Trust?

[Oliver Hardy]

If I set up a trust to put my house into, I also have some savings and three cars, although two are not worth much what of I want to sell them in the future or replace them?

[Puzzles]

Have you spoken to a professional about this?

[2 sMoKiN bArReLs]

Could be another fine mess

[fat80b]

What problem are you trying to solve with the creation of the Trust?

[Motorman74]

2 sMoKiN bArReLs said:

Could be another fine mess

Very good

[GT03ROB]

fat80b said:

What problem are you trying to solve with the creation of the Trust?

is a very good question.....

[anonymous-user]

Inheritance tax I am guessing, same reason everyone else creates one.

[Armitage.Shanks]

Joey Deacon said:

Inheritance tax I am guessing, same reason everyone else creates one.

Could be care home fees ?

[Oliver Hardy]

Armitage.Shanks said:

Joey Deacon said:

Inheritance tax I am guessing, same reason everyone else creates one.

Could be care home fees ?

I have spoken to Google, I am just pondering and not done anything about it yet, it just thought that are flying through my head just now and would like more info, Both are on my mind, although the inheritance tax would be that much.

[Puzzles]

And do you plan on using these assets when they are no longer yours?

[davepen]

Oliver Hardy said:

I have spoken to Google,

Perhaps ask google about "deprivation of assets", "reservation of benefit" and the 10 year anniversary tax on trusts.

If IHT isn't that much, then an IFA may have a scheme to reduce the liability.
Although living another 7 years (after gifting) appears the simplest plan.

[Simpo Two]

davepen said:

If IHT isn't that much, then an IFA may have a scheme to reduce the liability.

'Discretionary gift and loan Trust' seems to ring a bell.

But (1) make really sure a Trust would be more use than encumbrance, and (2) if so, get it done with a professional.

A cousin of mine put all his assets in a Trust because he'd fallen out with with his sister and there was a possibility of a massive court case so he was taking precautions.

[2 GKC]

Solicitor told me that putting your main residence into a trust was not a great idea unless trying to avoid care home fees rather than IHT