A Look at Long-Term Care Impacts on Farming Operations
Do you worry about the possibility of long-term care needs and how those needs might affect your farming operation or family farmland? We'll examine that issue in an upcoming webinar for the National Agricultural Law Center. Join OSU Attorney and Research Specialist Robert Moore for the webinar, "Long-Term Care Impacts on Farming Operations."
Long-term care costs can be a significant threat to family farming operations. Nursing homes can cost around $100,000 per year, an expense that some farms cannot absorb while remaining viable. That's why many farmers believe long-term care will force the sale of farm assets, including farmland. But statistics and data indicate that, on average, this may not the case and that the average farmer can likely absorb the costs of long-term care. However, few farms can withstand the outlier scenario: where many years are spent in a long-term care facility.
In this webinar, Robert Moore will explore the costs and likelihood of needing long-term care. Using this data, he will analyze normal scenarios and the dreaded outlier scenarios of long stays in nursing homes. By understanding the actual risks of long-term care costs, we can better understand and assess strategies that can mitigate long-term care risks. Robert will review several strategies attorneys can use to lessen the exposure of farm assets to long-term care costs.
The National Agricultural Law Center (NALC) will host the webinar at noon on July 20. OSU's Agricultural & Resource Law Program is a research partner of NALC, and Robert's work is the result of funding provided by the USDA National Agricultural Library through our partnership with NALC.
There is no fee for the event, but registration is required. Register at https://nationalaglawcenter.org/webinars/longtermcare/.