The BBC are running an interesting story today, looking at why trying to avoid care fees by placing property in trust usually doesn't work.
The practice is regularly promoted by unregulated advisers who sell expensive trust products to vulnerable elderly people.
The trouble is, transferring your property to a so-called 'wealth preservation trust' is unlikely to get the desired result.
If your motivation is avoiding care fees, then your local authority will likely treat the action as 'deliberate asset deprivation' and include its value in their financial assessment regardless.
There's another good reason for steering clear of these trust solutions.
By depriving yourself of these assets so you potentially qualify for local authority financial support, you relinquish control and choice of care to the council.
Whilst I understand the desire to preserve as much wealth as possible, often to pass on to the next generation, this goal should not come before securing a decent standard of living in later life.
If your wealth preservation trust works (and it probably won't) then you could be left in the cheapest care home your local authority can find, distant from friends and relatives.
Care fees planning can be complicated and expensive.
If you or someone you love needs long-term care in later life, it pays to work with a regulated, professional independent financial adviser who is not motivated by the sale of expensive trust solutions.
"If people are trying to protect their house in the avoidance of care fees then that's not allowed; that is a clear deprivation of assets. It doesn't work,"