Rural Finacial Planning: Keeping the Farm in the Family
If you are like many Australian farmers, your farm is more than just a piece of land. It is part of your identity, soul and lifestyle and it may have even been in your family for generations. That is why a farm is not only an investment but a family honour you can pass on to the generations.
Speaking of keeping the farm in the family, sometimes you will be troubled whether to pass on the farm intact as a business or sell the half of it? Then, if you have multiple children, how can you ensure that all members of your family get a fair share of the farm’s income without splitting up your property?
Sound a bit confusing and overwhelming to decide these matters on your own, thus you need a professional who can offer you an outside view or perspective of your dilemma. It is a very complex situation requiring specialist knowledge of a wide range of potential solutions. However, you can always trust Planning for Prosperity to help you guide through the process of setting up a succession plan and work with you to build a long term strategy for your eventual departure from the farm. More importantly, they will guarantee you a financial planning and management that will satisfy you and your family.
Planning for Prosperity services will also involve your retirement planning, including Superannuation Strategies specifically targeted towards farmers and other small business owners. Investing in off the farm assets which can support your income during life and provide fairly for your family in the event of death to eliminate the need to sell of parts of your farm is indeed a wise decision. They will discuss insurance options, so you will have peace of mind knowing that whoever inherits the farm is not saddled with debt.
The company does not only have an extensive experience in this area but is also accredited to provide specialist advice on succession and estate planning. Unfortunately many business owners entrust this crucial subject to their accountant and do not appreciate the impact a few cut corners can make until it is too late. Accountants as a rule are not experienced in estate planning and are rarely qualified to handle this complex area of advice.
Having an outdated or inaccurate method will have far reaching ramifications, so do not leave it to chance; make sure your financial planning advisers are properly experienced and qualified.
Call Planning for Prosperity for a FREE (no obligation) Consultation today at 08 8333 0790 or visit financial planner Adelaide
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