A common quandary for heirs of senior landowners is how they can maintain ownership and operation of the farm while providing retirement income for their parents. Often the farm assets represent all of the retirement savings. Not only may there be an extended period of retirement without earned income, but eventual nursing home expenses may be great enough to consume the value of the estate.
This can be a complicated situation to plan, with taxes, Medicaid rules, and differing goals of each family member. But it does take planning to make the best outcomes possible.