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CLIENT CARE BEYOND COMPARE
We work with clients around Australia with most of our client meetings conducted over the phone. We can set up teleconference calls so that the Advisers can participate in the discussion between the lawyer and the clients.

 

Do you have a family farm or business that you would like to hand over to a child or children?

 

Take advantage of our special offer!

Free half hour phone consultation with one of our lawyers. Contact us today to make a time.

Call us on the above phone number or email us on info@irongrouplawyers.com

 

Peter M. Cain Reg. No. E0023035 Irongroup Lawyers

 

GENERATIONAL TRANSFERS

KEEPING THE FARM OR BUSINESS IN THE FAMILY

Our solutions: Succession planning for families

Are you hoping to retire sometime soon?
Do you have a child (or children) who has been working on the farm or in the business that you think would be ideal to take over?
Have you discussed it with them?

Or perhaps you are that son or daughter and you really don't see how it's all going to work.

What happens to the other children? How will they feel about it?

Most of our clients want to preserve their wealth not only for themselves but for future generations. However, you see a conflict.
How do you provide assets and income for your retirement while providing certainty for the "incoming" proprietor (your child) and their family?
And of course, long term how do you provide estate assets for your family, including your other children?
Most people want to ensure they treat their children fairly - what they don't want is to create angst among the family.
This latter issue is one that we believe needs serious consideration because we want to help you avoid a challenge to your estate.

Irongroup Lawyers can help you not only plan for this handover but also to implement solutions that will satisfy everyone.

Or for more information on our solutions download a copy of our Succession Planning for Farming Families Insight or our Succession Planning for Family Businesses Insight.

Passing on the family business or farm is not always easy...
Assets are fixed and "lumpy" - it's not easy to divide them up amongst your children.
Most of your assets are tied up in the family business or farm - and you can't just hand them over.
Even if you can - what about the other children?
Income is not always stable, especially for farming families - an additional complexity.

How would we work with you?

1. We would meet with you to gain an understanding of your family scenario

- Identify who is to take over, and who will not, what are everyone's expectations?

- Understand what you want to achieve

2. Develop a strategic plan based on optimal strategies to meet your goals

- How to effectively transfer the business to your child/children, either during your lifetime, via an inheritance or a combination of both.

- To provide for your retirement needs

- Assist your child/children to buy you out

- Manage possible risks

3. Present the strategic plan to you

- We will discuss your options and our recommend solutions

4. Consult with other parties as required including other family members, accountant, bank manager, financial planner

5. Implementation

- Prepare legal documents and integrated Wills and Powers of Attorney

What do our generational transfer solutions involve?
- preparation of a combination of legal documents designed to achieve the long term solutions required by clients
- the drafting of Wills is integrated with the legal documents to cater for the expected passing of parents and the premature passing of parents and/or children
- this component of the generational transfer solution ensures effective implementation of succession strategy and identifies and manages potential challenges

Contact one of our lawyers today for a 'no obligation' chat to discuss how we can help.