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.
Do you have the right to determine who inherits your farm? The short answer is ‘not necessarily’, but there are things you can do to increase the chances of your wishes being upheld.