Asset Protection
More and more UK residents are taking advantage of strategic estate planning to secure their homes and savings from taxation and care costs.
You don’t need to be wealthy to want to ensure that hard earned assets such as the family home are passed onto your loved ones, with professional Asset Protection advice you have control over what happens to your estate.
With our Asset Protection Strategy we look at effective estate planning by utilising Wills and Trusts.
“When I die all of my assets will go to my family - Right?” WRONG!
The Government can take up to 40% of your estate before your family have access! Millions of pounds were paid in
unnecessary inheritance tax last year - If you don’t take action you are volunteering to pay!
“If we go into care my home will go to my children – Right?” WRONG!
70,000 homes were lost last year to pay for the cost of long term care!
Long term care fees and inheritance tax are optional!
Unfortunately, were you to require long term care, your family may not necessarily receive all, or any of the inheritance you intended them to have. When you go into care all your assets including your home, savings and income are assessable for means testing. This could mean that the home may need to be sold to pay for costs of the care you may need.
As well as protection from care costs we can also ensure that your assets are protected from attack by Divorce and Separation, Creditors and Bankruptcy, and Taxation. We also provide Business Succession Strategies for clients who have their own businesses and we are experts in Agricultural planning.
Example!
Mr and Mrs Evans own their home jointly and the property is valued at £350,000 and have joint savings of £20,000. Mr and Mrs Jones reside alone and have two adult children who they would like to leave their house to, after they have both passed away.
Mr Jones dies and the house and savings pass absolutely to Mrs Jones. Two years later Mrs Jones enters care, her assets total £350,000 (house value) + £20,000 (savings) = £370,000.
As this exceeds the upper limit allowed (currently £23,000), Mrs Jones would be expected to fund the full cost of her care. Her home would have to be sold to pay for this care and dependent on exactly how long Mrs Jones required care, a large part or possibly all of her assets could be lost effectively disinheriting the children.
With some simple estate planning this could be avoided and the property protected from care!