A lot of hard work goes into successfully running a farm.
Typically, farms are a complex combination of valuable assets including land, equipment, commercial relationships and highly specialised knowledge, accumulated carefully and strategically over many years and across several generations.
Additionally, farming businesses are often structured through partnerships, trusts, and superannuation funds to suit the needs of the families or companies that run them.
Farms are unique businesses and careful planning for business succession can reduce the risk of losing it all to tax or litigation when it is time to sell, retire or hand over to the next generation. It can also help manage family expectations and ensure that you are looked after in retirement.
Keys to a good farm succession plan
- Estate planning – transfer of ownership of family & individual assets.
- Retirement planning – transition of busness management and labour.
- Farm succession planning– transfer of management and/or control of the family farm business to members of the family.
Read more about our succession planning for farmers here
Trent McGregor is a Wills and Estates lawyer who specialises in farm and business succession planning. To make an appointment with Trent to discuss your estate planning needs, please call 03 5434 6666.