Helen Kelly from SAS Daniels LLP is warning people to be wary of door-to-door sales calls offering to set up trusts which will ‘guarantee’ that their home and other assets will be safeguarded from being used for future care home fees.
We have heard of instances where people have been approached by door-to-door sales people offering to set up an Asset Protection Trust, which, they state will guarantee 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.
Helen Kelly, head of the Trust team at SAS Daniels, 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 solicitor and get some professional face-to-face advice.”
Many people in the UK are concerned about whether their financial assets will pass on to their loved ones after they die. By planning ahead and taking steps sooner rather than later, you can enable the transfer of assets to run smoothly from one generation to the next and preserve family wealth.
For further information please contact Helen Kelly in our Private Client team on: 01625 442 147.
