Long-Term Care Impacts on Farming Operations
Long-term care costs can be a significant threat to family farming operations. Nursing homes cost around $100,000 per year, a cost that many farms cannot absorb and remain viable. Many farmers believe that long-term care will cause farm assets, including farmland, to be sold. However, statistics and data indicate that, on average, this may not the case. The average farmer can likely absorb the average costs of long-term care. However, few farms can withstand the outlier scenario where many years are spent in a nursing home.
This webinar will explore the costs of long-term care and the likelihood of needing long-term care. Based on this data, we will analyze normal scenarios and the dreaded outlier scenarios (long stays in nursing homes). By understanding the actual risks of long-term care costs, we can better guide farmers as to what strategies may be best for them to mitigate long-term care risks. In addition to analyzing the risks, we will review several strategies used by attorneys to lessen the exposure to long-term care costs.
Time and Date:
Wednesday, July 20, 2022
12:00 – 1:00 (EDT)
11:00 – 12:00 (CDT)
Robert Moore is an attorney and research specialist with the Agriculture and Resource Law Program at the Ohio State University. Prior to joining OSU, Robert and his wife, Kelly, owned Wright & Moore Law Co. LPA, a law firm in Delaware, Ohio focusing on legal services for farmers and landowners. Robert continues to provide legal services to clients on a part-time basis.
Robert was raised on a dairy farm in Coshocton County, Ohio. He attended Ohio State University receiving a B.S. in Dairy Science and an M.S. in Agricultural Economics. He received his J.D. from Capital University in Columbus, Ohio where he graduated cum laude.
Robert began his career as a county Extension Educator with Ohio State University Extension. He later worked in the Agricultural, Environmental and Development Economics where he worked on farm budgeting, custom rate surveys, and other farm management related work. Robert left OSU Extension in 2004 to enter private practice. After 18 years of private practice, he rejoined OSU Extension.
Robert’s area of focus is farm succession planning, business entities and taxation. Over the years, Robert has worked with many farm families in designing and implementing succession plans for their family farming operations. He is excited to bring his experience to the Agriculture and Resources Program and looks forward to providing information and resources to farm families.