Asset Protection

[solox]

My mother is 73, we've been discussing how best for us to protect her home against possible care home fees in the future as well as tax planning.

She has a will that says I will be the beneficiary of the house after her death, she own the house solely, with a small mortgage.

We would like to know, should a bare trust be setup and added to the will? alternatively is there any benefits in my name added to the deeds?

I own my home and do not live with mum.

My mums house is valued at 300k, so I expect IÂ’d be hit for IHT and CGT too.

Any advice would be appreciated

[Brian312]

I am unable to comment on the tax planning angle; but the best advice I have ever come across in relation to care home fees is the book 'Coldrick on Care Home Fees'by Ark Group (www.ark-group.com).

At £200 the book is arguably very expensive (I've not bought a more expensive one); but it provides comprehensive coverage of what is a very complex area with many hints and tips, and a draft model trust which may be a useful starting point for future planning.

Although geared more towards lawyers dealing with elderly clients; many laymen will still to able to understand the commentary in the book and use it in discussion with their own legal advisers.

£200 may be expensive; but perhaps it will save that amount many times over in minimising care home fees.

Brian312