1- Same rules apply to all- short answer, if you divest yourself of assets at least 5 years before going to Shady Rest Nursing Home, your stay there will be on the State. In the corporation, all anyone owns is shares, and I'm sure he gifted his shares to his kids long ago. And they worked out some arrangement whereby he lived in a corporation-owned house for free, and got a monthly stipend for as long as he lived there. So he has no assets, and no income once he moves to the nursing home.
2- Don't know much about how the farm programs are administered, but legislation is needed to get to the real structure, not the smoke and mirrors that folks with intertwining corporations routinely use to swindle the guvment.
3- I haven't done bankruptcies for about 10 years, but I think Chapter 12 (farm bankruptcy) is gone, so no write-down this time. I'm in agreement with writing down the debt to value of the collateral and discharging the rest, but only if the property is given to the creditor, not retained by the debtor.
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Today's Featured Article - Talk of the Town: Best Tractor? - by Staff. This recent discussion on the Tractor Talk discussion board here at the on-line magazine drew quite a bit of response. We see the question of "Which tractor is best for me?" asked quite often. We thought you might find the responses interesting. As always, the names of the people participating in the discussion have been left out - we did not request their permission to reprint their names in this article. However you can find this discussion in it's entirety in the Tractor Talk archives.
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