We just went thru setting up an irrevocable trust for our parents that are the same age. They too live on the farm. They only own39 acres but its location makes it worth a small fortune. Dad just sold 2.2 acres this spring to the county for a new road and he got $132K for the 2.2 acres. I don't know where you live but in Illinois our great governor has made some changes to long term care. My parents have their funeral all paid for. But without an irrevocable trust if they would need long term care the state can come in and get the money mom and dad paid to the funeral home to pay for long term care. Dad is a veteran and is entitled up to $2,000 a month for medical expenses, which is nice. Assisted living in Illinois is now considered a medical expense so dad's veteran's benefit would help there if they would decide to move into one. Us four kids are trustees of the trust, my one brother pays the bills for the trust. The law firm that set this up for them only does Elder Law Care. They didn't recommend an even number of trustees because it can cause a hung jury type situation on making decisions. But we did it anyway. The cost to set this up was $7500 but we can go there and talk to them any time we want free of charge. They also applied for dad's veteran's benefits. They do 2-3 veteran's benefit applications a week and are more likely to get results compared to a veteran doing it themself and being turned down. If my mom and dad would move to assisted living (out of their home) the house could not be rented because that would be considered income and count against their medicaid. Illinois is treating us right (Not). Anyway this was our situation and I know everyones' is different. I hope you the best of luck.
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