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Abstract

On February 8, 2006, the President signed into law the Deficit Reduction Act of 2005.1 The Act is designed to cut the federal budget deficit. Among other provisions, the Act contains fundamental changes to the Medicaid eligibility rules and long-term care coverage. The new rules will impact significantly estate plans where preservation of family business assets is a major objective.2 That is a common estate planning objective for farm and ranch families.

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