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Succession Planning

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Succession Planning

We appreciate the importance of succession planning within Agricultural businesses. Without a plan in place, the future success of the farming business, which has often been in the family for generations, might be placed in jeopardy.

We are committed to the Agricultural Sector, and recognises its central importance in all our lives, both now and into the future. We understand the nature of modern farming businesses, and the potential exposure to Inheritance Tax (IHT), and can help you to put a plan in place to reduce the liability over time by way of lifetime gifts or changes to the structure of the business. We can analyse the IHT position and fully utilise the attractive IHT reliefs of Agricultural Property Relief (APR) and Business Property Relief (BPR) that are available.

We recognise that every farming business is different, and we make sure that any succession plan is undertaken in a structured fashion, often in conjunction with your accounting and financial advisers, to ensure that your wishes and the needs of the business are met.

A guide to Succession Planning

Wills

We advise on all aspects of will drafting for farmers and rural business owners and can ensure that you have a will that works for you and reflects the particular needs of your family and business. In the case of farmers and land owners, we appreciate the importance of a will in ensuring that valuable land and business assets pass seamlessly on to the next generation.

Estate Administration

We administer estates of all sizes and values, dealing with all aspects of the administration to ensure that the estate can be wound up in a timely manner and tax efficiently, therefore causing minimum disruption for the businesses and individuals involved. We can work with you to negotiate with HMRC on the availability of APR and BPR.

Powers of Attorney and Capacity issues

We advise on all capacity related issues, including in relation to farmers and business owners who are no longer able to take such an active role in the business due to a decline in health and mental capacity.

Lifetime Planning

We advise farmers, landed estates and rural business owners on all aspects of lifetime tax and estate planning. We offer cross-departmental expertise and will work with you and your accountant, land agent and financial adviser to ensure that a succession plan can be implemented that fits in with your long-term business strategy and works for you and your family.

Visit the Agriculture page.

Specialisms

  • Will Drafting
  • Tax and Estate Planning
  • Landed Estates
  • Inheritance Tax Mitigation
  • Agricultural Property Relief and Business Property Relief
  • Estate Administration
  • Deeds of Variation
  • Trusts (Formation and Administration)
  • Powers of Attorney
  • Deputyship and Other Court of Protection Applications
  • Reviewing and Advising on Appropriate Business Structures
  • Disputed Wills, Trusts and Estates

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