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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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