Posted 2/19/2021 22:49 (#8845822 - in reply to #8845726) Subject: RE: What business structure to put farm in
MU1979 - 2/19/2021 20:47
Find you a well referenced ag estate lawyer in your state. They can listen to your goals and accomplish them. Use of an Irrevocable Trust really seals off nursing homes after 5-7 years. Use of them is not nat approved. Inquire about a Heritage Trust. One does not hear or read much about them. But our children have them and like that their money does not have to split with a spouse and its dads fault. Utilize an expert not local attorney. Worse thing one can do is set up a trust and not fund it completely.
Also keep open mind that Life Insurance can provide cash to pay off siblings that are not interested in the land. Especially if it is purchased before health risk and age becomes a factor. Life insurance also is not nat approved.
Very pleased I put the effort in at a younger age to put together all the paperwork that is in this notebook. I can't imagine doing it at age 70-85. Cost for 3 trusts $7500 in 2013 and reviewed and up dated $2000 in 2020.
Best of Luck and get it done.
Who do you recommend in MO as an expert ag estate lawyer?