Stocker Steve wrote:Bright Raven wrote:Hunter wrote:Sounds like you paid fair, if not higher, market value and your brother is fine with it than I don't see any issues.
Boondocks brought up an interesting situation. A long term care facility may be able to get to certain assets.
There is a way around that. The attorney who set ours up protected the farm from being sold to obtain the assets.
By setting up ?
Sorry, my sister did all of the administration of the assets. I never even ask. This is all I know.
This was 25 years ago. Laws may have changed. The farm was 'gifted' to the children in portions. There was at the time an amount that could be gifted on an annual basis without certain consequences. The trust also made the assets not under the control of my parents so a nursing home could not take their assets.
Mom and dad both went into a nursing home about a week apart. Mom was 90 dad was 91. They signed their SS over. Dad died at 92, mom was 93.