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Thread: Family Farm Joint Venture Protection Montana

  1. #1
    Junior Member
    Join Date
    Feb 2008
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    Ca
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    Question Family Farm Joint Venture Protection Montana

    My grandparents left their farm to their 3 sons (my father and my 2 uncles)
    who have formed a "Joint Venture" with each of them owning 1/3 a piece.

    One uncle's wife alzheimers has progressed to the point where she will soon have to be placed in a care home. They do not have much money.

    Could the state include the farm "Joint Venture" as part of my uncle's assets
    and then recoupe that part as payment for care of my aunt after she dies?

    What becomes of the "Joint Venture" if the state wants it's third?
    What can be done now to protect it?

  2. #2
    Senior Member
    Join Date
    Apr 2008
    Location
    Mid-Atlantic
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    Lightbulb Sure your father and uncles took care of business!

    Quote Originally Posted by Milosham View Post
    My grandparents left their farm to their 3 sons (my father and my 2 uncles)
    who have formed a "Joint Venture" with each of them owning 1/3 a piece.

    One uncle's wife alzheimers has progressed to the point where she will soon have to be placed in a care home. They do not have much money.

    Could the state include the farm "Joint Venture" as part of my uncle's assets
    and then recoupe that part as payment for care of my aunt after she dies?

    What becomes of the "Joint Venture" if the state wants it's third?
    What can be done now to protect it?
    When your father and your uncles formed the joint venture they should have consulted an attorney to establish the correct legal entity to protect the farm. The correct legal entity for the "Joint Venture" might be a corporation, partnership, or limited liability company (LLC). Typically, the charter of the legal entity has outlined procedures to deal with various issues such as the illness of an owner and/or his spouse.

    You should probably have a discussion with your father about corporation, partnership, or limited liability company (LLC) after you have performed some research on your own.

    Your father and uncles probably have already developed a plan before the joint venture was formed to protect the family farm.

    I pray that God will protect your aunt and keep her safe.

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