Re: O.T. Legal Opinion??

Posted by MarkB_MI on September 11, 2004 at 05:41:28 from (64.31.10.12):

In Reply to: O.T. Legal Opinion?? posted by 70 Mo on September 10, 2004 at 10:30:39:

You need to find an attorney who specializes in elder law, preferably one who has some experience with farming families. A wrong move here could have some serious unintended consequences. There's a lot of so-called attorneys out there who make their living setting up trusts without the foggiest idea of what they are doing.

Some things to consider:

If you have to go into a nursing home, how will you pay for it? Medicaid will only cover your care if you are destitute, which means you could end up selling your farm to pay for your care. Note that Medicaid is wise to most of the schemes where you give your property to your heirs in order to qualify, so the rules on this are very strict.

What are the tax consequences if you sell or give your sons your farm rather than let them inherit it? If your sons inherit the farm, they may have to pay inheritance taxes, but they will get a new cost basis. If you give them the farm while you're alive, then your cost basis will become their cost basis. They would have to pay capital gains should they sell the property.

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