Issues around securing a sustainable future for the next generation of farming businesses will be under discussion at a free event being held next month.
Hosted by the specialist agricultural team at Hay & Kilner Law Firm, the seminar will examine the problems faced by rural families where no succession planning has taken place and what measures can be taken to mitigate them in advance.
The event, which will take place at the Newcastle Falcons’ Kingston Park ground from 430pm on Wednesday 6 June, will also look at business structures, asset ownership, Inheritance Tax management and how business owners can ensure assets pass through to the correct family members on their death.
The practical ways in which Agricultural Property Relief and Business Property Relief work in the context of land ownership and farm business structures will also be covered.
Alison Hall, head of the private client department at Hay & Kilner Law Firm, who will lead the seminar, says: “The often-complex nature of family farming businesses means that problems regularly arise when due consideration is not given in advance to succession planning matters, and they have to be addressed in what can already be very difficult and emotional situations.
“Our team has extensive experience of handling and resolving such matters, and we’ll be sharing our ideas of what steps can be taken to protect the farm, provide for non-farming family members and manage any Inheritance Tax liabilities.
“Reviewing your individual situation, drawing up a Will and taking expert advice on the issues that matter the most to you is sensible advice for anyone, but for those in the agricultural sector, it needs to be seen as both a business and a personal priority.”