Farming advisers offer advice on succession planning

Posted 13/06/2013

Arrangements for farm businesses to be carried forward by the next generation must be regularly reviewed, was the key message from farming advisers at Ashtons Legal Solicitors, Larking Gowen Accountants and Sentry Land Managers at a joint farm walk on Monday 10 June.Over 60 farmers, landowners and advisers attended the farm walk and seminar, which was kindly hosted by Rebecca and Justin Jacobs at Hall Farm, Fersfield, near Diss.Speaking before the farm walk, Jonathan Long who leads the Agricultural and Estates team at Ashtons Legal, said: “Succession planning is not just identifying the individual and collective aspirations of the family members. Succession also includes sorting out the inheritance tax issues. With appropriate planning and organising ownership in the right structure, potential inheritance tax liabilities can often be reduced from very substantial sums to nil”. From Sentry, Roger Connah set the historical scene of Hall Farm, and Rebecca Arkley covered contracting agreements and farm business tenancies, with some timely reminders in the current challenging growing season.Grant Pilcher of Larking Gowen echoed Jonathan’s thoughts about how to get succession planning on the day to day business agenda rather than on a “back burner”, with family communication being key.After a warm welcome from the sponsors Ashtons Legal, Larking Gowen and Sentry, a tour of the farm was led by John Benton (Troston Farms Limited) and John Barrett (Sentry Norfolk). During the walk, both groups took the opportunity to raise questions and good discussions were stimulated on the viability of growing sugar beet, as well as looking at wheat and oil seed rape trials.Before returning to the barn to enjoy a well deserved hog roast, the groups were invited to enter a competition to guess the value of a Xerion tractor. This was won by Bob Gooderham of BJ & PM Gooderham and Peter Rodgers of  J Rodger & Son Ltd. who each took home a bottle of champagne.

Pictured above: delegates inspect the Xerion tractor and Meri crusher as part of the competition. For further information and to discuss your succession planning needs, please contact Jonathan Long on 01284 727012 or email: jonathan.long@ashtonslegal.co.uk