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?
- Why Shoebuy Coupon Shopping Made Easy With These Expert Tips? 78 5
- Accountancy packages for FRS 102 118 4
- Penalties for non-filing of EC Sales List 107 2
- where has the honest passion to help gone..??? 1,055 21
- PAYE 36 1
- Any Scottish members out there? 9,648 352
- Lexis Nexis 3 Month Cancellation Notice 59 2
- Mutual trading organisation paying tax for the first time 65 3
- Would Director's dividends on non-voting C shares risk being classed as "earnings" for NIC purposes? 303 3
- VAT on Pub Kitchen Franchise 86 2
- Sportman claiming for training kit 251 7
- Can anyone recommend a good document scanner? 491 10
- How to cancel a partnership registration for self assessment 86 2
- Complicated freehold purchase and CA 98 1
- Declined for business bank account 776 10
- UTR reallocated by HMRC 255 3
- Vat on Royalites 137 2
- Accounting for share for share 123 6
- About to buy a block of fees. Any advice? 1,411 6
- What accounting software packages are best for restaurants? 232 5
- Raiders of the Lost Tax File 1,200
- Chartered Accountant in County Down N.Ireland 414
- IPP (International Pension Plan) income 318
- National Insurance 314
- valuation of intangible asset FRS10 and FRS20 263
- FRS 102 and loans from a director 261
- Unnecessary S9A Enquiries 241
- Cass 5 FCA Client Money Software recomendation 237
- Non Resident 230
- Franchise income and costs 214