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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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1965 International Harvester McCormick Farmall cub tractor 2,500. Two owner tractor. My grandfather bought new in 1966, then we inherited it. Have all the paperwork original manual and all maintenance records. It starts and moves. Comes with underbelly mower, plough, and some other attachments.
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