Most farms, farming businesses and landed estates are still largely owned and run by families, family trusts or family businesses.
Often these assets will make up a large and important part of the family's wealth - and form an important role in the future viability and success of the family business.
Planning for the smooth transition of the business and assets to the next generation either during lifetime or on death can be a complex and challenging process. It requires careful consideration of:
- ownership structures
- family dynamics
- legal rights
- taxation
- overall financial position
- asset portfolio.
We have extensive experience in dealing with the assignation or relinquishment of agricultural tenancies, often as part of a succession planning, during a lifetime or upon death. This is a highly complex process which requires specialist advice to ensure the value of the interest is safeguarded for the family.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
