A farm trust is a discretionary trust that is used to own land for primary production while also providing flexibility so the property can eventually be transferred to other family members. Asset protection, tax efficiencies, and ‘controlled succession planning’ are the key benefits of a farm trust.
If you are a family advisor or you are personally thinking about how you can keep family harmony in check when the next generation of your family steps up to the plate, this episode is a must-listen for you.
If you are young, single and in good health, making your Will is often not front of mind. Your priorities may be more closely aligned to completing your further study, career progression and monitoring the seemingly endless growth of the housing market bubble.
Succession for farming families doesn’t need to be a bun fight. You just need a plan.
Have you ever wondered what happens to the remaining amount owing on your HECS-HELP loan when you die? Well here’s your answer!