Farming families across Worcestershire and Shropshire are being offered expert legal advice on everything from how to have productive inter-family discussions to tax and succession planning amid concerns that two thirds of farming families have nothing in place.
Expert lawyers from Midlands firm mfg Solicitors have teamed up with specialist succession consultancy Taylor Milbrook, to hold two events, one on 3rd July at Pershore College in Worcestershire from 4.30pm to 6.30pm and the second on Monday 10th July at Harper Adams University in Newport, Shropshire from 6.30pm to 8.30pm.
Both will feature mfg’s respected agricultural law expert Helen Gough, who will speak on matters including succession planning considerations and effective legal documentation. She will also focus on the key requirements needed to successfully diversify a farming business.
Also presenting will be mfg partner and tax expert Gary Priest who will be looking at the taxation aspects of succession and considering the ways in which future generations can be part of a farming business in the most tax efficient manner.
Miss Gough said: “Around 66% of farming families don’t have anything in place around succession planning, which leaves the business and the home in a very difficult place in the event of illness, death or retirement.
“All too often we find that farming families have been misinformed and don’t always know what options are available to them. They are often worried about serious tax consequences so do nothing in an attempt to avoid them, which only serves to make the situation worse.
“Many families think they have to retire in order to begin to hand over the business to the next generation but that is not the case. Effective communication and planning are the key things for a successful transition of the farm and family fortune.
“This seminar is an opportunity to dispel the myths and misunderstandings around succession and other legal matters that affect all farming families.
“We encourage as many farmers and their families as possible to come along.”