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We have a farm corporation and rent the ground to another farmer. This is the income we use for my mother's care. I'm not sure there is enough money on hand to pay her income taxes and property taxes. Will I need to pay for these things myself?
Teddy2019, you have a complex situation that I'll try to simplify. To wit, you said your mother owns 51% of the farm corporation, so logically she should receive 51% of the non-retained, net profit (e.g. after all taxes and other expenses are paid). If the 51% net profit paid to her is barely sufficient (or insufficient) to cover all of her memory care costs, then she shouldn't owe any personal income taxes because she'll have a huge medical deduction. In any event, as your mother's POA, you are not legally responsible to pay taxes from your personal funds, but you can gift necessary funds to her if you want and are able to do that.
If the corporation did not retain sufficient funds to pay taxes, then the corporation can try to claw-back payments made to shareholders, or seek a loan to pay taxes, or, if all else fails, sell the farm. It's nice that your father planned to have his grandsons inherit the farm, but such future inheritances often have to be used to pay for for present situations such as your mother's.
As others have suggested, I think expert legal and accounting help is well-advised. Best wishes in tackling all this and making hard decisions.
You definitely cannot rely on those of us on the forum, even those of us with any experience, in a matter this complicated. You need an elder law attorney to help you iron out this matter. Wishing you good luck. You should not pay yourself, no. There is a way to find out what your mother's income is. Once your mother has not enough income to pay for her needs there are other paths to follow, but you WILL need some guidance. There are times when lawyer fees just cannot be avoided.
Reading what you have posted above and your profile, you sound depressed, burned out, in need of cutting back on driving 8-12 hours a week to see your mom and in need of a therapist to help you get on a more even kneel. If not, your physical health may end up like your husband's.
She would not be eligible for Medicaid. Her income would be out of the scope of Medicaid. The grandsons are hoping to farm the land one day since they are suppose to eventually inherit the farm. That is what their grandfather had prepared the farm to be there for them. I'm not sure where I stand in the tax liability since I am the POA. I worry about there being enough funds for everything, especially since the AL facility has risen the rate substantially since she's been there. She's only been there for 3 months!
You have a lawyer but I agree that an elder care attorney may be what you need for this issue(s). Re tax liabilty, they may also be able to advise or refer you to a tax advisor.
Teddy, you have an interesting situation. I've read your post as well as the responses, about 3 times so far, and still have no good suggestions, but I do have some questions that might help you sort out the situation.
First, who is "we"? Is that your family, your parents and you, or anyone else? And are you the owners, or are you shareholders?
I'm not the least bit familiar with a "farm corporation" so I did just a quick check, but this would require much more legal research, especially as it seems "farm corporations" generally refer to the huge corporations farming a lot of land with produce designed for commercial markets.
I'm assuming you have an accountant who prepares your returns. That person is more appropriate for determining what if any portion of the proceeds from the tenant farmer are applicable to your mother's care. Assuming though that she's one of the owners, or related to one, that would affect her share (if any), of the income.
I'm not sure whether or not the land only lease would affect the proceeds and distribution; it would depend on the lease, and I'm assuming the same entity holding title also is the landlord on the lease.
The structure of the ownership corporation also would determine whether or nor your mother's personal income taxes could be paid from the proceeds. But the property taxes, and income tax for the corporation, most likely would.
This is also just a supposition, but I'm not sure whether or not any government subsidies (such as those for soybeans and tariff affected crops) would come into play.
To be honest, but blunt, if you don't have a CPA experienced in this kind of potentially complex situation, I think that's the first step I would take. A real property attorney with experience in farming might also be of help. But the income generating property, land lease and similar issues are way out of the realm of elder law. It's a income generating, commercial real estate issue first.
Consultation with an elder law for the related issue of funding your mother's care is good advice though, as apparently some short and long term planning are becoming appropriate.
I always seem to agree with Dolly's advice....it is usually how I would have responded myself and now is no exception. You need to find competent and trustworthy legal professionals to guide you through all of this. It will give you real peace of mind when professionals who know the laws are guiding you.
This is all over the place. First, who owns the farm corporation (i.e., who are the shareholder). If her share is not enough to pay her income and property taxes, you are not legally responsible, but, imho, you should help her make arrangements.
What did you mean by "help her make arrangements?" What type of arrangements are you referring to? She has 51% of the stock in the farm, other goes to daughter and grandkids. No one gets money from the rent but her.
I agree with opinions below that now is the time to hire an experienced elder law attorney. It will be money wisely spent. It is critical that you are disentangled from your mother's business legally so that she can qualify for Medicaid. If you don't handle this properly (as there is a 2.5, 3 or 5-year "look-back" period depending on what state you are in) you can delay her qualifying and/or incur penalties. Please research a lawyer that specializes in elder law and don't be put off by their hourly rate -- if may be way more costly if you don't take care of it smartly. Good luck!
This would apply to the state of Iowa. We have a lawyer and he has been somewhat helpful, but I still do not know how things work. What money I will need to come up with and if there will be enough for all the tax responsibilities, such as personal, property, corporate.
I think others will tell you that your situation might be best served to hire a lawyer who deals with elder care in order to get your mother approved for Medicaid. I know the thought of a lawyer scares many in terms of expenses but you should be able to find one that is fair and will help with all the legal wrangling. A good friend was able to receive full time help for her husband at home provided by Medicaid as she still works. He had suffered a serious stroke. They are certainly not well to do and became much more so since the stroke as he could no longer work or drive but could pay for the lawyer who helped them greatly and solved their difficult situation. Since your family is in a corporation a lawyer would also know how your mother can receive help now or in the future for her care. You could try to ask about fees for several lawyers before hiring one but the most important aspect is to hire one who specializes in elder care. I am sure others will answer you with more specifics.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
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I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
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If the corporation did not retain sufficient funds to pay taxes, then the corporation can try to claw-back payments made to shareholders, or seek a loan to pay taxes, or, if all else fails, sell the farm. It's nice that your father planned to have his grandsons inherit the farm, but such future inheritances often have to be used to pay for for present situations such as your mother's.
As others have suggested, I think expert legal and accounting help is well-advised. Best wishes in tackling all this and making hard decisions.
First, who is "we"? Is that your family, your parents and you, or anyone else? And are you the owners, or are you shareholders?
I'm not the least bit familiar with a "farm corporation" so I did just a quick check, but this would require much more legal research, especially as it seems "farm corporations" generally refer to the huge corporations farming a lot of land with produce designed for commercial markets.
I'm assuming you have an accountant who prepares your returns. That person is more appropriate for determining what if any portion of the proceeds from the tenant farmer are applicable to your mother's care. Assuming though that she's one of the owners, or related to one, that would affect her share (if any), of the income.
I'm not sure whether or not the land only lease would affect the proceeds and distribution; it would depend on the lease, and I'm assuming the same entity holding title also is the landlord on the lease.
The structure of the ownership corporation also would determine whether or nor your mother's personal income taxes could be paid from the proceeds. But the property taxes, and income tax for the corporation, most likely would.
This is also just a supposition, but I'm not sure whether or not any government subsidies (such as those for soybeans and tariff affected crops) would come into play.
To be honest, but blunt, if you don't have a CPA experienced in this kind of potentially complex situation, I think that's the first step I would take. A real property attorney with experience in farming might also be of help. But the income generating property, land lease and similar issues are way out of the realm of elder law. It's a income generating, commercial real estate issue first.
Consultation with an elder law for the related issue of funding your mother's care is good advice though, as apparently some short and long term planning are becoming appropriate.