Challenges with Farm Succession
Managing complexities when children select different lifestyles.
Families owning large farms are often faced with the dilemma of how these assets should be transitioned to the next generation.
This issue becomes more complex when children have a different appetite for the rural lifestyle - with some children wishing to remain on the farm with a view to taking it over in the future and other children seeking an alternative non-farm career and lifestyle.
The openness of the process that is used to manage inheritance discussions, along with a pragmatic approach to 'fairness' will help to maintain the strength of relationship between children in the future.
This paper addresses some of the specific issues facing farming families and provides some suggestions around processes, timing and most importantly maintaining fairness through the inheritance planning process.
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