Latimer Hinks Solicitors Help Farmers Plan for the Future
Latimer Hinks Solicitors, Armstrong Watson and Promar International are hosting a free seminar in November to help farmers map out succession issues relevant to the future of the family farm.
The seminar will address key points affecting agricultural businesses. The principal issues in the spotlight include the personal, practical and tax implications of succession for farmers as well as an overview of the succession process and how to ensure the future of the agricultural business.
Speakers include Neil Adams, Principal Consultant of Promar International, the U.K.s largest Agricultural and Agri-food consultancies, who will present on Succession Planning and the Family Business, and Peter Molyneux, Partner of Chartered Accountants, Armstrong Watson who will deliver an insight into the Tax Implications of Succession.
Anne Elliott, Agricultural Partner at Latimer Hinks, whose presentation is entitled Reap What You Sow, said: "This seminar will be extremely useful to everyone in the agricultural community who should be planning for the future.
"Many farming families do not have a succession plan in place. This can be prove to be problematic if there is a dispute or a partner or shareholder wants to leave, or retire or dies. He and his immediate family and the other partners or shareholders often have no idea where they stand. Uncertainty leads to insecurity. This can affect not only the business - and potentially its viability - but also family relationships. There is little doubt that having in place a succession plan and up-to-date partnership or shareholders agreements, including provisions covering death and retirement, has never been more important.
"There should be a clear agreement and understanding as to how assets are owned and profits - both capital and income - divided amongst the partners. Otherwise this can prove to be a problematic area both practically and from a tax perspective particularly, where and when relationships break down.
The Future of the Family Farm seminar will be held at Allerton Court Hotel in Northallerton on Tuesday November 4 with a 6.30pm registration and a 7.00pm start and a 9.00pm finish followed by a short QA session.