In the third video of a farm succession series with Adirondack Land Trust, attorney Megan Harris-Pero breaks down ways elder care costs in New York can impact farmers. Admitting she has never met a farmer who wants to live in a nursing home, she says planning for the unexpected is a still critical piece of farm succession planning. Especially in some of New York’s rural counties, where Medicaid coverage of home care can be tricky or unavailable.

Harris-Pero also walks through potential ways to pay for long term care, explaining perks and drawbacks of qualifying for Medicaid, using long-term care insurance or selling off assets.

Of particular concern for farmers: how assets are held and where parcels are located can impact Medicaid eligibility. She also warns that New York State may try to recover the cost of care after a farmer passes away – in the form of a surprise bill or lien against the farm property.

While it is never too early to think about estate, retirement, and succession planning, watch the video to learn what age Harris-Pero says farmers should be talking to an attorney to best protect themselves and their farm.

Be sure to check out additional resources for farmers at the end of the video.