Can you still protect your parents property against the care fees even if they have been diagnosed with Altzimers and the family has an LPA for health and well-being and also finances
Yes. A diagnosis is not the same as a 'foreseeable need for care'. We've put hundreds of family homes into Trust and never had a problem. Check out this week's longer video talk directly about diagnosis and care - I've had a case on this very matter.
Hi , wife transfered her share £350,000 to kids they now own half my house , i still own my share how do i stand if any of kids spouses want a a divorce
If your children get a divorce, the transferred value would be part of their financial settlement. The house may need to be sold to pay the bill. Parents can end up homeless - I've seen it happen. If you put the home into a Trust, the home can stay with the family and not go to your child's future ex.
I have wills and Probate made threw a solicitor for my wife my daughter and two grandchildren age 23 and 16 I am 84 and my wife is 80 should I get a trust.
@brianyoung8818 I have a bias towards Trusts - so my answer will be "Yes". However, it really depends on what you want to accomplish. Is there a tax problem? (+£1m) Is there a possible Care situation in the future? Will the kids or g'kids get a divorce? These are all solvable with planning. I've had clients in their 90's so it's never too early.
Love it..........People looking at the possibility of not losing the family home to pay care home fees. Dementia care home fees for my father and mother-in-law cost around £1,200 a week each but were lovely homes which took very good care of our family. This of course meant their house values covered about three years of payments. Put the house into a trust and whoohoo, nothing to pay for care home........ Fine as long as you fancy spending the last few years of your life in a very basic council provided care home. Friends of ours saw their mother in a council run care home for eight years so just think about that while your children enjoy the spoils of your hard work.......
@@liamtheurchin5569 When the cash runs out, the family are asked if they can provide the weekly payments which is a huge draw on anyone's finances. Failure to do so results in your loved one being moved into council care home facilities with great upheaval for them. Our thinking was a good couple of years in dementia care home before that horrible disease wiped their memories making the inevitable move less traumatic. Neither of them survived more than two months, for which were thankful as they were little more than living shells by then!
@@liamtheurchin5569 If they've placed the home into Trust, they then have options such as renting out the property or selling it. Using the funds to "TOP UP" Local Authority care is the key idea.
![What Is The Difference Between A Will And A Lifetime Trust? [Estate Planning Basics]](http://i.ytimg.com/vi/vPtVifJxQmg/mqdefault.jpg)
![What Is The Difference Between A Will And A Lifetime Trust? [Estate Planning Basics]](/img/tr.png)
Can you explain all the steps involved in setting up a trust please .. no one ever tells this important part.
Brilliant presentation. Thank you.
Thanks for the compliment, glad it is helpful. M
Thank you for the amazing content over the last year. If you ever do any 1 day workshops please do let me know. Your teaching style is excellent!
That's very kind of you to say. Will think about a workshop.
Thank you, I hope it’s the same now 2024, and not been changed too much, worth looking into
@corinneaggar9755 Definitely worth a look. Mike
This was super helpful. I will be sharing this.
Thank you, Marni! Appreciate the feedback. 😄
You have very much opened my eyes. Thank you.
Pleased to be helpful. Glad you caught it now - most people sleep walk into the problems. Thanks for following! M
Very good
Thanks Jeff
What if the heirs from the trust , want to sell the house .? Is there a tax liability there.?
it depends
Can you still protect your parents property against the care fees even if they have been diagnosed with Altzimers and the family has an LPA for health and well-being and also finances
Yes. A diagnosis is not the same as a 'foreseeable need for care'. We've put hundreds of family homes into Trust and never had a problem. Check out this week's longer video talk directly about diagnosis and care - I've had a case on this very matter.
Hi , wife transfered her share £350,000 to kids they now own half my house , i still own my share how do i stand if any of kids spouses want a a divorce
If your children get a divorce, the transferred value would be part of their financial settlement. The house may need to be sold to pay the bill. Parents can end up homeless - I've seen it happen. If you put the home into a Trust, the home can stay with the family and not go to your child's future ex.
@@MPEstatePlanningUK thankyou
@@magnus9701Glad to help.
I have wills and Probate made threw a solicitor for my wife my daughter and two grandchildren age 23 and 16 I am 84 and my wife is 80 should I get a trust.
@brianyoung8818 I have a bias towards Trusts - so my answer will be "Yes". However, it really depends on what you want to accomplish. Is there a tax problem? (+£1m) Is there a possible Care situation in the future? Will the kids or g'kids get a divorce? These are all solvable with planning. I've had clients in their 90's so it's never too early.
Love it..........People looking at the possibility of not losing the family home to pay care home fees.
Dementia care home fees for my father and mother-in-law cost around £1,200 a week each but were lovely homes which took very good care of our family. This of course meant their house values covered about three years of payments.
Put the house into a trust and whoohoo, nothing to pay for care home........ Fine as long as you fancy spending the last few years of your life in a very basic council provided care home.
Friends of ours saw their mother in a council run care home for eight years so just think about that while your children enjoy the spoils of your hard work.......
Most folks focus on retaining control of their choices - Trusts provide the control.
What happens when the money runs out? Will they be evicted to the basic council care home?
@@liamtheurchin5569 When the cash runs out, the family are asked if they can provide the weekly payments which is a huge draw on anyone's finances.
Failure to do so results in your loved one being moved into council care home facilities with great upheaval for them.
Our thinking was a good couple of years in dementia care home before that horrible disease wiped their memories making the inevitable move less traumatic. Neither of them survived more than two months, for which were thankful as they were little more than living shells by then!
@@liamtheurchin5569 If they've placed the home into Trust, they then have options such as renting out the property or selling it. Using the funds to "TOP UP" Local Authority care is the key idea.
50ml of nembutal, no care home fees
Or 5 litres of rum