Is anyone familiar with ‘The Family Protection Trust’?

[Btlguru]

I have been asked to look into some paperwork on behalf my wife’s mother, with the intention to keep her house in Trust for her children, should she have to go into care at some future point.

Is anyone familiar with theses types of arrangement in general, and the ‘Family
Protection Trust’ in particular?

Thanks.

[Mr-B]

Are you looking to contact someone who knows about these things and asking for recommendations for contacts or do you need some specific info about these types of trust?

[Btlguru]

Mr-B said:

Are you looking to contact someone who knows about these things and asking for recommendations for contacts or do you need some specific info about these types of trust?

I guess I’m asking for two things;

- whether other people have successfully used this type of trust to protect assets (or whether this is something that is ‘sailing very close to the wind with hmrc’ and potentially an expensive waste of time)

- whether anyone has experience of this actual provider / product

[NickCQ]

Btlguru said:

I guess I’m asking for two things;

- whether other people have successfully used this type of trust to protect assets (or whether this is something that is ‘sailing very close to the wind with hmrc’ and potentially an expensive waste of time)

- whether anyone has experience of this actual provider / product

Is the concern IHT or care home costs?

In general the local authority ‘deprivation of assets’ rules around funding care are very strict and hard to circumvent. On the IHT front however there are some fairly vanilla strategies using trusts etc that can reduce the bill to HMRC. Plus IHT only really becomes a big bill for large estates (96% of people pay zero)