How can I ensure that my inheritance is not depleted by care costs?
January 6, 2023 | 40,00 EUR | answered by Christiane Melzer
Dear team,
My name is Emilia Wittkopf and I have an important question regarding my inheritance. My father recently passed away and left me a considerable sum of money. However, I am worried that this inheritance could potentially be used up for care costs if I were to become in need of care in the future.
My father always advised me to manage and protect my inheritance well. Therefore, I would like to know what options are available to ensure that my inheritance is not used for care costs. I have heard of various precautionary measures such as setting up a care fund or a living will, but I am unsure which option would be best in my case.
It is very important to me that my inheritance remains intact for future generations and is not depleted by unforeseen care costs. Therefore, I would be grateful if you could help me find a solution to protect my inheritance from such financial burdens.
Thank you in advance for your help and support.
Sincerely,
Emilia Wittkopf
Dear Mrs. Wittkopf,
first and foremost, I would like to offer my sincere condolences on the loss of your father. It is understandable that you are concerned about how to protect your inheritance from potential care costs. It is important to take precautionary measures early on to secure your financial future.
In your case, there are various options to protect your inheritance from care costs. One option is to establish a care fund or a so-called care cost provision. Here, you set aside a specific amount as assets for possible future care costs. This fund is then protected from third-party access and can be used for your care in case of emergency.
Another option is to create a living will in conjunction with a power of attorney. In a living will, you specify which medical measures should be taken in the event of a serious illness or dependency on care. Through a power of attorney, you can also appoint a trusted person who can make decisions on your behalf if you are no longer able to do so.
It is also advisable to consider the options of a private long-term care insurance. With such insurance, you can protect yourself against the financial risks in the event of needing long-term care and safeguard your inheritance.
It is important to seek individual advice to find the right solution for you. An experienced estate lawyer can help you take the appropriate precautionary measures and protect your inheritance from potential care costs.
I hope this information is helpful to you and I am available for any further questions.
Sincerely,
Christiane Melzer
