Press Releases
 
Australian Farm succession planning commercial lawyers discuss

The wealth of a farming family can take many life-times to accrue, but disappear in an instant through poor succession planning. This is particularly an issue for families looking to pass on wealth to the next generation where on-farm and off-farm children are involved.



Australia

, 5 December 2017
--

Australian Farm succession planning commercial lawyers discuss



Andrew Sinclair and Phil White, Cowell Clarke Commercial Lawyers The wealth of a farming family can take many life-times to accrue, but disappear in an instant through poor succession planning. This is particularly an issue for families looking to pass on wealth to the next generation where on-farm and off-farm children are involved. Typically, the parents want to ensure that the family farm, which generally has been in the family for generations, stays in friendly hands so that the farming legacy of the family continues. More information is available at http://www.cowellclarke.com.au.  As the bulk of the family’s wealth is generally tied to the farm, the consequence is that the on-farm children receive the bulk of the parents assets whilst the off-farm children receive whatever other assets remain. This uneven distribution of the family assets opens the door for the off-farm children to make a claim on the estate of their parents for inadequate provision. The repercussions of this are twofold: family disputes of this nature incur substantial legal costs which erodes the family wealth, and the relationships between the surviving family members rapidly deteriorate.  Engaging succession planning lawyers near to retirement (or earlier) to develop a comprehensive succession plan helps avoid this scenario, keeping the family farm and relationships intact. Having a clear succession plan that all parties understand and agree upon is one way to manage the expectations of the children, keep relationships amicable and mitigate the risk of expensive legal disputes down the track. Leaving these decisions up to the Court is a certain way to deliver turmoil to the next generation. Any succession plan should also take into account numerous taxation issues that are triggered upon the change in control of substantial assets - namely capital gains tax and stamp duty. In many cases, the tax exemptions and concessions are there to be utilised by the parties, it’s just a matter of the family seeking the right advice from the right advisors.  Being involved with the preparation of a succession plan can also be a great opportunity for the next generation of farmers, about to inherit significant assets, to consider their own commercial objectives such as asset protection, the tax effectiveness for their own farming business and the structuring of their affairs. Significant time needs to be invested - to contemplate alternatives in order to arrive at an appropriately considered farm, family succession strategy.  More information is available at http://www.cowellclarke.com.au



# # #


Disclaimer:

http://www.cowellclarke.com.au



Submitted by prcagency, Press Dev on Tuesday, 5 December 2017 at 11:12 PM
Category: Legal/Law
 
Related News

Mental Health Watchdog Creates Online Forum to Give ECT Victims a Voice
Monday, 17 Dec 2018

Divorce Attorney Kennewick WA announces FREE Divorce and Child Custody Consultations
Monday, 17 Dec 2018

Advocate Financial Services Is Educating Timeshare Owners About Timeshare Laws and Its Termination
Friday, 14 Dec 2018

Attorney David Hoffman Has Been Recognized by the Post and Courier as Charleston, SC's Best Personal
Thursday, 13 Dec 2018

Law Office of Michael Beckman–Providing You the Best Legal Assistance
Wednesday, 12 Dec 2018

Related Events

Managing Trademark Assets Europe 2019, 28 January 2019, London, UK
Monday, 28 Jan 2019

Future Soldier Technology 2019
Monday, 11 Mar 2019

Latest News

Significant Usage of Advanced Driver Assistance Systems in African Car Market Outlook: Ken Research
Tuesday, 18 Dec 2018

The Softking Offering 250+ Readymade CMS & Template At 49$ Only
Tuesday, 18 Dec 2018

Protein Labeling Market Outlook, Competitive Landscape and Forecasts to 2024
Tuesday, 18 Dec 2018

Molecular Diagnostic Market Outlook 2020, Global Opportunity & Growth Analysis
Tuesday, 18 Dec 2018

Bioburden Testing Market Research by Key players, Type and Application, Future Growth to 2025
Tuesday, 18 Dec 2018

 
Want to get your press releases, event listings, and job ads on Scoopasia? Register now for a FREE account or login if you already have one!
Scoopasia v1.0b. Copyright © 2018
Today is Tuesday, 18 December 2018

About Scoopasia | FAQ | Privacy Policy | Contact Us

Press Releases
Event Listings
Job Listings
Arts & Entertainment
Architecture & Construction
Automotive & Travel
Business
Consumer Technology
Economy
Education
Enterprise Technology
Food & Fashion
Government & Policy
Health Care & Medical
Legal/Law
News & Media
Religion
Science & Research
Sports & Fitness
Login / Register
Get Scoopasia through RSS Feeds & Email Notifications!


Journalist's Toolbox
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!

  • Scoop Line
    (Instant Information Request)
    The easiest way to ask questions and request information from the PR community.


  • Advanced Search
    Drill down, dig deep, for media information the way you want it.

  • Journalist's Resources
    Resources and tools you can't do without.

  • PR Tools
    Scoopasia Blog Search
    Search the largest handpicked collection of Asia's most prominent and influential blogs.


    Resources
  • PR Bookmarks
  • Web 2.0 Bookmarks
  • Media Bookmarks

    More Coming Soon...

  • Upcoming Events
  • 8th Annual Echo on Marco Island: Case-Based Approach
  • Palo Alto Networks: CYBER TUESDAY – CYBER SECURITY BEST PRACTICES – LEVEL 1
  • Palo Alto Networks: Security concerning use of AWS
  • Cardiology Update at Puerto Vallarta: A Focus on Prevention
  • BIOTECH SHOWCASE 2019 - 11th Annual Partnering Conference

  • Latest Jobs
    Sorry, there are currently no entries posted here.