It's a good one...
Here we go... In an agreement a couple years ago I obtained 80 acres. 40 acres on a land contract (not concerned about) 40 acres on a quit claim deed (am concerned about).
One of the individuals I made the agreement with was diagnosed with a life threating illness. The law explains the quit claims can be looked back on for 5 years and would be considered as a divestment which means prior land owners have a Medicaid penalty waiting period before the State starts picking up the bill up to the fair market value of the 40 under quit claim.
Prior to the individuals illness we've Started our maple farm LLC, select cut the property (using the timber sales for growth), installed tubing, pump houses, electrical, pumps and releasers leveraging the land for our business growth.
The land is currently zoned as recreational (soon to be agriculture).
Will this effect me or my business???
I am currently meeting with lawyers specializing in elder law but though this may be a good conversation since we are all in the business that requires land.
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