Anneli Spence’s Post

The Scottish Government Farm Advisery Service (FAS) has increased their grant funding for farm businesses to access specialist advice on areas such as succession planning. Our latest article provides information on the support available. Please contact us for further information #ruralbusinesses #grantfunding #successionplanning

Here at Eden Legal, we regularly deal with complex succession planning matters for our farming and rural business clients. Having a detailed succession plan is crucially important but is often something that gets put off for a whole host of reasons – not least of which can be the costs of taking appropriate legal and tax advice. The good news is that the Scottish Government’s Farm Advisory Service (FAS) provides grant funding for farm businesses to access specialist professional advice on succession issues and the level of support available has recently been increased. More details can be found in our latest article 🤓 #ruralbusiness #succession #grantfunding

Farm Succession Planning: Securing Your Legacy 🌱 Passing on your farm to the next generation is the continuation of your hard work, traditions, and legacy. Proper planning ensures a smooth transition and avoids potential legal disputes. 🔑 Key Considerations: Ownership Transfer: Decide how ownership of the farm will be passed on - whether through a will, trust, or sale. Roles & Responsibilities: Clearly define who will take over day-to-day operations and decision-making. Tax Implications: Understand the impact of inheritance tax and other financial considerations to protect the farm’s future. This is especially important due to recent changes. At Tinsdills, our agricultural law specialists are here to guide you through the complexities of succession planning, ensuring your wishes are met while safeguarding your family’s future. Let’s secure your farm’s legacy together 🌾 Contact us today to get started 📩 https://tinsdills.co.uk/ #tinsdillsolicitors #leek #stokeontrent #staffordshire #cheshire #hanley #sandbach #newcastleunderlyme #legaladvice #legalservices #lawexperts #uklegaladvice

Ag consultants and advisors beware. You need some tough emotional conversations with your clients. Yes, decisions about transfer of land are emotional and driven by tax laws. How about growing your positive conflict skills so you can sit in the fire and faciliate the clarity of expectations of all the family members in your farm client's circle. If you need help, call a farm family coach. Each farm dynamic is unique, and the foundation of communication and management of expectations is first before the tactics of accounting and law.

Here are some Homestead Ag basics!

Some pertinent comments by Justin Gilmour and my colleagues Mark Pollock / Eleanor Moffat in relation to succession planning issues facing clients in the farming industry. The increases in the value of rural land (due to urban expansion from the cities for those farmers on the urban fringe, rezoning of land local government or offshore businesses looking to acquire assets in Australia) is seeing farming clients become significant wealth accumulators. Typically with farming clients, following the divestment of the family property, or farm or business, they need to manage significant sums of wealth outside of the operating business and need to then manage the transition of that wealth to the next generation. Further, an important precursor to managing the wealth into the future is to ensure the tax consequences on sale of farming enterprises are appropriately addressed. In this regard, whilst the increasing values in land may mean many clients will not qualify for CGT small business relief, it is prudent to be apprised of the after-tax outcomes, which will then form the basis for wealth planning into the future. Our family office services can guide the next generation to be more than just inheritors of wealth, by keeping that wealth organised and educating / assisting them to be custodians or stewards of that wealth. For BDO Connect members and practitioners with farming clients and particularly those that are contemplating selling and/or transitioning, please reach out for assistance with tax or succession planning matters. https://lnkd.in/gA65DhXF (NB: WABN article may be behind paywall). With Mark Pollock Justin Gilmour Eleanor Moffat #bdoconnect #bdoprivatetax #bdoperthtax #BDOC #privatewealth BDO in Australia

In May’s Scotsman Money you can find out why a tax efficient succession plan is more crucial than ever for Scottish farmers and estate owners, according to Simon Wigglesworth, Director and Chartered Financial Planner at Waverton Wealth , a sponsor of The Scotman’s personal finance supplement. Simon will explain how to achieve a strong succession plan and discuss various financial challenges facing the Scottish rural sector. #AD #finance #investment #tax #agriculture #farming

What benefits come with transferring my farming assets to a trust? 🚜👇🏼 Transferring farming assets to a trust can safeguard assets, generate income for beneficiaries, and provide flexibility in asset allocation. Trustees play a crucial role in managing the trust and making impartial decisions. Benefits include keeping assets together, safeguarding them for future generations, adapting decisions over time, reducing family conflicts, and optimising inheritance tax through a discretionary trust. With over 85 years’ experience, we are one of the leading farming accountancy firms in Wales. LHP is highly regarded in the farming industry for delivering exceptional value for money and providing excellent service - a combination that results in extremely satisfied clients. Our expertise and dedication to our clients have earned us a reputation as a trusted partner in the farming community. Get in touch to discuss our agricultural services. 📞 01267 237534 📧 info@lhp.co.uk #accountantlife #businesstips #businesslife #businessgrowth #accounting #trustedadvice #leadingaccountancyfirm #accountants #agriculturalaccountants #farmingservices

The costs judgment in Folds Farm Trustees v Cutts was handed down last week and has some interesting points. - First, some guidance on PD3E, which requires a party to file a costs budget if they "intend" to seek their costs from a trust fund, so that the court and other parties can consider costs capping. No sanction is specified for any failure. Master Clark's view is that once out of the costs capping zone, PD3E has no further relevance. I will still be advising my clients to file costs budgets and will be hotter on non-compliance at the case management phase. - Second, despite some truly extraordinary conduct, the opposing beneficiaries had a mere 20% of their costs disallowed, and even then only to be deducted from any distribution from the trust. - Third, the Master doubted the utility of cross-examination on a blessing application. The original judgment is here (https://lnkd.in/dQP3EyGx) and has some other interesting points including: - Blessing a decision to treat beneficiaries fairly but unequally; - Making a representation order at the outset of trial; - Emphasising that it is for the trustees to put forward sufficient material to prove their case, and it is for other parties to apply for disclosure if they think it appropriate; and - The stuffed fish. I was instructed by the excellent James Aspden at Wilsons Solicitors LLP.

Recently our teams have noticed that many clients, particularly those within rural family businesses, are concerned about the changes which may be announced on budget day, 30th October. In our latest blog, Private Client Solicitor and Partner, Philip Nelson, discusses the approach we recommend. #budget2024 #ruralbusiness #yorkshirebusiness #farming #agriculture #agriculturalbusiness #privateclient #lawblog #IHT #inheritancetax #CGT https://lnkd.in/eMp8Dgwc