Peace of mind for families
Planning rural succession
FAMILY succession in the rural industry is often overlooked or neglected –and that can have adverse consequences for a family’s relationships and well-being.
Presenter Mark Westcott said a trio of experienced advisers have come together for a workshop in Emerald on November 3, to tackle this difficult issue, believing that rural succession provides certainty, peace of mind and a clear direction for both generations.
Mr Westcott created a unique succession planning process called “Peace of Mind” which he has facilitated for over 15 years. He will be joined by Tom McVeigh, managing director of Murdoch Lawyers with 30 years’ experience in business and estate planning, and Peter McKnoulty, a transition planning specialist with more than 30 years experience advising families on strategic succession and transition planning.
The three have worked together to help rural families and business owners to plan and implement intergenerational succession and inheritance strategies.
“In our experience, a successful outcome for the clients requires a coordinated approach between us, working closely with the clients’ other advisers, including their accountant and financial adviser,” Mr Westcott said.
He said there were a number of reasons why families avoided succession planning.
“Many people find it difficult to commence a conversation regarding rural succession, particularly where that might require difficult discussions with some family members,” he said.
“Most don’t know how to structure an exit plan and how that interacts with their broader inheritance strategy.
“There are often concerns about the time this process might take, its cost and complexity; and many are uncertain about what their future will hold after they hand over control of the enterprise to the next generation.
“In fact, concern for their future once they have handed over the rains of their enterprise was a common concern for most business owners, including farmers as they approach retirement.”
The men have developed the Rural Succession Solutions workshop which will be held at the Western Gateway Motel in Emerald on Friday, November 3 with a cost of $197 for a family booking.
The workshop will help attendees to understand the dangers, pitfalls and challenges of estate, legacy and transition Planning with the chance to hear three experts with rural backgrounds and experience discuss the keys to simplifying intergenerational planning.
It will cover tips on effective implementation of wills, how to maximise and protect your Estate, and ensuring the right money, goes to the right people, at the right time.
“This event is an ideal way to begin a coordinated process to adress rural succession in a timely and cost-effective manner,” Mr McKnoulty said. For more information, phone Mark Westcott on 0418 743 888 or register online.
ESTATE PLANNING: Tom McVeigh and Peter McKnoulty.
Mark Westcott and Tom McVeigh