Farm succession planning - keeping it in the family
You’ve put a lot of time and effort into your family farm and deserve to be comfortable in your retirement and secure in the knowledge that the farm is in safe hands. Stacks helps you ensure your farm is passed smoothly from one family member to the next, with the minimum amount of hassle and without attracting any unnecessary government charges.
Making sure the family farm stays in the family might seem like a fairly uncomplicated process but there are a number of complex issues that can arise. Family disputes can arise if the process of transferring the farm to the next generation is not handled with care.
Farm succession planning is a process that allows everyone to have complete clarity about the ownership and operation of the family farm. It helps to resolve possible future issues and remove any uncertainty. Planning for the transfer of a farm before your hand is forced, such as the death of a parent, will help to avoid any unpleasantness between family members.
As there is no one-size-fits-all plan, getting expert advice is important. Stacks Law Firm have experts in commercial law and wealth protection to help you ensure that the farm is passed smoothly to the next generation, at a time of your choosing. We can also provide advice about ways to transfer the farm to the children without attracting stamp duty.
After all, you’ve put a lot of time and effort into the property. You deserve to be comfortable in your retirement and secure in the knowledge that the farm, which has been in the family for generations, is in safe hands.
Issues addressed in a Farm Succession plan
The idea is that all relevant family members sit down and plan for the future, considering issues such as:
- The value of the farm
- The farm’s income and debts
- The parents’ retirement plans
- Whether any children work on the farm and their future plans
- The vision for the farm’s future
- What will happen in the event that one of the parents dies or is suddenly no longer able to run the farm?
A succession plan is then devised based on that family’s unique situation.
Need some advice about farm succession planning? Call us today
