Why Dorrian Law?
- Family dynamics and the complexity of a farming enterprise raise challenging questions when it comes to succession planning. That said, dealing with the unforeseen and the inevitable cannot be ignored if you want to ensure that the farm you’ve fought hard to nurture over many seasons is protected, and your future wishes respected. Dorrian Law provides practical, comprehensive legal services for individuals, families, and businesses. We are part of a regional community and know the rural landscape. We have experience in commercial law, property, wills, estates, and succession planning, and understand the challenges involved in planning for the future of the family farm.
Why Farm Succession Planning Matters
Life is unpredictable and all families have unique needs. Without a clear pathway, in the wake of the unexpected, the future of your farming enterprise and your family’s expectations can be left in turmoil. That’s why farm succession planning matters.
Farm succession planning is a proactive way to help sustain the family farming enterprise so it can be passed on to future generations as smoothly as possible. It takes a holistic approach and considers the needs, goals, and capabilities of all family members. Effective succession planning can help support the longevity of the farming enterprise, provide clarity for those involved, and minimise potential disputes down the track.
Some of the big issues you may need to consider include:
- The needs and objectives of retiring family members.
- The expectations and goals of other family members and their capacity and inclination to continue or take on the family farming business.
- Planning equally for the children, particularly if not all wish to be involved in the farming business.
- How to avoid or minimise disputes between family members.
- The commercial and operational aspects of the farming business such as employees, suppliers, and clients that may be needed to sustain the future viability of the farm.
- The need to protect assets through legal structures such as trusts.
- The tax and duty implications of transferring assets.
- Planning for unforeseen events like divorce, incapacity, and untimely death.
Speak to our Farm Succession Planning Lawyers
When it comes to effective farm succession planning, working with professionals is non-negotiable and Dorrian Law has the experience to help. We’ll get to know your plans, your business and, most importantly, you. We service Childers, Bundaberg and surrounding towns and will guide you through the big decisions using a planned, logical, and tailored approach. We can also work with your accountant or other financial professional to ensure that the financial and legal aspects are considered. If you’re ready for a real conversation with experienced professionals who genuinely care, call our farm succession planning lawyers today on 07 4126 3675 or email [email protected].