Farm Succession Planning
Reduce Risks To Your Future Plans
All sorts of challenges face farming families. Few are more complex than planning how to transfer ownership of the farm — within the family or by selling on the open market. Marital breakdown, disputes over the land within the family and unfamiliarity with capital and inheritance tax issues are some of the reasons why clear succession plans are not implemented when they should be.
The result is that ownership of this important asset and responsibility for its management remain under the control of the older generation — sometimes until it is too late. This leads to negative but completely avoidable tax and succession planning consequences.
Issues To Consider
At SWLaw, we know your farm is more than simply a capital asset or business. It represents a way of life that your family has enjoyed, possibly over many generations. The responsibility of managing transition and deciding the farm's future is a big one — and is sometimes difficult to confront. Our solicitors and financial advisers provide the expert advice you need to tackle issues head on, make a plan early and take well-informed decisions.
We can advise on ways to meet some typical concerns about farm succession planning, including:
- Planning for financial independence in retirement so as to enable children to take over running the farm
- Deciding how to divide the estate, including the farm, so as to maintain its viability for the next generation
- Deciding how many family members the farm will support
- Making some provision for members of the family who do not farm
- Preserving entitlement to inheritance tax relief such as agricultural property relief and business property relief