Takeover of the parental home + extension for parents

No, I don’t know, but who knows that in advance? One can only hope for their sake that they stay fit for a very long time. In case of emergency, I would take care of them until I reach my limits. But for me, this is also about our idea regarding the house and everything. I think if we start a discussion about care now, we will be writing here until doomsday.

And then?

I don’t believe in dividing assets before death at all. Not because it’s antisocial, but it’s the parents’ assets that they should benefit from until death. Suddenly there’s not enough for the favorite shower gel, the wet bed isn’t changed at night, a double room and co-payment for a better tolerable medication is not an option.

By the way, your brother has the easier part. Make a watertight arrangement for yourself and your parents. Who pays if you take over the care? Nursing service, co-payment for respite care, day care because you have a vacation once? You don’t get far with the money from statutory long-term care insurance. Assistive devices also cost a fortune. Not to mention possible loss of earnings.

Are your parents aware that in case x there’s only coverage for second-class care?

And then?

I am not in favor of asset division before death at all.
Not because it is antisocial, but it is the parents' assets from which they should benefit until death. Suddenly, there is not enough for the favorite shower gel, the wet bed is not changed at night, a double room and co-payment for a better-tolerated medication is out of the question.

Here I have to intervene in the spirit of Haydee:

In my case, my parents finance their living expenses through another property, which would probably even cover assisted living for them.

It is then wrong if it would restrict your parents in case of emergency!

My experience with caregiving is that my parents had incredibly frequent problems and trouble with my grandmother in the house. At that time, she was still mobile and not demented. My parents and I then decided together that it would not come to that with us. I also quickly revealed to my wife that we will not burden our marriage with it. Caregiving is expensive and extremely exhausting. Please be aware of that. In doubt, I would gladly let your parents keep their money and have it spent on good and decent care. The money is not sunk but invested in quality of life in old age. How you handle it with your brother is entirely your business. I consider the example of the notarized contract to be very sensible. When it comes to money, family and friendships break faster than you can blink.

Good morning,

well, I haven’t read everything completely, but I’ll describe our solution. I don’t really think it applies so easily to you, but maybe it’ll give you a new idea.

We took over my father’s childhood home and established a value that was acceptable to all three parties (us, sister, parents). At the notary’s office, the value of the house was divided into thirds, and everyone received a corresponding share of €75,000. I paid out my sister, and my parents receive a certain monthly amount from time X onwards to supplement their pension.

Would it not be possible for you to do something roughly like that? Suppose the house is worth €210,000 – your brother would get €70,000 and so would your parents. Then you pay for the extension entirely, and your parents simply pay you €350 rent or so per month.
I probably haven’t thought this through entirely, but roughly that sounds like a solution to me.

Regards

Would not be the best way for me personally. Another monthly financial burden. Not everyone can manage that just like that on the side. It surely cannot be just 50€/month. And then (without blame, but deliberately exaggerated) you would financially benefit from the early death of the parents.

My conclusion here is that such arrangements have to fit within the family. They are highly individual. So the OP has to find her right way.

I think you misunderstood something. The parents and the brother are to be paid out immediately with €70,000. The OP then owns the house 100%. Then the owners finance the extension and the parents pay a certain amount x per month as rent with their newly acquired assets. There is no financial advantage for the OP (in the event of the parents' premature death), since any cash assets would have to be shared equally among all heirs.

Regards