1- Same rules apply to all- short answer, if you divest yourself of assets at least 5 years before going to Shady Rest Nursing Home, your stay there will be on the State. In the corporation, all anyone owns is shares, and I'm sure he gifted his shares to his kids long ago. And they worked out some arrangement whereby he lived in a corporation-owned house for free, and got a monthly stipend for as long as he lived there. So he has no assets, and no income once he moves to the nursing home.
2- Don't know much about how the farm programs are administered, but legislation is needed to get to the real structure, not the smoke and mirrors that folks with intertwining corporations routinely use to swindle the guvment.
3- I haven't done bankruptcies for about 10 years, but I think Chapter 12 (farm bankruptcy) is gone, so no write-down this time. I'm in agreement with writing down the debt to value of the collateral and discharging the rest, but only if the property is given to the creditor, not retained by the debtor.
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Today's Featured Article - Usin Your Implements: Plow and Disc - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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