Don't want to lose my Dad's Farm!

[mystic1977]

What is the name of your state? IOWA

My dad recently had sugery and had a stroke during the surgery. He did no planning in case something ever happened to him. And none of us know anything about what is going on with his business. Well he has been in the Hospital the past month and now has moved to a nursing home /rehilbilitation center for continuing physical therepy and speech therepy. And we don't know how long he will have to be there. He has insurance with my mom through her work and I think they are covering most everything but he also has medicare he is 67 yo. My dad owns a farm that my husband & I with kids were suppose to take over. But it is in his and my mom's name. My mom also owns a house in town that they actually live in. They house out at the farm needs major repairs to be liveable. But we do not want to lose the farm because of all this. My mom has talked to lawyers and has gotten 2 different stories from them. One said she has to sell the farm for fair market value that is the only way to keep like Medicare from liquidating his assets of the farm. The other said she can sell it to my brother for what they paid for it. My brother is the only one finacially able to purchase the farm so we can keep it in the family and he wants to. But can we do that with out getting in trouble? Or will we have to sell it to someone else?? My parents have owned the farm since the early 60's and we were all raised out there and just don't want to see it go. Is there any hope for keeping the farm?

Please help we need advice ASAP!

 

[I AM ALWAYS LIABLE]

My response:

So, basically, what you're saying is that because your father failed to prepare for his old age, that WE, as taxpayers, should "foot" the bill for your father, while YOU and the rest of your family get to keep the assets of the farm.

Listen, I'm sure your father is a nice guy, but quite frankly, I don't know him and I don't want MY tax money paying for him when he has assets that will reimburse MY tax dollars.

Sorry, you can't have your cake and eat it too.

IAAL

 

[mystic1977]

this has nothing to do with taxpayers!

This has nothing to do with taxpayers this has to do with my house that's in my dad's name. I don't want me and my kids not to have our home just because my dad has to have therepy b4 returning home. And we don't know how long it will be? They have insurance which is covering his expenses for his care. But we do not know what is going to happen tomorrow or the days after that. He is improving but will probably not be able to farm again.? Which my husband was taking over.

 

[Dandy Don]

Your situation is so specific that you need to be talking to someone familiar with Medicare rules and regulations (either a clerk in the Medicare office or an attorney who is experienced with these issues, or also look at a Medicare website to see if your questions might be answered there.)

There are specific rules about how a Medicare patient should handle his assets and you must follow the rules exactly or you could face legal penalties. There probably is a way for you all to retain the farm, but you need to do some more research.