Monthly Archives: January 2012

Asset Protection Seminars

Asset Protection Seminars

Asset Protection Seminars are running all around the UK.

Some of the presentations have run into severe trouble* with the BBC attending some of the asset protection seminars to point out that their marketing techniques were so badly designed that they could cause the scheme to fail if challenged.  The company concerned* has asked us to point out that they “take the allegations made by the BBC extremely seriously”  and we had not “contacted us to clarify or even investigate the false and somewhat misleading allegations made by the BBC” – which is completely fair, so we have now invited them to defend themselves.

They were probably just naive. Which is a worry!  It is pretty common knowledge in the profession that if you want to keep your assets in the family, don’t flaunt your “cunning plans”!  I understand that the company concerned have now adopted a less blatant marketing approach.

Asset Protection plans have many advantages but it really is not prudent to offer any sort of guarantee that they offer protection against Long Term Care Fees.   Such a guarantee is self defeating,  Why?

  • It provides evidence of a deliberate attempt to avoid Long Term Care Fees.
  • No one can guarantee that the law won’t change.
  • It waves a red rag at the proverbial bull – the Local Authority.

There are so many other benefits to our Probate Protection Trust that it is worth having even without any potential Long Term Care savings.

Why not enquire now about our version of the Asset Protection Plan, the Probate Protection Plan. We’ll give you the facts and let you make up your own mind.  Advice and recommendations are there as and when you want them, because the Probate Protection Plan is not right for everyone.

Asset Protection Seminars are bound to be interesting – but don’t get carried away and sign up without a great deal of thought.

Contact us for rounded advice on asset protection and more.. we are here to help.

Asset protection seminars.

 

Parents house has been given to me – is it safe?

Parents House Question

My parents house was transferred to me to me 10 years ago, in order to avoid losing it to care fees. They are both still alive and in fair health at 90 and 85 respectively, father and mother. I now need to use the equity in the property to raise some funds with their knowledge and agreement.

My question is if any of them were to go into a nursing home, they have no real savings to speak of, would the council authority take into account that they transferred the house to me to alleviate them paying for the care?

At present they are quite capable of looking after themselves with help from myself and family.  They live in Wales.

Parents House Problems I am afraid….

Hi Anon

The council can go back as far as they like to detect and rectify deliberate deprivation. It looks, by your own admission, pretty clear cut in this case!

So if there was no sound reason for the transfer of your parents house, other than avoiding Care Fees, they will attempt to claim back the full current value of your parents house from you, irrespective of any mortgage one it. Remember, local Councils have to pick up the tab for care fees if there are insufficient assets, and they are very short of cash.  Inevitably, they are going to become far more confrontational in pursuing “hidden” assets.

A properly organised transfer (ideally into a trust such as ours) can be effective after 6 months or so, sometimes even less.

I have attached details for your information.

Do bear in mind that if you went bankrupt, your parents would be made homeless whether or not you take out this mortgage. If you get divorced, your wife would probably get half the value of your parents house, and wish to sell it!  If you died, Inheritance Tax would potentially have to be paid on the value of your parents house as it is part of your estate.

Good luck!

Steve
Stephen Pett 0800 298 5208 = 01323 741200
Allied Professional Will Writers Ltd

 Parents House