Aging farmers in Wisconsin fear nursing care may cost farm
MADISON, Wis. — Aging farmers are growing more concerned about what happens to the family farm once they’re gone.
The Wisconsin Farm Center’s economic development consultant, Frank Friar, tells Wisconsin Public Radio it has helped develop about 200 transition plans with farmers over the past couple of years. The majority are concerned about what happens if they end up in a nursing home.
Attorney George Twohig advises producers on transferring farms to the next generation. He says farmers become concerned that real estate would have to be sold to pay for the cost of long-term care because many of them are tight on cash but have a lot of assets.
Twohig says many people are considering Medicaid trusts, where farmers divest their assets to protect the farm. He says the trusts are sometimes a good solution but not a cure-all.
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