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Indiana | Sounds like his biggest fear is medical exp and running out of money in retirement. If I were you I look to alleviate this fear first and foremost. He needs to look in to the best insurance money can buy. There are Medicare supplements, long term disability, nursing home ins., etc that he could buy. All costly but would give him some peace of mind.
Buying equipment from dad seems like bad advice to me. Assuming the equipment is fully depreciated this would create taxable income for your dad. | |
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Farm rental from father to son
