Asset Protection Trust
Do I Need an Asset Protection Trust?
If you want to protect your assets and pass as much as possible to the people you care about, planning ahead can make a real difference. An Asset Protection Trust may be one option, depending on your circumstances and what you want to achieve.
If you want to protect your home and other assets for the people you care about, an Asset Protection Trust may be one option to consider. The right approach depends on your individual circumstances, what you want to protect and who you want to benefit. Unity Legal can explain the options clearly and help you decide whether an Asset Protection Trust is appropriate for you.
You can phone the Cheltenham Office on 03333 355875.
What Could Put My Assets at Risk?
For most people their home is their biggest asset. We know that you want to ensure that as much of the value of your home as possible passes to your loved ones and is protected from being taken by others, such as:
- Care Home Fees (Further reading: Age UK)
- Re-Marriage (new partner/spouse may inherit)
- Your surviving spouse may have more children therefore diluting the share that you wish to leave to your children
- Bankruptcy (creditors trying to get their money back)
Should you need to go into care, the Local Authority will assess both your income and capital when deciding what funding or assistance may be available. If there is a shortfall between your income and the cost of your care, your capital may be used towards those costs. Care fees now average around £1,400 per week and can be considerably higher in some parts of the country.
Capital considered in a financial assessment can include:
– Money held in bank accounts and investments
– Property, depending on your circumstances
– Stocks and shares
CURRENT CAPITAL LIMITS – ENGLAND
£14,250 or less
Your capital is not taken into account when calculating a contribution from your capital, although you may still be required to contribute towards your care from your income.
Between £14,250 and £23,250
You may be required to contribute towards your care from your income, together with a means-tested contribution from your capital.
More than £23,250
If you are permanently resident in a care home, you will generally be responsible for the full cost of your care until your capital falls below the upper capital limit.
Whether your home is included in the financial assessment will depend on your individual circumstances.
Should I Get Advice Before Setting Up an Asset Protection Trust?
Whether you choose to set up a Trust now or through your Will, Unity Legal will make sure that your beneficiaries benefit from the Trust when they are supposed to and that, while the Trust is ongoing, the Trustees act properly and in the best interests of the beneficiaries. Our Trust Department have the expertise to ensure you can create a Trust that does exactly what you need it to, as well as providing clear and practical advice to the Trustees in charge of the Trust. We aim to make it as simple as possible to ensure your loved ones get the full benefit of the assets you set aside for them.
Asset protection is not a one-size-fits-all solution. The right approach will depend on your individual circumstances, the assets you own and who you ultimately want to benefit. Taking advice before making decisions can help you understand the options available and whether an Asset Protection Trust is appropriate for you.
Home Visits / Video Calls
We offer Home Visits at no extra charge daytime or evening seven days a week.
We are also able to have online meetings via video call over Zoom or using other technology.
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We don’t know what the future holds, but we can put sensible protection in place to ensure the things we have worked hardest for are secure to pass on to those we care the most for.