There is a cautionary tale here for everyone. If you have a farm or other property you want to keep in the family, and you don't have sufficient savings to cover your future long-term care, you need to talk to a lawyer who specializes in long-term care. Likewise if your parents are in that situation; get them to plan for it while they still have their wits.
That said, some things you said don't add up: - "Her farm is supposed to be worth about $1.2M." - "The family would like to retain as much of the farm as possible." - "...a conventional mortgage is not an option because she has very little income to support the payment."
How is it a million dollar farm has essentially no income? Why does the family even want to keep it if it isn't making any money?
Note that under Medicaid rules, a recipient's homestead is exempt when calculating eligibility. After the recipient's death, the government will come after the estate to recoup its expenses from the sale of the home. So if this is a non-working farm, then that's probably the route the family should take. At this point, they should probably forget about keeping the farm; if they don't have the resources to buy it now, they won't have the resources on down the line when the government or mortgage company comes for it.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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