How can I take precautions to avoid becoming a nursing care case in old age and to relieve my heirs?
June 18, 2023 | 40,00 EUR | answered by Mia Widmann
Dear estate lawyer,
My name is Norbert Eberstark and I am 55 years old. Lately, I have been increasingly concerned with the topic of becoming a care case in old age and would like to take precautions to relieve my heirs. I have no children and am not married, so I am worried about who would take care of me in case of needing care. It is important to me to take precautions in time to minimize my financial burden as well as that of my heirs.
Currently, I am still healthy and fit, but I want to take measures early on to be secured in case of an emergency. I own a home and a certain amount of wealth that I would like to pass on to my relatives. At the same time, I want to ensure that in case of needing care, my financial resources are sufficient to ensure good care without burdening my heirs too much.
I have heard that there are various precautionary measures available, such as creating a power of attorney, living will, or long-term care insurance. What specific steps can I take to ensure my financial security in old age and relieve my heirs? Are there any particular legal aspects I should consider? I would greatly appreciate your expert advice and support.
Thank you in advance.
Sincerely,
Norbert Eberstark
Dear Mr. Eberstark,
Thank you for your inquiry and your interest in early care planning for potential future care needs in old age. It is commendable that you are already thinking about your future and that of your heirs. I am happy to offer you my expertise in the field of inheritance law and provide you with specific steps to ensure your financial security in old age and ease the burden on your heirs.
First and foremost, it is important that you create a power of attorney and a living will. In a power of attorney, you appoint a trusted person to act on your behalf if you are unable to do so yourself. This person can then manage your financial affairs and make decisions regarding your care, for example. In the living will, you specify which medical measures you wish to be taken or refused in the event of a serious illness or care dependency.
Furthermore, I recommend that you inform yourself early on about long-term care insurance. A private long-term care insurance can help cover the costs of professional care in case of need, thus minimizing your financial burden. There are various rates and benefits that can be selected based on your individual needs and financial capabilities.
Additionally, you should keep an eye on your financial situation and consider whether it is advisable to transfer assets to your relatives during your lifetime. This can help ease the financial burden on your heirs and minimize inheritance tax. It is important to seek advice on the tax implications of a gift in a timely manner.
In terms of legal aspects, it is advisable to consult with a specialist lawyer in inheritance law. An expert can help analyze your individual situation, develop tailored solutions, and ensure compliance with all legal regulations.
I hope this information helps you in your care planning. I am available for further questions and personal consultation.
Best regards,
Mia Widmann
Attorney specializing in inheritance law
