Asset Preservation
When planning for the future, many people worry about how to protect their home, savings, and other assets—especially when faced with the potential costs of long-term care, inheritance tax, or unexpected life events. This is where Asset Preservation comes in.
But what exactly is Asset Preservation? And how can a solicitor help you do it properly, legally, and with peace of mind?
Let’s break it down.
What Is Asset Preservation?
In simple terms, Asset Preservation means taking steps to protect your money, property, and other valuable possessions so that they’re not unnecessarily lost through care fees, taxes, or disputes after you pass away.
For Example;
– You may want to ensure your home can be passed on to your children, rather than being sold to cover care costs.
– You might want to reduce the amount of Inheritance Tax (IHT) your estate will owe when you die.
– Or you may want to make sure that family members with specific needs are financially supported without putting their benefits or security at risk.
Asset Preservation isn’t about hiding wealth or avoiding legal obligations. It’s about planning ahead in a legal and responsible way, so that your estate is handled according to your wishes and protected from avoidable loss.