Succession planning for your farming estate and farm inheritance planning is one of the most important provisions any farming family can make when looking to the future.
The future of a farming business is often dependent on successful succession planning ensuring continuity of the business and allowing you to provide for your family. We provide personalised and practical advice that considers the interrelationship of the farming business and family.
Our highly regarded agriculture and estates team can carry out farm visits to our clients to develop a close working relationship and allowing us to achieve long-term succession planning that protects the future of the farm.
Succession planning is essential for families involved in agriculture, but it comes with many complex legal and tax implications. Establishing a succession plan and using a well-drawn up partnership agreement can prevent lengthy and costly disputes, secure tax benefits, and ensure the farming assets are kept together.
There is a lot to consider when it comes to what should be included in the succession plan. To begin with, it is important to understand and set out:
- How the assets of the farm are owned
- How each family member will benefit from the farm
- What parties are occupying buildings and land
- What the long-term plans and business goals are
- What each family members role is in running the farm in the immediate and long-term future
- How will future generations be trained to continue operations
- Tax considerations
With agricultural land steadily rising over the years, inheritance tax is very likely to affect your estate when you die. We can assist with effectively structuring your businesses to take full advantage of the available tax relief and allowances applicable to you.
The friendly and pragmatic team offer a fully comprehensive service to those looking to secure the future of their farm and estate. As well as making long term plans for all family members in connection with the business, we can advise on:
- Wills, Trusts, and Probate for Agricultural Clients
- Agricultural Business Structures
- Pre-nuptial Agreements
If you wish to ensure the continuation of your farming business, we highly advise discussing and formalising your succession plan now.
