“An estate plan should protect assets during a person’s life from risk and wasting, so they can be utilised to provide for the person, their dependents, and to sustain the family agribusiness.”
Our dedicated Hamilton Locke Private team recently came together with the team at Beef Central to delve into the importance of estate and succession planning for agribusinesses. A summary and a few key takeaways from the article are below.
Read the full article on Beef Central here.
Estate planning for agribusiness families involves more than just drafting a will. It is crucial for protecting assets, facilitating smooth transitions and preserving family legacies amidst various life events. Collaboration with professionals ensures plans are comprehensive, adaptive, and aligned with the goals of the business and stakeholders.
Key takeaways:
- Estate planning for agribusinesses moves beyond just drafting a will, it encompasses protecting and preserving family wealth across various life events such as succession, incapacity, divorce, and retirement.
- Successful estate planning requires cooperation between lawyers, accountants, financial advisors and other professionals to ensure all aspects of wealth management and succession are covered.
- Many agribusiness assets are held within partnerships, trusts, or companies, requiring specific legal arrangements to ensure smooth succession and management.
- A well-crafted estate plan aims to protect assets during life, facilitate tax-effective administration, ensure assets pass to intended beneficiaries and minimise disputes and costs.
- Estate plans should be regularly reviewed and updated to reflect changing circumstances and goals.
Get in touch
Proactive estate planning is indispensable for agribusinesses looking to secure their family’s future and protect their legacy. Whether you’re considering succession strategies, safeguarding assets from unforeseen events, or structuring for tax efficiency, our team at Hamilton Locke Private is here to guide you. With our deep expertise in the agribusiness sector and estate planning, we can tailor solutions that meet your specific needs and goals.
For expert advice or more information, please contact Partner Fran Becker and Special Counsel Jack Conway.