The reading of a will might make for great cinematic drama reminiscent of an episode of the dynastic series Yellowstone and the infamous Duttons, but a will or the lack of one can cause endless drama for the family.
This is why estate planning stands as a genuine responsibility to safeguard the interests of loved ones, businesses and personal affairs. Estate planning for farmers - especially those with agricultural assets, navigating the maze of nuanced legislation, like the fact that a farm may only be bequeathed to one beneficiary - demands a professional eye and accurate planning.
While a straightforward will may suffice for those with uncomplicated estates, the same cannot be said for farmers whose livelihoods are intricately woven into the fabric of specialised legislation and complex family dynamics. There is no one-sizefits-all approach, and by taking a more considered, proactive line of action to your estate and financial plans, along with an understanding of the legislative directives and implications, you will go a long way to preserving your legacy.
Estate planning for farmers, like other estate plans, has the usual financial aspects like the various taxes, administration costs and estate duties, but the element that makes it different is that in most instances it also involves a family succession aspect. With estate plans for farmers, the successor of the family business is usually either a son or daughter, a parochial standard from yesteryear but one that appears to remain. Moreover, consideration needs to be applied to the unique challenges posed by agricultural assets, such as farms with diverse components like orchards, pack sheds and rental properties.
UNDERSTANDING THE CHALLENGES
Denne historien er fra 10 May 2024-utgaven av Farmer's Weekly.
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Denne historien er fra 10 May 2024-utgaven av Farmer's Weekly.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Syngenta Seedcare celebrates a decade of innovation
Syngenta's ambition is to enable their customers' investments to grow in healthy soil from treated seeds to young plants through innovation and collaboration, writes Magda du Toit.
Agri workers shine at Western Cape awards
Lindie-Alet van Staden, a garden and olive orchard manager at L’Ormarins Wine Estate in Franschhoek, was crowned as the Western Cape Prestige Agri-Worker of 2024 at a gala event recently held near Paarl.
Small and large farmers recognised at grain awards
The annual Grain SA/Syngenta awards ceremony bears testimony to the quality of farmers in the grain industry.
Growing partnerships: Fedgroup's flexible and innovative approach
Janine Ryan spoke to Warren Winchester, general manager of impact investing at Fedgroup, about why the company became involved in agriculture, and what it offers farmers and their immediate communities.
Why fish farms fail, and how to avoid becoming a statistic
The popularity of launching fish farms is not matched by their success. Leslie Ter Morshuizen, owner of Aquaculture Solutions, explores the factors that cause most of these businesses to go under.
Where history and modernity meet in a luxurious setting
Brian Berkman kept his eyes peeled for ghosts in the oldest continuously run hotel in South Africa, but all he found was a fabulous two-night stay.
THE HITCHING POST
I'm a stylish elderly lady with a radiant glow and a good sense of humour that keeps me young at heart.
Cutworms: check the weeds on your fields!
Zunel van Eeden explains why understanding the ecological interplay between cutworms and weeds is crucial for effective pest management. Producers should disrupt the life cycle of cutworms to minimise crop damage.
Does high-density grazing mimic grazing patterns of game?
In their paper on high-density grazing in Southern Africa, professors Angelinus Franke and Elmarie Kotzé from the Department of Soil, Crop and Climate Sciences at the University of the Free State say high-density grazing systems may not accurately reflect natural ecosystems. Roelof Bezuidenhout reports.
Global grain outlook: 2024/25 marketing season
In its latest summer crops report, the Crop Estimates Committee says South African farmers intend to plant 4,47 million hectares of summer grains and oilseeds in the 2024/25 season, up 1% from the previous season. As South Africa exports maize and soya bean, Annelie Coleman reports on the latest trends in the international grain and oilseed markets, amid fluctuations in weather conditions and ongoing armed conflicts.
