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About brokenm

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  • Location San Francisco
  • Nationality USA
  • Gender Male
  • Year of birth 1971
  1. German retirement and pensions

    Thank you Starshollow. Very helpful.    It it also seems that some individuals sell their home to their children at a reduced rate with wohnrecht. Is there a minimum value that these can be ‘sold’? Does it have to be fair market value? Das lebenslange Wohnrecht oder Wohnrecht auf Lebenszeit beschreibt ein einmal erteiltes Wohnrecht ohne Befristung. Es endet erst mit dem Tod des Berechtigten. Es endet nicht bei einem Verkauf des Gebäudes oder der Vererbung desselben. Häufig wird eine solche rechtliche Konstellation verwendet, wenn die Eigentumsübertragung zwischen Eltern und Kindern vorweggenommen werden soll, um für den Erbfall mögliche Erbschaftssteuern durch die Nutzung von sich wiederholenden Freibeträgen zu senken. Die Eltern erhalten in dem Fall, dass sie ihre Immobilie schon zu Lebzeiten auf die Kinder übertragen, das Recht, die Wohnung bis zum Lebensende weiter zu nutzen.  
  2. German retirement and pensions

    General question concerning elderly parents retirement planning. My parents are now retired in Germany and have a house. Are there any 'best practices' for how my parents can maximize their retirement and also potential ways in which we could keep the home in the family?   For example, should the home be 'gifted' or sold to the children with the parents allowed to live in the house for the rest of their lives? Or is it possible to create a trust which would protect the assets?   My general thoughts are that we want our parents to use all of their money and assets to prolong their quality of life and enjoyment of life as well as maintaining the best health care services that they can afford.  However, I have heard that if either one becomes incapacitated enough to need a 'nursing facility' that the general process is that they take whatever money, assets you may have until they are gone, and then you are supported by the health system. If this is the case, can we protect the assets so they are not lost?  
  3. Yes, this day is coming upon us soon. This is where we will be able to see the sunlight when we leave work. The true beginning of Spring. Biergartens will start to open up. Spring is here. But be warned, in Germany the day that this happens is different than the US. The US will still observe this day as the first Sunday in April, which this year is April 2 at 3:00 AM. Next year, the US will change this to the second Sunday of March.     I learned the difficult way with the difference between the US and Germany in regards to DSL. The first year I was here, I was in Konstanz and looked at the last boat scheduled to arrive back in Lindau. Well, I was off by an hour, which confused me when I asked the attendent that the last boat leaves at seven, right? He responded, "Yes." I then asked, but where is the boat? He responded the last boat leaves at seven. this went in a circle until he mentioned that the previous day the time changed.