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Farming Forward
Family and Farming
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?
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<blockquote data-quote="Hooby Farmer" data-source="post: 7343508" data-attributes="member: 1747"><p>Lost dad a week before Christmas myself [USER=7195]@farmerm[/USER]. My condolences, it's a very difficult period in time to lose someone made more difficult with whats going on all around. </p><p></p><p>5 years ago he was diagnosed with Alzheimers. We acted quickly and had everything sorted within the month of his diagnosis. Our major concern was that we didn't have to sell what we have to fund the care homes if and when he would require 24hr nursing care. Thankfully he passed in his sleep at home still with a good quality of life, still knew most people and if he didn't he would get you a generation back. We have some Inheritance Tax to pay which will be a struggle but will probably have to liquidate an asset. I think its 7 years it has to be signed over for, to get clear of that and under a certain threshold. I would recommend anyone thinking about succession planning to get their skates on.</p></blockquote><p></p>
[QUOTE="Hooby Farmer, post: 7343508, member: 1747"] Lost dad a week before Christmas myself [USER=7195]@farmerm[/USER]. My condolences, it's a very difficult period in time to lose someone made more difficult with whats going on all around. 5 years ago he was diagnosed with Alzheimers. We acted quickly and had everything sorted within the month of his diagnosis. Our major concern was that we didn't have to sell what we have to fund the care homes if and when he would require 24hr nursing care. Thankfully he passed in his sleep at home still with a good quality of life, still knew most people and if he didn't he would get you a generation back. We have some Inheritance Tax to pay which will be a struggle but will probably have to liquidate an asset. I think its 7 years it has to be signed over for, to get clear of that and under a certain threshold. I would recommend anyone thinking about succession planning to get their skates on. [/QUOTE]
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Farming Forward
Family and Farming
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?
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