Succession Planning for the family farm webinar
In this recorded webinar you will hear from our commercial and taxation specialists as they discuss succession planning in relation to the family farm. This can be a difficult exercise. Comprehensive planning and the careful structuring of ownership can alleviate many problems that might otherwise arise. We explore succession planning issues relevant to farming businesses.
The issues discussed include:
Farmland holding – examining consequences and options for pre and post CGT land under individual, trust and company ownership.
Farming business – examining current structure and ability to transfer ownership, with particular regard to issues with livestock and plant and equipment.
Potential to split the ownership or control of trusts that own farmland or the farming business.
Retention of a level of control for mum and dad, to secure retirement income, and funding off-farm accommodation.
Provision generally for off-farm children, whether from estates, or by charge on farmland, without unduly burdening the ongoing farming business.
Recognition of the contribution made by the “on-farm children” to the farming business and improvements to the farmland.
Formation of an agreement for succession/control of all family assets between family members or, if agreement not achievable, instituting succession during the parents’ lifetime to minimise testator family maintenance claims.
This webinar was recorded live on October 27, 2020. A recording of the webinar is available here:
Download a copy of the presentations and paper here: