Property Protection Package
£750
- Individual £750 - Couples £1100
- Collectively known as Property Protection Trusts (PPT). These safeguard a partner's right to live in the home while preserving its value for beneficiaries, such as children or stepchildren. They also offer protection against potential loss of assets due to remarriage and possible future financial obligations. When the life interest ends, the property is passed to the beneficiaries and qualifies for inheritance tax (IHT) and the residence nil rate band (RNRB) £175,000 allowances.
- A) Right To-Occupy (RTO) - gives someone the right to occupy/ live in one of your properties. You can specify within this clause if this arrangement is for a set time or event, or usually for the rest of the person’s life.
- B) Property Life Interest Trust (PLIT)—as above, plus it allows the life tenant to have potential rental income, surplus income, and the option to move or downsize.