Farm succession planning
- How can you retire comfortably from the farm and still leave a working asset for your children to take over?
RIVAL Wealth advisers can assist with farm succession planning – the process where management, income and ownership of a farm operation’s assets are transferred to a succeeding operator.
1. Design the future you want for your farm and your family
- Do you have a family agreement over the future of the farm?
- What do you know about trusts?
It can be difficult to make those decisions about what will happen to your family farm as you get older.
That’s why it’s important to establish a family agreement so everyone knows what to expect in the event of your retirement or if something happens to you.
You may wish to establish a trust so the future of the farm is secure.
A RIVAL Wealth adviser can assist with drawing up a family agreement and can provide expert knowledge and advice on trusts and how they work. Start to think about the future of your family farm now.