A recent U.S. News & World Report article taken from National Public Radio indicates that aging farmers are increasingly worrying about what will happen to their family farms after their deaths. While these farmers want to pass their real estate on to future generations, they fear that all assets that they have will be sold and lost to pay for the eventual expenses of nursing home care. Due to this fear, some farmers are going ahead and engaging in strategic estate planning in an attempt to avoid liquidation and sale to fund long-term care expenses.
The Wisconsin Farm Center has an economic development advisor who has helped about 200 farmers over the last few years develop retirement transition plans for their farms. In some cases, farmers are setting up Medicaid trusts, which are designed to protect assets for future generations. These trusts are intended to protect their farms and spend down their assets so that they will qualify for Medicaid, which, in turn, will pay for the costs of needed long-term care. However, a Medicaid trust is not a “cure-all” solution to the larger problem, since Medicaid eligibility requires recipients who have assets valued at no more than $2,000. Other farmers are choosing different options, like purchasing life insurance or long-term care insurance in order to protect farm assets.
The costs of nursing home care aside, the lawyers of Boller & Vaughan know the devastation that can occur when nursing homes and other long-term care facilities breach regulations concerning health, safety, and admissions. Fortunately, we have the knowledge and the experience to help you through any type of elder abuse or neglect claim, particularly when injury results from a wholly preventable issue. No matter what type of nursing home facility abuse or neglect is at issue in your case, we can help. All too often, residents and their families are reluctant to demand justice for situations that occurred in the resident’s care. In this situation, you can count on your Madison elderly abuse attorneys to guide you through every step of the personal injury claims process. Contact us to learn how we can help you.