New Long Term Care Guide Available for PA Farm Families

Estate taxes were once the financial threat to losing the family farm, but today, Long Term Care costs are most challenging. PA Farm Link and its partners have updated the guide "Long Term Care and the Farm" to help PA farm families make asset purchases and transfer decisions a little less unclear.

While in the early 2000s farm families worried most about estate assets and the taxes demanded in a farm transfer, legislation has changed to allow for greater asset values before taxes are required. However, predicting the need for, investing in, and saving for Long Term Care (LTC) costs are often a challenging puzzle for PA farm families, and sometimes farm assets, including the land, must be sold to afford the needed care when cash and insurance run out.

This guide uses statistics to help farm families by sharing the following:

• types of care available that could be needed;
• general budgets for each type of care;
• assistance from government programs;
• strategies for managing LTC risk and farm assets;
• and, a LTC assessment process to help farm families decide what strategies are best for their family farm and loved ones.

Thanks to PA Farm Link and its generous partners and funders, the Long Term Care and the Farm: An Examination of long-term care needs, risks, and strategies for protecting farm assets guide is available for free on the PA Farm Link website.

PA Farm Link also reminds farmers:
"The publication is not a substitute for professional legal advice.  Presenting every law and exception related to LTC planning is beyond the scope of this material, but the guide introduces concepts and strategies that can help a farmer begin a detailed discussion with professional advisors.  LTC planning can be technical and complicated and should occur in conjunction with a careful review of an individual's situation.  Before taking any actions on LTC, consult with an attorney and other professional advisors experienced in LTC issues.   

This publication is based on Pennsylvania laws and regulations. Each state has its own Medicaid rules, and other laws may vary from state to state.  While strategies addressed in this publication may generally apply across all states, it is imperative to understand the laws and Medicaid regulations of the state of residence before taking any LTC planning actions."