Asset protection - who can you Trust?

News

01 August, 2011

A Lancashire Solicitor is warning people to be wary of door to door sales calls offering to set up Trusts which will 'guarantee' their home will be safe in the future and not sold to pay for care home fees.

The Wills, Probate, Tax and Trusts Department at Forbes Solicitors has recently received enquiries from a number of clients who have been approached by door to door sales people offering to set up an Asset Protection Trust which, they advise, will ensure the client's home won't be sold to cover care home fees should the need arise. The cost of these is being quoted as thousands of pounds. Perhaps more worryingly these sales people suggest that Solicitors don't understand these Trusts and there is no need to seek their advice.

Kirsten Bradley, a Wills, Probate, Tax and Trusts Solicitor comments, "Although Trusts are a useful tool to incorporate into your family's wealth management, transferring your home into one to eventually pass on to family members will not guarantee it wouldn't be taken into account during means testing for care home fees. I would advise anyone contacted by one of these sales people to contact their local solicitor and get some professional face to face advice."

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