The latest from Westside Financial's Graham Green
"It is a sad fact but we are seeing an aging population and one of the bug bears many of us may face or for our parents are the massive costs of nursing home fees.
In our region you are talking circa £40,000 P/A. Many of us blindly ignore there are some very sensible ways and not contentious planning which can protect your family wealth. One of the areas here is a property trust which can be quite easily be incorporated in to your will.
The actions of this are to ensure that a property is registered as tenants in common with a clause that states a right to reside in the trust for the remainder person, so always ensuring protection your spouse.
The logistics of this is each partner always own ½ of the property and on the first death their part of their estate goes into the property trust. ½ of the property is then not owned by the remainder person but a trust.
The benefit of this is it lowers the estate value of the remainder person so if they were to ever go into a home then ½ the house value is not part of their estate. Obviously this planning needs explaining to greater detail but it is a great way of protecting your estate and leaving it to your loved ones and family."
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