Posted by JD Seller on December 16, 2018 at 09:32:44 from (208.126.198.213):
In Reply to: Sad to see it go posted by nrowles on December 16, 2018 at 06:26:45:
nrowles: I hear what your saying about estate planning. The thing I see is the majority of farms/land/houses that do not get passed down, have a generation of family that does not want to put any "skin" in the game. They want the farm/land left to them with them not paying/working for this major asset. Then add in parents that selfishly want to hang on to total control into their senior years,70-80-90s. This makes it to where few farms/land/businesses get passed on to the next generation.
The numbers I have been seeing says it takes the income off of 400 acres to keep one person in a nursing home annually. Not many farms/estates large enough to do that. So the majority go on title 19/Medicare after they use up their assets.
The popular estate plan around here is Dad/Mom signing the farm/land over before they are in bad health. So them have few assets, on paper,then the state/taxpayers pay for their end of life care. The fellows on each side of me owned multiple farms and their families never paid a single cent for the nursing home/end of life care. They cheated the program and passed the cost on to everyone else.
If you want anything in life you have to work and plan for it. In the case of multi generation land/farms this is tough to get done. The parents have to be willing to talk about it when their children are young enough to do things to work their way into the land/farm. This is in their 40-50s. Most do not think about it until they are in their 60-70s and their kids are too old to really take on that much debt/work. This happened in my case. My Father could not and would not pay anything for the farm. He was in his late forties at the time. I was 28 years old with a wife and kids. My wife and I made it work. This was during the 1980s too. Drove junk cars/pickups, use old/junk equipment for years plus working like dogs but we got it done. We started planning for our estate when our kids where born. I am not joking. We where in our thirties. It worked. Now my kids are working out how they are going to do it with their kids. They are in their 30-40s. Having started early you have time to make things work for all involved. Very few if any can just "give" everyone of their kids a farm/land/house free and clear.
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