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Client testimonials
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Farm Succession Planning
- How can you retire comfortably from the farm and still leave a working asset for your children to take over?
RIVAL Wealth advisors can assist with farm succession planning – the process where management, income and ownership of a farm operation’s assets are transferred to a succeeding operator.
1. Design the future you want for your farm and your family
- Do you have a family agreement over the future of the farm?
- What do you know about trusts?
It can be difficult to make those decisions about what will happen to your family farm as you get older.
That’s why it’s important to establish a family agreement so everyone knows what to expect in the event of your retirement or if something happens to you.
You may wish to establish a trust so the future of the farm is secure.
A RIVAL Wealth adviser can assist with drawing up a family agreement and can provide expert knowledge and advice on trusts and how they work. Start to think about the future of your family farm now.
2. Protect your equity - now and for future generations
- Do you have a current will?
- Is your family provided for if you unexpectedly pass on?
- How will you pay for someone to run the farm if you’re off work with injury or illness?
- How can you reduce your ACC spending?
Not only do you need to think about replacing your income, but you’ll need someone to run the farm if you’re off work with injury or illness.
A farm is a huge asset, and often is a family concern. Although no one likes to think about the eventuality of leaving this world, it’s one surety, like taxes, that will happen to us all.
A will is important, but so too are the decisions about transferring your farm to the next owner as a viable asset.
RIVAL Wealth advisers offer comprehensive advice on trusts, debt protection cover, and life insurance so you can make informed decisions.
Take the challenge and complete RIVAL Wealth’s financial health check now.
3. Expand your asset base with off-farm investment
- Once you start saving, what do you do with this extra money?
Once you reach a certain amount of equity in your farm, it’s important to diversify into off-farm investments.
Not only does this possibly provide for your future retirement, these investments can help with any leaner years in farming.
Talk to a RIVAL Wealth advisor and take advantage of their extensive knowledge of investment opportunities available for you.
4. Maximise your retirement income
- How can you retire comfortably from the farm and still leave a working asset for your children to take over?
If you have put money in investments over the years, now is the time to look at freeing up some of those investments so you can enjoy a comfortable retirement and still leave the farm to your children as a working asset.
RIVAL Wealth can look at ways to maximise any other investments you have, or if you don’t have other investments, look at the best way to release some equity from the farm. Contact Us
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