What does everyone want in a farm succession plan?

Category Archives: Estate Planning

What does everyone want in a farm succession plan?

Sheep on Eyre Peninsula

Any good farm succession plan starts with recognising there is a need to address how and when the business is passed on to the next generation.  Other considerations which complicate this process are providing an income for several generations whilst wanting to provide an inheritance to off-farm children. No two succession plans are the same […] Read More >

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Farm succession planning: A small price to pay for a valuable asset

Farm Succession Planning

Cognitive dissonance is the uncomfortable feeling we get when we hold two conflicting thoughts at the same time.  An example is knowing you should do something but avoid it.  One way to make this feeling go away is to apply mental gymnastics in order to justify a making the bad decision.  We all do it, […] Read More >

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Should farmers aim for Centrelink or not?

centre link changes

Transitioning a family farming business to the next generation We recently advised a couple in their late 50’s on how they could best transition their family farming business to the next generation. From our experience, the most important thing to address first in any family succession plan is the financial security of the parents.  It’s virtually impossible […] Read More >

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Life after death is a worry for baby boomer parents

will and testament

Planning for Prosperity’s Daniel Budreika was quoted in this recent Advertiser article ‘Life after death is a worry for baby boomer parents‘ by Anthony Keane. Daniel was quoted as saying: Testamentary trusts can split income among beneficiaries to suit their tax situations, and offer asset protection in the event of children going bankrupt or suffering a […] Read More >

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Farm Succession Planning – Exiting and Transitioning

Farm Succession Planning

No doubt you would’ve heard the saying ‘if you fail to plan then you plan to fail.’ From our experience this is a true statement and applies to so many areas of our life. This topic on succession planning is really about one generation exiting a business and the next generation taking over. Each family […] Read More >

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The ABCs of Basic Estate Planning

Farm Succession Planning

It’s quite common for people to spend a lot of time focused on building their wealth but  give little thought to what happens to it all after they die.  Many laugh it off, saying “I don’t have much” or “the kids can have my debts”.  I can assure you it is no laughing matter for […] Read More >

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