Estate Planning.

[KK]

My wife's parents are in their 70's and have a farm here in GA. My father-in-law has some health issues which could cause him to go into a nursing home if he takes a turn for the worst. Now we are worried what might happen if he would happen to have to go into the nursing home. Is there anything we could put in place to protect the farm from being liquidated to pay for the care at the nursing home. We were planning to go to an attorney in the upcoming weeks and would like some advice as what to expect.

Thanks,

 

[everman]

Are you saying that you're afraid someone could force them liquidate? Or you want to prevent them from liquidating their own property?

 

[KK]

Originally posted by: everman
Are you saying that you're afraid someone could force them liquidate? Or you want to prevent them from liquidating their own property?

I don't think they'd want to liquidate. They would like to pass it down to their only child, which is my wife. From what little I know of nursing homes, is that they could do something that would make them sell to fund to pay for it.

 

[everman]

Originally posted by: KK

Originally posted by: everman
Are you saying that you're afraid someone could force them liquidate? Or you want to prevent them from liquidating their own property?

I don't think they'd want to liquidate. They would like to pass it down to their only child, which is my wife. From what little I know of nursing homes, is that they could do something that would make them sell to fund to pay for it.

The best thing to do is see a good estate attorney. It's likely he'll suggest forming a living trust for their assets. You should also try to calculate estimated estate taxes.

 

[RKS]

I would recommend an estate attorney licensed in your state. You may want to consider creating a trust with the parents and your wife as trustees/or adminstrators.