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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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