Trusts and Care Home Fees Advice
Trusts
Trusts can assist in the context of:
- divorce, or a divorcing child
- bankruptcy or a child facing bankruptcy
- Inheritance Tax risks
- Capital Gains Tax
- Care Home fees
- disability
- issues in the family
A personal injury trust can enable an injured or sexually abused person to obtain state benefits even after receiving compensation. Another type of trust may save Inheritance Tax.
We can assist in respect of the creation of a trust, which may be created during a person's lifetime or as a result of someone's Will. Trusts may be created to look after assets for the eventual beneficiaries, or equally to protect assets for the person creating the trust during their lifetime. Trustees must act in the best interests of all beneficiaries.
Work we carry out on behalf of Trustees includes ensuring annual accounts are completed and that Revenue requirements are complied with. We also advise Trustees on their legal duties under the Trust and on a wide range of issues that may arise including disputes between beneficiaries.
ADVICE IN RESPECT OF CARE HOME FEES
Our solicitors can advise you or a family member in respect of possible options for preserving assets if residential care accommodation is needed in the future. Such advice can include ensuring all relevant benefits are being obtained including possible NHS funding.
Property and other assets may be protected (for example if other family members are living there and are of a particular age). Options include using Wills and securing loans against property.
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