Anyone giving away your empire?

[green 4 acres]

I mean to a son , daughter or relative you trust.
My next door neighbor's 20 acres ,plus 5 acre home in K C , all the items in it were auctioned off
this week , She had to go to a rest home . The state takes everything ,She in her late 60's
Might be something to look into.

[DeltaCub]

Estate planning is essential!

[Jumper]

In NY, I believe you have to do it five years prior to going into the home, welcome to NY, the state of "GOTTCHA".

[Merk]

Originally Posted by DeltaCub

Estate planning is essential!

Delta cub is right.

Never too early to get something in writing especially when there is minor children are involved or end of your life situtions. Had a case a few years ago where Mom and Dad were both killed in a car wreck with nothing in writing on who raises the 3 kids. Long story short...the family members raising the kids were not the dead parents first choice and some of the remaining family member don't talk to each other.

I've had something in writing shortly after my first child was born.

With the right planning the majority if not all your estate can go to where you want it to go.

[dodge trucker]

Yup I got hurt badly 10 years ago,my son was a HS freshman at the time, while I was recovering my wife and I went and got a will made, and we told our moms ( our son's grandmas) what arrangements we had made in case the worst happened to my wife and me, I had asked some close friends who had baby sat for us when Nick was little to make sure that he would be taken care of, since they live nearby and grandma's don't so That Nick could finish up his schooling without having to be uprooted, and needless to say grandmas were both pissed but too bad. Fortunately nothing ever had to become of those arrangements.

[green 4 acres]

Yeah , estate planning is important too but what Im talking of is the property changing owners not inheritance . The state takes your stuff at tge time you enter a care facility.
It is kind of hard to pull the trigger on , but I bet she wished she did ,she had a son

Otherwise , it may go ...Whats the opening bid on these old yellow and white riding lawnmowers?

[DeltaCub]

Originally Posted by green 4 acres

Yeah , estate planning is important too but what Im talking of is the property changing owners not inheritance . The state takes your stuff at tge time you enter a care facility.
It is kind of hard to pull the trigger on , but I bet she wished she did ,she had a son

Otherwise , it may go ...Whats the opening bid on these old yellow and white riding lawnmowers?

Establish a Trust! I have heard of chit house lawyers and jailhouse lawyers....but "Cub Cadet Lawyers?" LOL

[olds45512]

Y'all can leave your stuff to me, I'm very trustworthy.

[Merk]

Originally Posted by green 4 acres

Yeah , estate planning is important too but what Im talking of is the property changing owners not inheritance . The state takes your stuff at tge time you enter a care facility.
It is kind of hard to pull the trigger on , but I bet she wished she did ,she had a son

Otherwise , it may go ...Whats the opening bid on these old yellow and white riding lawnmowers?

Not if you have your estate planned right. The main thing is you need to have plan in place long before you need to go in a care facility.

[john hall]

Look into giving away your property but maintaining lifetime rights. My grandmother did that on the bulk of the farm land. Will was probably written in the early 60's, she passed in the late 70s'. Had to sell 1/4 of the land to pay the inheritance tax. I would call a lawyer that does estate planning. If you have more than a house cars and some old Cadets, get one that has a clue what to do with properties and businesses. My grandmothers estate got quite complicated unfortunately. And when you have to hire tax/estate lawyers to get you out of the mess, well there may not be anything left for anyone. FWIW, Ronald Reagan (or at least on of his aides) had to get involved to keep the IRS from taking the farm to settle the tax bill. True story, God as my witness.