Question 2
What can I do to avoid my assets being devastated by the costs of long-term care?
Many clients think that they can gift assets to their children in order to avoid this problem. However, this approach is fraught with risks and is seldom the best choice open to you. The setting up of a simple Family Trust is normally what is needed to protect assets, but even then this must be done long enough before the elderly person enters care to have any chance of success. The protection of assets from the costs of long-term care is not something that should be left to the last minute.
