BUYER BEWARE – PROPERTY PROTECTION TRUSTS

BUYER BEWARE!

HAVE YOU BEEN SOLD AN ASSET/PROPERTY PROTECTION TRUST?

With the cost of care increasing many people may be tempted to put their homes into a trust called an ‘asset or property protection trust’ with the tempting premise that this may help them avoid care home fees.  Buyer Beware!

Local Authorities have a vast array of ‘anti avoidance’ powers to help them recover such assets. Many people have spent thousands of pounds on such trusts that may be completely pointless.  The Law Society and North East Trading Standards have issued a joint statement on these trusts which can be found at http://www.lawsociety.org.uk/news/press-releases/the-law-society-and-north-east-trading-standards-association-warn-consumers-about-property-protection-trust-wills/ .

If you have one of these trusts please call a member of our specialist team on 02392 505 500 or enqs@donnelly-elliott.co.uk

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