Posted by NY 986 on August 25, 2009 at 12:48:06 from (166.203.155.196):
In Reply to: value of farmland posted by jacksonduper on August 25, 2009 at 10:03:11:
I do not think some people are reading this carefully. I think what the one fellow is trying to say that even if you have right of first refusal, is it for a limited time period in case you can not secure the funds or the sisters refuse to finance you? That might be one thing to be ironed out in the very near future. Secondly, where would you be if one or both parents had to go into a nursing home to the point where only the liquidation of the farm would pay off the debt. Most states have increased the scrutiny of people deeding/transfering assets just months a head of when they need medicaid for such a purpose. Back when this was an issue in our family the lawyers recommended to try to have at least five years pass before when this would likely happen. I thought at the time that maybe it would be good to buy the assets from the family member (because of Medicaid being a very likely situation) and avoid steeper payment terms through a commercial lender and the possibility of not obtaining outside financing. Unfortunately, the other family members that had a say in the matter did not want to do this and ultimately the property wound up outside the family. Allow for events to unfold in a way that you may not think most probable. Is it too late to obtain insurance on your parents to offset any nursing home risk? Talk to the family and line up a lawyer (that specializes in estate planning) to advise you ASAP.
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