Prepare the ground
Elston Private Wealth empowers your clients to develop and implement succession plans for a more certain future.
Sow the seeds early.
Rural succession planning is often a complex area for families to plan towards. The best family outcomes are where this is planned for early and discussed openly with all members involved. Some farmers experience ill health or consider this planning at the time they wish to retire however this is generally too late. A successful plan takes time to prepare and ensures the expectations, goals and objectives are considered for
all family members involved.
Areas commonly requiring a solution or a plan:
- What will happen to your farm when
you are gone?
- Have you got a plan for a management and ownership transition that is agreeable to all family members?
- Is the farm viable enough to support incoming family members?
- Are you aware of the off-farm alternatives to ensure equalisation for those children not involved on the farm?
- Have you set goals for the farming business, individuals and the family
as a whole?
- Do you know what funding arrangements are available to your children upon ownership transfer?
- Are you aware of how much income
you can live on and how long your capital is likely to last in your retirement?
How we help you
Working collaboratively with your existing accountant, lawyer or financier, Elston have a specialist team who can assist rural farming families with these complex succession planning issues and formulate a financial plan to help achieve your goals. We have a number of industry partnerships that enable us to provide a personalised, well-informed service.
To arrange a complimentary obligation-free meeting, please call 1300 ELSTON.View other Private Wealth services