FAYETTEVILLE, Ark. — Aging farm families face the prospect of making a difficult decision between buying long-term care insurance and keeping farm assets.
According to the U.S. Department of Agriculture, the average age for all farmers is 57.5 years. The Centers for Disease Control and Prevention puts the average life expectancy in the United States at 77 years. That likely means long-term care won’t be an option for many — it’ll be a necessity.
“Two-thirds of people 65 and older will need long-term care of some kind,” said Robert Moore, attorney and research specialist with the Agriculture and Resource Law Program at The Ohio State University.
“Nursing home costs are now $100,000 a year,” he said. “There are many farms that just don’t have the financial ability to take on that kind of expense.
“If there’s no income or savings available, then farm assets will have to be sold,” Moore said.
Moore will be discussing strategies for those in ag to manage the risks involved in long-term care costs during a webinar hosted by the National Agricultural Law Center on Wednesday, July 20. The webinar begins at noon Eastern/11 a.m. Central.
There is no cost to attend the webinar and registration is online.
“With our longer lifespans, managing long-term care is something that’s an issue for agriculture and beyond,” said Harrison Pittman, director of the National Agricultural Law Center. “With
Robert’s focus on farm succession planning, business entities and taxation, we know he will bring practical and proven tactics to help those in agriculture keep the outlook bright for the future.”
About the National Agricultural Law Center
The National Agricultural Law Center serves as the nation’s leading source of agricultural and food law research and information. The Center works with producers, state and federal policymakers, Congressional staffers, attorneys, land grant universities, and many others to provide objective, nonpartisan agricultural and food law research and information to the nation’s agricultural community.
The Center is a unit of the University of Arkansas System Division of Agriculture and works in close partnership with the USDA Agricultural Research Service, National Agricultural Library.