Succession and business planning
Protection of your hard earned wealth and equity for the next generation becomes of paramount importance as you approach retirement. How you deal with any undischarged debt over farm assets, how you might structure an intergenerational transfer of the farm to specific children and other gifts to the remaining children, and ensuring as best as possible that your wishes go unchallenged, these are some of the main challenges faced by retiring farmers with asset rich portfolios. Our rural law team can provide the best , up to date advice on the risks associates with possible challenges to your estate and how best to provide a business succession plan for your farming business as part of an overall estate planning strategy, so that your will reflects as much as possible your wishes, within a framework that is likely to pass the scrutiny of the courts.
You may need a simple will, or you may be better served with a testamentary trust, you may have a beneficiary who qualifies for a special disability trust, you may have a self managed superannuation fund to consider. In all cases our rural law team can steer you through to the best arrangement for you, and be with you every step of the way.
