Wills, trusts and tax planning for the farming family

We understand at Coffin Mew that farming families will often take a much longer overview of their farming enterprises. We appreciate that our advice has to be tailored, so that it is fit for purpose for both the current and future generations of farmers. With that in mind, we have a team of highly experienced solicitors, who can help with wills, trusts and tax planning when you need it.

Wills & trusts

It’s often the case that the will is what facilitates the transfer of a family farm from one generation to the next. Generally, the farm can only pass to a single member of the next generation, and care is needed to ensure that disappointed family members are not given any grounds to challenge the validity of a will. We can ensure that the correct wills are put in place, avoiding any potential conflicts later down the line.

Farming is an activity which caries a high degree of physical and mental stress, and we often find our farming family clients go on to require Lasting Powers of Attorney (“LPAs”) in the future. A well drafted LPA is very important, as it can help ensure the continuity of the farming enterprise if illness or mental health issues arise.

We are also able to advise on the use of family trusts. These can be used to help fund the education of the next generation of farmers or can sometimes be used to hold strategic shareholdings and/or land.

Partnerships & working together

Many farming families operate through the medium of a partnership. We find that often there is no written partnership deed in place, or perhaps there is, but it is very much out of date. We can’t stress enough, the importance of a carefully crafted partnership deed, particularly in light of recent court cases, which were sought to challenge the interpretation of partnership deeds.

The team at Coffin Mew also work closely with the various other advisors of farming families, and will often liaise with accountants, land agents and financial advisors accordingly. We appreciate that collaboration is important and want to ensure our clients feel safe in the knowledge that their affairs are being handled by a competent, trusted team.

Specialisms

  • Will planning
  • Trusts
  • Lasting Powers of Attorney
  • Partnership Deeds
  • The administration of a deceased person’s estate
  • Inheritance tax planning – maximising agricultural property relief and business property relief
  • Entrepreneur relief planning

Example cases

  • Complex will planning arrangements
  • The creation of partnerships to maximise entrepreneur relief tax planning opportunities
  • Successfully challenging HMRC on the question of control of a family farming company and its eligibility for agriculture property relief
  • Successfully challenging HMRCs refusal to accept a claim for agricultural property relief on grazing agreements.

For more information on wills, trusts and tax planning for farming families or those in the agricultural sector, please contact Neil Irvine.