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 - Trenching With a Plow - by Staff. Introduction: This interesting information came from one of the discussion forums here at YT. We thought we should place it up front so it could be read by anyone interested in putting old iron to work. [Editor] I tried something new today, and it worked so well I thought I should post it - in case it might help someone else. I'm running 100 yards of 4" drain pipe from the gutter downspouts of our house to a pond down the hill. This should hel
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