In general if you want to protect everything then a trust or some other form of transfer needs to happen at least 5 years ahead of needing public assistance such as going into a nursing home at least here in NY. And with NY needing all kinds of revenue these days the talk is that might change to 6 or 7 years. There should be communication happening as to expectations and needs ahead of typical retirement age which is usually being age 65 to 70. Most of the time waiting until the person in question is 80 or 90 years old does not work out well. And if the place winds up being sold don't count on the new owners making it a living memorial to the previous owner. If a younger person is working with an older owner then the time is ASAP to find out the intentions of the owner. If an older owner is non-committal as to a succession plan then it might be wise for the younger person to move on to secure their own future. Promises are the easiest things to break so at some point things need to be put in writing to protect all involved.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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