Retiring

[Blue Maverick]

Have you checked the deprivation of assets rules about that strategy?
And mum and dad ought to pray the kids never divorce.

TIPS ON PROPERTY PROTECTION TRUST WILLS | August 2024

A PROTECTIVE PROPERTY TRUST WILL is increasingly used to protect your assets and allow them to be passed on to your children. We share our top tips on getting one, the costs, and also where you can get one set up. GETTING IT WRONG MEANS means that you end up...

ukcareguide.co.uk

this is what they have mate

 

[denislawsbackheel]

Trouble is if the council think you’ve done it to avoid care home bills they can have it discounted as deprivation of assets.
It also le@ves the kids with a sizeable capital gains tax bill when the second parent dies.
Far better for mum and dad to get the ownership of the house put in to tenants in common, where they own half each.

Should we own our home as joint tenants or tenants-in-common? - UK

If you own a property with another person you can choose to be ‘joint tenants’ or ‘tenants-in-common’. This article will help you make the right choice

advisingfamilies.org

 

[denislawsbackheel]

TIPS ON PROPERTY PROTECTION TRUST WILLS | August 2024

A PROTECTIVE PROPERTY TRUST WILL is increasingly used to protect your assets and allow them to be passed on to your children. We share our top tips on getting one, the costs, and also where you can get one set up. GETTING IT WRONG MEANS means that you end up...

ukcareguide.co.uk

this is what they have mate

Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.

 

[Blue Maverick]

Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.

They have already done it with a proper solicitor mate, not with that site but that trust will is what they have
However I will look at what you say as that does seem another way to help them

 

[Millwallawayveteran1988]

Trouble is if the council think you’ve done it to avoid care home bills they can have it discounted as deprivation of assets.
It also le@ves the kids with a sizeable capital gains tax bill when the second parent dies.
Far better for mum and dad to get the ownership of the house put in to tenants in common, where they own half each.

Should we own our home as joint tenants or tenants-in-common? - UK

If you own a property with another person you can choose to be ‘joint tenants’ or ‘tenants-in-common’. This article will help you make the right choice

advisingfamilies.org

I don’t understand why this isn’t the norm given how important it is, yet so many people opt for joint tenancy.

 

[uncle fester]

Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.

Did the tenants in common thing for my own parents and worked out well in the end - Have now done the same for myself although solicitor did warn me that with 2 daughters might need to revisit it in future to protect against a future breakdown in relationship where an ex partner makes a claim on their 'half'

 

[denislawsbackheel]

Exactly.
It’s a minefield.
If you find out how to protect your offspring’s interests let me know.

 

[denislawsbackheel]

I don’t understand why this isn’t the norm given how important it is, yet so many people opt for joint tenancy.

When you are young it never enters your head

 

[Millwallawayveteran1988]

When you are young it never enters your head

It really should be something the solicitor explains. Saying that it’s not generally the type of conversation a loved up woman tends to enjoy - “what do you mean it’s not joint”

 

[denislawsbackheel]

It, was never mentioned to me throughout my house purchasing life. Nor to any of my kids or anyone I know.
It’s another of those things the young don’t think they need think about along with wills and life insurance.