In general if you want to protect everything then a trust or some other form of transfer needs to happen at least 5 years ahead of needing public assistance such as going into a nursing home at least here in NY. And with NY needing all kinds of revenue these days the talk is that might change to 6 or 7 years. There should be communication happening as to expectations and needs ahead of typical retirement age which is usually being age 65 to 70. Most of the time waiting until the person in question is 80 or 90 years old does not work out well. And if the place winds up being sold don't count on the new owners making it a living memorial to the previous owner. If a younger person is working with an older owner then the time is ASAP to find out the intentions of the owner. If an older owner is non-committal as to a succession plan then it might be wise for the younger person to move on to secure their own future. Promises are the easiest things to break so at some point things need to be put in writing to protect all involved.
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Today's Featured Article - A Farmall Story - by Ed Meadors. The year was 1978. Our young family had recently moved to rural Chesapeake, Virginia to a plot of land which would finally allow us to realize our dreams of a huge garden, critters and more lawn and pasture than we would ever use! We needed a TRACTOR; not a riding mower or tractor wannabe, but a real TRACTOR. The answer to our needs materialized in the form of a '44 Farmall A, complete with cultivators, discs, single plow, a 5ft.Woods belly mower and one, mounted spare 9.00x24 rear wheel.
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