Our service protects from all the traditional threats and is 100% guaranteed to protect against the Care Act 2014.
Is a trust safe?
Over the years various means of protecting assets have been employed the main one of choice being trusts. They are apportioned various names including “family trusts”, “absolute trusts”, “property trusts” & many more different variations on the same theme. They have proved to be a valuable tool to deploy and have had years of success in keeping assets where they rightfully belong.
Whilst a trust is an excellent way of protecting your assets from the reach of government and HMRC, they tend to be specific on what they protect and from whom.
The Care Act 2014
With the introduction of the Care Act 2014 the majority of prepared trusts will be subject to and will likely lose a challenge from local authority. Most people and indeed law firms are oblivious to this and therefore believe that their assets are beyond the reach of local authority. Only when it is too late, and the trust is then challenged that this comes to light.
This is even more heart wrenching when there are specific care needs or particular beneficiaries that have special needs or requirements. This is not what the trust was designed or set up for but most trusts are out of date and out of touch with this ever changing world.
The limit of protection from most UK trusts is £23,250 which is the same for any UK citizen. The Care Act is indiscriminate on who it targets it simply sees every UK citizen fair game in its quest to recover care costs.
Our bespoke service covers UK legislation, is based on settled law, and is underwritten by our in house barrister.
If you would like us to carry out a free assessment your current trust or would like to chat about setting up one that protects you against every eventuality then please get in touch.