family succession and planning for the future? just wondering how many of you find this a positive experience and have any tips and advice for others?
- Thread starter WildHeather
- Start date
For the younger individuals in this discussion …get yourself good independent legal advice…
Do not use the same solicitor as the business…
A firm out of the immediate area to avoid any direct connections but with agricultural expertise. Probably larger than two or three working partners.
It will cost….but you will at least be aware of the consequences for you of any proposed offers or deals.
At the very least a problem shared is a problem halved.
A weapon best kept in your pocket…a Recorded Delivery letter opening up with I have been retained by my client…your offspring……probably not the best next move.
Not a Magic Wand either….but it should prevent shooting “yourself” in the foot. Signing some document pushed across the Breakfast table.
Do not use the same solicitor as the business…
A firm out of the immediate area to avoid any direct connections but with agricultural expertise. Probably larger than two or three working partners.
It will cost….but you will at least be aware of the consequences for you of any proposed offers or deals.
At the very least a problem shared is a problem halved.
A weapon best kept in your pocket…a Recorded Delivery letter opening up with I have been retained by my client…your offspring……probably not the best next move.
Not a Magic Wand either….but it should prevent shooting “yourself” in the foot. Signing some document pushed across the Breakfast table.
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one of the biggest problems with this suggestion ,is that the poeple needing the help, have usually been controlled both financially and emotionally, makeing any form of defensive manovering seem almost traiterist. I think this is why there are so many cases of (one day this will be all yours) but it isnt!.....the person controlling uses there own reasoning ,combined with guilt, bribery, threats to prevent anyone seeking to protect their own futures. Unfortuneatly leading many years down the line to deal with whatever mess is presented when it eventually arrives .How many posts do you read where the controllers wont have any conversations about succesion or wills
Absolutely correct…but…
Take the advice confidentially….at the very worst, get to find out how bad the situation is.
Or on the other hand how potentially good it might be.
At the very least prevent yourself from being presented with a document you don’t really understand the implications of and being “asked / forced” to sign it.
Precisely. This is my situation. We just work 7 days a week, no pay, no social life, no succession plan.
Holsteinfriesian90
Member
- Location
- Cornwall
How old are your parents? Without sitting down and talking it through how can you sort it out. Sounds like your in a rut and it’s a job to know how to get out of it. Like many I’m sure.
- Location
- Dorset/Wilts
D day for us is looming in the very near future.
Last few months has been rumbling.
From rhe attitudes from the last couple of months.....there isn't gonna be a happy ending to it
Last few months has been rumbling.
From rhe attitudes from the last couple of months.....there isn't gonna be a happy ending to it
I'm not going to go through it all again as I got abuse last time. They're mid 60s.
Holsteinfriesian90
Member
- Location
- Cornwall
How is the milk vending machine going?
midlandslad
Member
- Location
- Midlands
Abuse for talking to them?
betweenthelines
Member
- Location
- southwest
Not sure if every post on this thread is as genuine as it should be.
That's up to the person that posts it, but does a disservice to those who have genuinely been in such a situation.
That's up to the person that posts it, but does a disservice to those who have genuinely been in such a situation.
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dinderleat
Member
- Location
- Wells
No from people on here thinking it’s easy to fix and can’t understand why we/you would put your self in this situation but as with everything it’s never straight forward
dinderleat
Member
- Location
- Wells
Things aren’t much better then
dinderleat
Member
- Location
- Wells
You do talk some rubbish sometimes
Pretty well thanks, we started with just milk but since we added Milkshakes, sales have gone up a lot. It's still early days and it's a lot of work but it's nice to finally get a fair price for at least a few litres!
Thick Farmer
Member
- Location
- West Wales
You need to sort this out. I was in a similar situation and have recently managed to resolve it but it was a tough couple of years.
- Location
- somerset
to the older generation, you are doing no favours to your next generation, its a simple thing, do you want them to continue, after you depart ? If you do, sought it out, otherwise your legacy, is likely to be split up, and the memories of you, will be very derogatory, is that how you would like to be remembered ?
To the next generation, get it sorted, or move on, the farming community is full of sons, who were promised, one day .............. That day is unlikely to happen, siblings will want their share, even if they have had nothing to do with the farm. It is far easier to move on, when you are younger, but by 40 ish, you are tied down with family, unsure what you could do, other than farming, so you are stuck. Just like l was.
To the next generation, get it sorted, or move on, the farming community is full of sons, who were promised, one day .............. That day is unlikely to happen, siblings will want their share, even if they have had nothing to do with the farm. It is far easier to move on, when you are younger, but by 40 ish, you are tied down with family, unsure what you could do, other than farming, so you are stuck. Just like l was.
Wow, grease the stairs for that one! I am so sorry you are in this situation, I don’t understand how a parent doesn’t want to see their children grow, marry and provide them with grandchildren. How desperately sad for them missing out on that joy.Today's update, he's getting a solicitor against me, my brother and motheryet he will have his tea put Infront of him later
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What ever is said about wills, never trust it, even if you see it signed they can be changed. When my mum died the contents of her will were dependant on my step fathers will. The family bomb was he was leaving half to two of his children, and the rest had to come out my mums share, divided amongst the six other children from each parent. None farmed the only person who had invested in the farm was my mum. Fortunately my siblings and I decided to leave them to it to fight it out and they did.
I feel like framing this will and hanging to show how one persons, greed, stupidity, what ever you want to call it, could destroy a family.
My mum had just wanted her children to be given her share of her investment, my BIL witnessed this will, its what she told me would happen. My step father had other ideas, and it was hard to explain to her grandchildren, we were fortunate we made our own way in the world, and once the the XXXX had revealed his true colours I never had to speak or deal with him again.
This is why I am so strong on forcing someone's hand, because a least you know the hand your getting. It may be less than what you were promised, but you could be dealing with a Putin, who just sees you are weak and of course they know better than you. Why should they give someone they take advantage of anything, when they can string them along?
I feel like framing this will and hanging to show how one persons, greed, stupidity, what ever you want to call it, could destroy a family.
My mum had just wanted her children to be given her share of her investment, my BIL witnessed this will, its what she told me would happen. My step father had other ideas, and it was hard to explain to her grandchildren, we were fortunate we made our own way in the world, and once the the XXXX had revealed his true colours I never had to speak or deal with him again.
This is why I am so strong on forcing someone's hand, because a least you know the hand your getting. It may be less than what you were promised, but you could be dealing with a Putin, who just sees you are weak and of course they know better than you. Why should they give someone they take advantage of anything, when they can string them along?
- Location
- South Shropshire
Best give what you can away before you die.
The tax rules unfortunately do not always make this easy, but there is holdover relief etc.
The tax rules unfortunately do not always make this easy, but there is holdover relief etc.