Author: Kylie Wilson

Rural Succession Planning: When to pass control and beware of tax and duty traps.

A common question for family business succession, and particularly for primary production family business, is when control of the business should be passed to the next generation, without risking the valuable assets of the business if something goes wrong. There are multiple options that: (a) enable security for the next generation to be able to continue to conduct a family business to support their own family; (b) provide off-farm/non-business siblings with an inheritance in due course that can be considered to be fair, even if it is not equal; and (c) protect large assets in the event, at least...

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Rural Succession Planning: how a will can let you down

For intergenerational family business, and particularly primary production business, clients often have the view that assets should be left to the next generation as a bequest in their will. This view often arises for some of the following reasons: No capital gain will occur at the time of transfer as the beneficiary will receive the cost base of the asset if the asset is not sold; A wish to protect valuable property from the possibility of divorce in the next generation; An inability to fund retirement without significantly increasing debt; or A desire to treat children ‘equally’ regardless of...

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