Almost all parents, in their estate planning, say they want their assets to be divided equally among their children. This concept seems so obviously fair that it’s rarely challenged.
But is it really fair to give siblings equal shares in the family farm when one has worked hard for 20 years building the agribusiness while the others have had nothing to do with it?
Most people would agree that this is probably not fair. When parents think about their estate, they rapidly retreat to equality because this at least has the appearance of being fair. It might also seem like a simpler approach than creating a meaningful division of assets. However, there are many ways of fairly dispensing family wealth that don’t depend on the straightforward, ‘equal’ treatment of one’s heirs. When children are given equal shares in the family farm, a battle often ensues. In some cases, those who participate in the agribusiness end up with more in value than those who don’t. Where siblings are joint shareholders in a business, the dividend flow is controlled by those siblings in the management of the company. Those who don’t work for the family business often do not receive a fair share of the financial benefits.
Denne historien er fra May 21, 2021-utgaven av Farmer's Weekly.
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Denne historien er fra May 21, 2021-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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ARC names best dairy producers of the year
The Agricultural Research Council (ARC) recently announced the winners of the 2024 National Master Dairyman Awards at an event hosted by AgriExpo in Stellenbosch, Western Cape.
Lion breeders to give up bone stockpiles?
The Ministry of Forestry, Fisheries and the Environment issued an official notice in mid-November in which it called on lion breeders to voluntarily hand over their lion bone stockpiles to the state as soon as possible.
Thousands of British farmers march on parliament against inheritance tax
Thousands of UK farmers gathered in London, England, on 19 November to demand the government repeal a proposed inheritance tax on agricultural land, which they argued threatened the future of family-run farms (see page 4), Al Jazeera reported.
Avocado frittata with sundried tomatoes, feta and olives
This wholesome, vibrant frittata is perfect for brunch or a light supper. Recipe and photo: The South African Avocado Growers' Association.
Feed, hay, and other costs are up, so it's time to get creative
Breeders and riding schools need to explore innovative ways to generate income in order to ensure their survival, says Dr Mac.
How to make polystyrene seedling trays last longer
While thinking about how to prolong the lifespan of polystyrene seedling trays that are exposed to harsh sunlight, Bill Kerr began to wonder if a coat of paint might offer a solution.
Living the 'culture' in agriculture
Creation Wines has won numerous awards, was ranked fourth in the World’s Best Vineyards in 2023, and more recently won the V d’Or award for the Best Brand Experience. The owners, Carolyn and Jean-Claude Martin, spoke to Glenneis Kriel about how their winery became a top tourism destination.
Time to take a deep breath on the slopes of the Magaliesberg
Around 100km from both Johannesburg and Pretoria in Gauteng and a tad over 40km from Rustenburg in North West, Farmer’s Weekly found a fine retreat on a working farm where couples may kindle their romance.
African penguins could be extinct by 2035 how to save them
Protecting the critically endangered African penguin is good for the environment, other animal species, and the economy, say Lorien Pichegru and Dr Alistair McInnes of Nelson Mandela University, Katrin Ludynia of the University of Cape Town, and Peter Barham of the University of Bristol in the UK.
An urgent need to confront Nassella in SA
South American grass species from the genus Nassella were unwittingly introduced to South Africa over 120 years ago and continue to invade montane veld. As Mike Burgess writes, research-based action is required.
