Trust?
Author
Discussion

Oliver Hardy

Original Poster:

3,097 posts

98 months

Wednesday 12th July 2023
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If I set up a trust to put my house into, I also have some savings and three cars, although two are not worth much what of I want to sell them in the future or replace them?

Puzzles

3,302 posts

135 months

Wednesday 12th July 2023
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Have you spoken to a professional about this?

2 sMoKiN bArReLs

31,860 posts

259 months

Wednesday 12th July 2023
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Could be another fine mess hehe

fat80b

3,191 posts

245 months

Wednesday 12th July 2023
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What problem are you trying to solve with the creation of the Trust?

Motorman74

485 posts

45 months

Wednesday 12th July 2023
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2 sMoKiN bArReLs said:
Could be another fine mess hehe
Very good beer

GT03ROB

13,996 posts

245 months

Wednesday 12th July 2023
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fat80b said:
What problem are you trying to solve with the creation of the Trust?
is a very good question.....

anonymous-user

78 months

Wednesday 12th July 2023
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Inheritance tax I am guessing, same reason everyone else creates one.

Armitage.Shanks

2,990 posts

109 months

Wednesday 12th July 2023
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Joey Deacon said:
Inheritance tax I am guessing, same reason everyone else creates one.
Could be care home fees ?

Oliver Hardy

Original Poster:

3,097 posts

98 months

Thursday 13th July 2023
quotequote all
Armitage.Shanks said:
Joey Deacon said:
Inheritance tax I am guessing, same reason everyone else creates one.
Could be care home fees ?
I have spoken to Google, smile I am just pondering and not done anything about it yet, it just thought that are flying through my head just now and would like more info, Both are on my mind, although the inheritance tax would be that much.



Puzzles

3,302 posts

135 months

Thursday 13th July 2023
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And do you plan on using these assets when they are no longer yours?

davepen

1,480 posts

294 months

Thursday 13th July 2023
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Oliver Hardy said:
I have spoken to Google, smile
Perhaps ask google about "deprivation of assets", "reservation of benefit" and the 10 year anniversary tax on trusts.

If IHT isn't that much, then an IFA may have a scheme to reduce the liability.
Although living another 7 years (after gifting) appears the simplest plan. smile

Simpo Two

91,613 posts

289 months

Thursday 13th July 2023
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davepen said:
If IHT isn't that much, then an IFA may have a scheme to reduce the liability.
'Discretionary gift and loan Trust' seems to ring a bell.

But (1) make really sure a Trust would be more use than encumbrance, and (2) if so, get it done with a professional.

A cousin of mine put all his assets in a Trust because he'd fallen out with with his sister and there was a possibility of a massive court case so he was taking precautions.

2 GKC

2,266 posts

129 months

Thursday 13th July 2023
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Solicitor told me that putting your main residence into a trust was not a great idea unless trying to avoid care home fees rather than IHT