For couples that own property: A classic inheritance tax planning strategy for your property and an indirect way to also protect from care fees means testing.
Severance of Joint Tenancy to Tenants in Common: For couples, most property is owned as 'joint tenants' i.e. you jointly own the whole property. If one dies, the survivor already does and instantly owns the whole property anyway. By changing the way a couple owns the property to 'tenants in common' (imagine a 'red line' down the middle of the property, you own your half and your partner owns the other half), it enables you on 1st death to place your share of the property in trust (using your Will) for the benefit of other loved ones e.g. children.
Lifetime Interest In Property Trust: Your surviving partner can continue to live in the WHOLE property (and indeed move home if they wish) but other loved ones own the deceased's half. Upon second death the whole property is passed to beneficiaries. This means that part of the property does not count towards the 2nd death inheritance tax liabilities and indeed cannot be included in any means test for care.
What we do:
NOTE: To qualify for this, you should be mortgage free i.e. own your home outright.