The most appalling one sided, biased and factually incorrect documentary I have seen in years!
CH4 – 8pm Monday 20th November 2017 – how to avoid the dementia tax
If the show had been all about continuing health care I would have applauded.
It was at least in this regard, factual and informative and aimed at helping viewers to GET the rightful funding that they deserved.
However, in what can then only be described as a full frontal attack on Trust and Tax Advisors, IFAs and Will Writers we were exposed to a ridiculous tirade of scenarios where Trusts had been sold and should not have and more importantly…..
Would NEVER have been by 99% of advisors.
Firstly an unscrupulous company making themselves Trustees.
Why on earth did the clients sign the form, the draft or the final documents?
Secondly a woman who had already got dementia – OBVIOUSLY this would be deliberate deprivation of assets
Finally a couple where one party died from cancer.
All advisors know that having cancer would not necessarily lead to paying for care in the future and indeed the husband with it did in fact die shortly after setting up the Trusts. However, if the property had been left to his wife absolutely and she subsequently remarried then their children could have been disinherited by the surviving partner’s new spouse – this in itself would have been a perfectly legitimate (and wise) reason to have put the Trusts in place.
Instead therefore of seeing a balanced picture on this….
NOT ONE genuine, bona fide company putting in place Trusts for legitimate reasons was interviewed.
We were in fact lead to believe from the Solicitor being interviewed that putting Trusts in place will not work for preventing care fees being paid
WHAT ABSOLUTE POPPY COCK!!
If you put a Trust in place with the sole and over-riding reason of avoiding care fees then the Trust will fail!
If you put a Trust in place knowing that you are going to need care in the future then the Trust will fail!
If you put a Trust in place and have been diagnosed with any chronic or degenerative condition that would give you reason to believe that you may need to have care in the future then the Trust will fail!
If you put a Trust in place for valid and legitimate reasons such as:
1. Avoiding Probate
2. Ensuring your estate passes to your children after your death if your spouse remarries
3. Ensuring (through the way funds are appointed from the Trust) that should your children divorce after inheriting that they do not lose 50% of their inheritance to a partner
4. Ensuring (through the way funds are appointed from the Trust) that should your children go bankrupt after inheriting that they do not lose 50% of their inheritance
5. Ensuring (through the way funds are appointed from the Trust) that you avoid generational inheritance tax
6. Ensuring that your Trustees can maintain your property should you lose mental capacity
7. Ensuring that if you are single and remarry that your future spouse cannot inherit your property or have any claim to it
Among many other reasons
If you subsequently go into care in the future the local authority WILL NOT be able to include it in your financial assessment and you WILL NOT be forced to sell it to pay for your care.
Bad advice comes from ALL quarters and in this case, if you take heed of Channel 4 – your home will DEFINITELY be at risk
Was the channel 4 programme backed by the Government?
The reason I ask is they will be the ONLY winners of that 30 minute load of garbage
Thy Will Be Done
Advising you CORRECTLY – ALWAYS!