where your upfront spend needs to be on independent specialists and not to the bloke selling you the solution to all your problems.
DonkeyApple said:
It's definitely an area where your upfront spend needs to be on independent specialists and not to the bloke selling you the solution to all your problems.
Skinter said:
I am sceptical…
If it sounds too good to be true, no-one can quite explain or understand how it works and is being sold by an organisation with a website which feels a touch opaque (lacking any real / pertinent detail), my gut feel would be to run a mile and then, just to be certain, run another.I have an inherent suspicion of any fiduciary service being sold as a “product,” where people are looking for / being sold an outcome, over and above understanding the nature of the arrangements that they’re entering into. Loan Charge schemes, SDLT mitigation plans, alternative fuel investment schemes, multi-settlor EBTs, etc never really passed the smell test at their inception and, a decade later, don’t look to have turned out awfully well for those involved. Most were sold promising an outcome to those of little understanding of the mechanics, regulation or ability of regulatory sentiment to evolve.
I would also agree with BV’s posts and think consulting a STEP-member adviser would be wise.
Edited by EJH on Sunday 3rd January 12:46
DonkeyApple said:
Personally, I have a bit of an issue with the whole concept of hiding/masking/protecting assets for the purpose of tricking the taxpayer into paying our rent when we decide to move from a house to a care home. I geneuinely don't understand why there is seemingly such a large number of people who genuinely think that they shouldn't pay for themselves if they have the means to do so, let alone then make the next leap to thinking it appropriate that everyone else pays the bills that they could afford to pay.
In my line of work I encounter lots of financially dodgy people. In my experience <5% of people are completely honest and will not commit fraud even if the fraud was trivial AND they were 100% guaranteed not to be found out (By trivial I mean things like rounding up their mileage claim to the nearest 10 or clocking out 5 minutes early even when they always start 30 minutes early). Everybody else, but everybody else is corruptable and will commit fraud if they believe that risks/rewards trade-off is in their favour.
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