Should I Set Up A Trust?

[Ric.ror]

I own the flat I live in and a house I rent out.  In order to protect my assets should I need care in the future would it be worthwhile to set up a trust or would my assets not be considered enough 

[barry1010]

Local authoritates do challenge trusts if they believe they were set up to deprive assets so there is no guarantee it will work.

As for your assets being enough for you to pay for care; yes they are.  The second property you own will be taken in to account and the home you live in will be if you live alone. If you have a spouse or civil partner, and in some cases a dependent adult, living with you then the house cannot be forcibly sold.

Assets over £29k are taken to account for care home fees.

[10ClarionSt]

A letter from your trustee(s) in x years time:

"Dear Mr(s) Ric.ror,

We have to inform you that due to increased operating costs and fund management fees, your fund is now worth £0. Thank you for investing with us over the years. Yours etc"

[1ozzy]

If you set up a trust fund the way you wish it to work you'll be covered.

The other option is to write a will that makes it clear as to what you desire

Either way,,,

[barry1010]

A will does not protect assets from care home fees in the uk

[1ozzy]

 It doesn't down under either

***, what a *** country we all live in.😒

[1ozzy]

I'm not looking forward to my dotage, hopefully I'll die before my kids need to worry.

[Ric.ror]

The trustees would be myself and my son 

[barry1010]

Can I ask how old you are?

[1ozzy]

You just did Barry🤣

[douglas9401]

There are ways and means of depriving the ineffective, grasping state from taking your assets and handing it over to their co-conspirators in the care home sector. Speak to a lawyer and hand over about £700, job done.

[Hymie]

If the trust is set up with the purpose of depriving the local authority of the property being considered as one of your assets (for the purposes of avoiding paying care fees) – then the trust will have no effect with respect to this, and the authority will be able to include the property as your asset.

[Ric.ror]

I'm 62

douglas - I was told to go to a Financial Advisor rather than a solicitor for advice

[barry1010]

Solicitor, not a financial advisor