We have requests from people who want to transfer the ownership of their house to their children now in order to avoid its loss should they enter long term care, but this presents its own problems. What if your children die, divorce, become bankrupt or estranged from you? . What about the capital gains tax liability your children may have to suffer? If your intention is to give your home away in order to avoid its value being used to pay for your care in the future, then this is likely to be considered ‘asset deprivation’ and simply will not work.
As Property Lawyers and Trust and Estate Practitioners, Goddard Dunbar can advise you as to the advantages and disadvantages of placing your house into trust. The ideal situation is to own nothing but to control everything, and to ensure that such control can pass on to others who in turn will own nothing but gain control of everything. This concept often reserved for the rich and wealthy to protect their assets and to simplify the management of such assets is now available to you and will help solve all of the problems discussed, and more.
With this in mind, Goddard Dunbar’s Home Protection Trust can help prevent the problems we have highlighted from arising. With your home in a Home Protection Trust, you no longer own the property, but you still control it.