Protect your home from Care Costs & Inheritance Tax with a Living Trust.

A Living Trust, also known as a revocable trust or inter vivos trust, is a legal arrangement that allows you to protect your assets, including your home, from care costs and potential inheritance tax implications. Here are a few key points to consider:

1.Asset Protection: By transferring ownership of your home and other assets to a living trust, can help protect them from certain creditors and potential claims, including care costs.

2. Care Costs: Placing your main home into a living trust can ring fence the property from any potential future care costs. Thus, protecting your inheritance.

3. Inheritance Tax Planning: A living trust can be part of an estate planning strategy to minimize inheritance tax liability. By placing assets into a trust, they can be excluded from your taxable estate upon your passing, potentially reducing the amount of inheritance tax your beneficiaries would owe.

4. Revocable Nature: One of the advantages of a living trust is that it is revocable, meaning you can make changes to the trust or even revoke it entirely during your lifetime. This flexibility allows you to adapt to changing circumstances or wishes.

5. Trust Administration: When you establish a living trust, you typically designate yourself as the trustee, thus maintaining control over the assets and allowing you to continue using and managing them as you did before. You can also name successor trustees to take over the administration of the trust upon your incapacity or death.

The effectiveness of a living trust in achieving your specific goals will depend on your individual circumstances. Oakwood Wills offer a free consultation in the privacy of our own home. Tel 07832 331594 email: info@oakwoodwills.co.uk charity team at Forest Holme, said: “The event was a huge success and it was wonderful to see both familiar and new faces coming together on a beautiful day in such lovely surroundings to reflect and celebrate the lives of their loved ones.”

The event saw more than 900 metres of yellow ribbon used, with 500-plus dedications made and £11,500 raised for the charity.

For those unable to attend but who would still like to make a dedication, the hospice will happily make one on their behalf, which will be displayed in the garden at Forest Holme over the summer.

Visit www. forestholmehospice.enthuse. com/cf/tie-a-yellow-ribbon