Former Clients of McClure’s Solicitors
After the closure of several firms who previously advertised and sold Family Protection Trusts, many people are concerned about Trusts they may have put in place years ago.
Unfortunately many clients who put these trusts in place as a way to avoid paying care fees or Inheritance Tax may find that their Trusts will not protect against care fees, and that the Family Protection Trust may have tax consequences, including penalties and interest they were not aware of.
At Nash and Co, we can provide you with tailored advice specific to your trust documents and personal circumstances, so you can understand if there are reporting obligations or tax liabilities outstanding, and help you understand the options you now have for your Family Protection Trust, or assist you in closing the Trust if needed and transferring any assets back from the Trust into your name.
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What is a Family Protection Trust?
A Family Protection Trust is a legal structure where individuals (known as ‘settlors’) transfer their assets into a trust, which is managed by trustees for the benefit of specified beneficiaries. These trusts are intended to safeguard assets from a range of risks, however there have been instances where poor management has negatively affected both the settlors and their assets.
Family Protection Trusts require careful consideration and expert guidance to ensure they function as intended and avoid potential pitfalls.
Amy Douch, Solicitor in our Wills, Trusts, Tax & Probate team
What is the situation for former clients of McClure Solicitors with regards to their FPTs?
Following the administration of McClure Solicitors in 2021, former clients are facing significant difficulties, particularly with the management and transfer of their trusts. These problems include:
Difficulty in changing trustees: there were occasions where McClure's directors were appointed as trustees, unbeknownst to their clients. With the firm no longer operational, clients are struggling to find these trustees to sign documents, causing delays in managing or dissolving the trusts
Misled: Many clients have reported that they were misled about the benefits and security, leading to unexpected financial and legal complications. For example, some clients discovered that once placed in the trust, their properties were not protected and were subject to other liabilities
Added Expense of Selling Property: clients wishing to sell their homes have faced additional costs due to the complexities involved in removing trustees and transferring property titles. There are often charges involved with the preparation and signing of necessary documents
Unaware of McClure’s Administration: many clients are not aware of their administration. This has left them unaware of the potential issues and necessary actions, which has meant many only discovered problems when they tried to manage their trusts or sell their properties, leading to delays and frustration
How can we help?
Nash and Co are very understanding of the difficulties many clients are now experiencing with trusts of this nature. We pride ourselves on helping clients and being transparent with our costs and the options available to clients.
We understand it can be daunting after the experiences many have had, to have to seek further professional advice from solicitors. We are happy to meet with you face to face, by video meeting or over telephone, to help you understand your situation and advise on the options available to you.
David Cornelius, Partner in our Wills, Trusts, Tax & Probate team
Client Testimonials
Frequently asked questions
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A Family Protection Trust is a legal structure where individuals (known as ‘settlors’) transfer their assets into a trust, which is managed by trustees for the benefit of specified beneficiaries. These trusts are intended to safeguard assets from a range of risks, including care home fees.
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In a Family Protection Trust, an individual transfers their assets to be managed by trustees on behalf of beneficiaries, with the aim of safeguarding assets. The trustees manage the assets according to the trust deed, ensuring they are acting in the best interests of the beneficiaries.
Proper management and professional legal advice are essential to ensuring that the trust operates effectively and provides protection and benefits.
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Pending Amy’s paragraph
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If you are a former client of McClure Solicitors, you should consider taking the following steps:
Get in Touch with us immediately: our team have worked with many former clients of McClure’s to help them manage and dissolve their Family Protection Trusts. You can contact the team directly by calling 01752 827067.
Review the Trust Documents: carefully read through the trust documents to understand its terms and conditions, clauses and appointed trustees
Discuss with Trustees: discuss your concerns with your trustees. Trustees are responsible for managing the trust and can provide insight into its current status and management
These steps allow you to address your concerns and ensure that your future is managed effectively and in your best interests.
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Get in touch
Fill out the form below and let us know whether you would like us to call you, or email you. One of our Medical Negligence team will be in touch as soon as we can.
If your enquiry is urgent then please call us on 01752 827067.