Protecting assets from care costs?
Client has total assets of c£300k (2 properties, no mortgages) and is in his late 50s. His health is not great and he is concerned that at some point he may need residential care.
He is looking at ways of protecting his assets and possibly transferring them to his grown up son. IHT is obviously not an issue given the estate size but he does need the rental income from the commercial property of approximately £1,000 per month as this is now his only income.
If he gives the assets to the son or transfers them in to trust there would be an immediate CGT charge on the commercial property. He would also need to remain living in the residential property.
Any ideas on the best way to protect the assets from care costs but still retain the rental income?
I am guessing that he would just have to pay the CGT regardless if he is transferring the commercial property as it is simply an investment and has never been a business asset?
- Bringing money to Uk 142 2
- How will auto enrolment affect accountants? 1,190 37
- Incorporation Fee - What's Non-deductible? 506 10
- Hotel accommodation tax deductible? 259 3
- VAT Inspection 153 3
- Why will HMRC not code out my client's £1,730 underpayment for 12/13 280 8
- Scottish independence - what happens to HMRC? 630 40
- Management Buy Out - shares exchanged 343 23
- Moving from Sage payroll to Iris Payroll 133 4
- Faxpay in the 21st century 90 4
- Accounting for investment club gains 74 1
- Associations tax regime for Saturday school 710 7
- Income tax exemption on woodlands 169 5
- Is it just me 312 7
- LLP classification of division of profit 186 7
- I know this has been done to death but IRIS / DIGITA / CCH??? 500 9
- How long are you on hold- IRIS Payroll 140 5
- Is an IPDI passed to wife on death exempt from IHT 104 1
- Excessive Security 789 32
- Does practical cloud s/w for high transaction volumes exist? 512 24
- Xtuple 486
- Qtac payroll for bureau 326
- Confused - Professional Association a Mutual trader, or not? 271
- Industrial & Provident Societies 266
- Data transfer from Sage Line 50 to VT Transaction+ 210
- Mehjoo 209
- New strategic report 163
- Domain name sale and limited company 147
- South African Government Pension 144
- CIS schemes 139